There's a lot that can go wrong with the remodeling of the interior and exterior of your home. This is why it's highly recommended that you work together with an outdoor remodeling contractor that is reputable and experienced. The purpose of most home renovation projects is to increase the property value. Of course, the homeowner gets to enjoy the perks while remaining in the property, but ultimately, they will enjoy a larger sale price whenever they decide to put it on the market.
Unfortunately, not all home remodeling projects will yield a sizable ROI. In fact, some may even decrease the value of your property. In order to avoid this, we put together a list of the top ways you can lose the ROI on a remodeling project.
You Decided to Do it Yourself
The problem with do-it-yourselfers is that they typically aren't professionals in new home construction or remodeling. This means they lack the skill set needed to properly install cabinets, flooring and other types of furniture. Then there's the issue with measuring – this is very important for making a project look professionally done. If you're not great with measurements, then you may end up with a crooked countertop and cabinetry. In most cases, it's always better to hire experts to handle your renovations.
Making it All About the Appearance
If your top priority is to make something look nice, then chances are you'll end up with mediocre results. A lot of the materials on the market may look nice, but the actual quality is subpar. This is a mistake a lot of cheap landlords make when trying to give their properties a newly decorated look. However, once the tenant moves in, they have issues with warping, tears and other flaws related to poor quality materials. Make sure you're focusing on the quality of your remodeling projects if you want to increase value.
Opting for Dated Designs
Updating the style of your home is a great way to spruce it up. This can be done with both indoor and outdoor remodeling projects. It's important to consider the longevity of the designs you employ to ensure they won't go out of style too quickly. This would be contradictory to the purpose of updating the design in the first place. In this case, you would end up having to redo the design over again.
Selecting the Wrong Type of Paint
All paints are not created equal. You'll quickly learn this when you mistakenly apply a coat that doesn't look the way you imagined. Many homeowners learn the hard way, but you don't have to. It's important to note that the type of paint you would use for cabinets, walls and other surfaces differ. For instance, you wouldn't want to apply a flat paint to your cabinetry if you're looking for shine. Flat paint is also easily marked and hard to keep clean. The same goes for paint you apply during outdoor remodeling. Make sure the exterior of your home has beautiful paint applied to the siding, wood or whatever other material your home is constructed with.
Going Overboard with the Projects
It's hard to recoup money for projects that are overly expensive. It's easy to go over the top when you're focusing on too many areas at once or you opt for pricey materials and custom furniture. Create a budget for your projects and stick to it. Also, do the math to determine what you can possibly get back in ROI. You should consult with a local contractor to determine the quotes for the labor and materials for the remodeling.
Don't be a home owner who loses out on ROI because you failed to do your due diligence. Make sure to research to ensure you get the most out of whatever remodeling work you have done to your property.