It is common sense to think that if you fix up your place, maybe add a little more counter space in the kitchen or maybe another bathroom, you’ll be able to sell or rent your home for more than actual value. And in most cases, you would be right. But in a recent study done by Remodeling Magazine, there are some renovations that can actually cost you money and hurt the value of your house.
One of the biggest signs in today’s world that you’ve “made it” is the back yard pool. Maybe no other home improvement screams to the world that you’ve reached a level of financial security that you’re comfortable with like a pool. Well, not everyone feels the same way. Recent studies show that having a pool is still a big part in building equity in your property. But what about the rest of the country? How about places where it isn’t warm year-round? It turns out that a pool can work against you in parts of the country that have four seasons. The cost of upkeep and insurance are the main turnoffs. But there is one other turnoff, too. The risks of raising young children in a home that has a pool has become a red flag for many new parents. The fear of a drowning accident is very real for many, and the presence of a pool can turn a first-time home buyer away from your property.
Be careful when you try to get too trendy when you go to remodel. An extremely important point to remember is that while you may think a special touch is cool and fashionable, the people coming to look at your house may not think so. And while most remodel touches can be changed, you may have a hard time talking a prospective buyer into that. If you are not completely sure that the house, you’re living in isn’t going to be the house you die in, try to make any remodeling touches neutral so that if the time comes to sell, you won’t regret what you did.
A final risk to avoid is the Jacuzzi tub. While you may have the time to sit in a hot tub for an hour a day, most people don’t, and most people won’t use it. You would be better off with an elaborate shower system than a big, fancy bathtub.
3 Ways to Avoid Costly Home Renovation Mistakes
- Create a budget:
You don’t want to run out of cash in the middle of a home remodeling project. But unless you’re careful, your project may likely get more expensive while it’s underway. That nicer tile may add only 2000 naira per square foot, but if your kitchen has 100 square feet of floor space, watch out! To avoid running short on cash, add up your expenses before you start the project. Then add 10% or 20% to the total to allow for cost overruns.
2. Understand price/quality trade-offs
You’re probably planning to pay Thousands or Millions of Naira on a remodeling project. It’s understandable to look for ways to save money, but don’t automatically cut corners by using the cheapest materials.
Talk to your contractor about the trade-offs between quality and price for your project. You’ll probably be better off selecting the best-quality products that fit your budget. Otherwise, you could be stuck with having to make costly repairs after a few months because you skimped on quality.
A home remodeling project can give a big boost to your home’s aesthetics and market value — if you avoid costly mistakes. By setting a budget, researching contractors and making sure your improvements use quality materials, you can help avoid expensive pitfalls and enjoy your home’s new design.
3. Research contractors
If you’ve decided to hire a professional, get written estimates from different contractors. As those estimates roll in, check their references and ask about their credentials. At a minimum, make sure each contractor is properly licensed to do the work on your home. You can also ask about their membership in trade associations and professional bodies. Many reputable contractors belong to professional trade groups.
A good contractor will guarantee the work and offer a warranty.
When you select a contractor, make sure you get your agreement in writing. This is where Stainerz Properties Limited, the real estate arm of Stainerz Group comes in. Over the years, we have built a reputation of delivering top-notch designs, constructions, finishing and remodeling of client’s projects. You can consult us for your remodeling project with a guarantee of utmost satisfaction with our delivery.
Reach us on 09090690690