It's important that you take steps to avoid surprises or a costly gaffes in your home improvement projects. Before you start tearing apart your house, you'll need to understand a few common mistakes that homeowners make.
1. Doing it yourself
A recent survey suggests that almost 80 percent of homeowners considering a home improvement project plan on doing some of the work themselves. While it often brings a sense of satisfaction or gratification to complete a home improvement project yourself, think about your comfort zone and your previous experiences in remodeling. Some things are best to left to experienced and licensed professionals.
Hiring a licensed general contractor is your best bet for achieving ideal outcomes. They can take care of issues such as design and permitting.
2. Financing Mistakes
Be sure to have your finances arranged before committing to a home improvement project. While some homeowners have enough cash save up, many look to pay for their remodel over time. You have many different options to pay for your home improvement project, including home equity loans and credit cards. However, if you don’t have a lot of equity in your home or you would rather not rack up credit card debt, you might consider a home improvement loan.
3. Unrealistic Cost Expectations
It's essential that you have a realistic understanding of the cost of home improvement projects, especially if you're looking to finance your remodel. You don't want end up in a position where you don't have enough capital to finish a project. Hiring a licensed general contractor can help you by giving you an estimate on what the project may ultimately cost.
If you're uncertain about the costs of a home renovation, try not to be overambitious with your project. Consider the needs of your household and what will benefit your family the most, rather than improvements that may seem nice, but bring little value to your lifestyle.
4. Lacking contingency.
Even the best planning can't guarantee you won't run into a problem during the renovation. It's always a good idea to set aside some funds on top of the budget for when things don't go as planned. Some experts suggest at least ten percent, but you should consider adding more if you're concerned that your home may have other problems.