When most homeowners decide to remodel a room in their home — such as the kitchen or a bathroom — they assume that they are going to be able to earn back their investment when they resell their house. But that’s not always true.
Here are some common mistakes homeowners make when deciding to remodel a room in their home.
Hiring the First Contractor They Find Online
It’s always a good idea to get multiple quotes from different contractors. This gives you a better idea of what your renovation project should actually cost.
Using the first contractor your find or going with a recommendation from a friend or family member without shopping around a little can cost you more in the long run.
Failing to Get the Proper Permits
While your contractor should take care of the permit process for you, it’s always a good idea to double check. If major work goes on in your home and you don’t have the proper building permits, you could be liable for the fines.
Plus, all the work will stop until you can get the paperwork in order.
Underestimating the Cost of the Project
If you don’t budget properly because you underestimated the actual cost of the project, work on the renovation may have to be halted before it is completed.
That means you might have to live with a half-finished kitchen or bathroom until you can come up with the remaining funds.
Overestimating the Resale Value of the Renovation
When you sell your home, the price you get is going to be tied to the median average home price in the area where you live.
Before you commit to a costly renovation, look at the median home price in your neighborhood. This will help you figure out how much you should invest in order to get the maximum return.