Home remodeling can be well worth the money, whether it’s improving your home’s value or your quality of life. However, not planning your project can result in costly mistakes that can take a long time to rectify.
After being in the business for many years, we at PMG Custom Building have seen the same mistakes happen over and over again. Here are the most common and costly home remodeling mistakes and how you can avoid them.
1. Not setting a realistic budget
Perhaps the most common mistake is not being realistic with your project budget. We’ve written a separate article on how to choose your budget, so check that out for more details.
Getting your budget wrong can add loads of extra fees to the project, particularly if you’re scrambling for a last-minute loan to cover work.
How to avoid: Simply put, you should set your budget higher than what you’re expecting to pay. Then, add on an extra 10% for emergencies.
2. Not factoring in the impact on everyday life
When you get excited about a home remodeling project, it can be easy to overlook the impact it’ll have on your everyday life while it’s ongoing. Whether it’s not having a kitchen or living room or dealing with dust, debris, and contractors, a remodeling project can get in the way.
How does this add money to a project? Well, if you don’t set up a makeshift kitchen in your home, you could end up ordering takeout every night.
How to avoid: Think about what room you’re having remodeled and where you can set up a temporary version in your home. If this isn’t possible, think about where you could stay while the project is ongoing.
3. Going with the cheapest contractor
It can be tempting to go with the cheapest contractor to help save money. But this can end up costing you more, as these contractors are often cheap for a reason. If the quality of work is poor initially, think about the long-term impact this could have on your home.
How to avoid: Spend time shopping around and getting quotes from contractors. Also, look for reviews and testimonials, and examples of their previous work. Be sure to ask questions about your project to gauge their experience.
4. Expecting a significant return on investment
It’s a common misconception that a home remodeling project offers a massive return on investment. While it will add value to your home, it won’t necessarily be equal to the amount you spend on the project.
How to avoid: If your main goal is resale value, keep your project’s budget fairly low because that’ll improve your return on investment. Check out this guide for estimates of the most valuable projects. On the flip side, if you’re remodeling for your benefit, don’t worry about your ROI.
Appropriately planning your home remodeling project – and going with the most suitable contractor – will help you avoid these costly mistakes.
If you’d like to learn more about remodeling your home, get in touch with PMG Custom Building for a consultation.