Home remodeling can be an expensive and time-consuming process. It is more costly if homeowners are unprepared. Without proper planning, it is easy to slip into common pitfalls. Here are some important issues to consider when planning home renovations.
Cutting corners on labor.
Home remodeling projects can be expensive. Sometimes it is tempting to cut corners in order to reduce costs. One area often subject to cost-cutting is labor. Instead of hiring professionals, homeowners try to complete projects themselves or get friends to help. However, while friends might work for much less than professionals, you may end up paying more in the long run.
Depending on your friends’ skills, they may not be qualified or able to complete the job as well as a professional tradesman. You also may have an expensive liability claim if your friends are injured while working. Hiring an experienced, fully insured contractor avoids costly liability claims if they, or anyone in their crew, gets hurt during the renovation.
Failing to obtain planning permits.
Local laws pertaining to home renovations depend on where you live and how extensive a renovation you are planning. Depending on the scope of your project, you may need planning permits for your home remodeling. This can easily be overlooked if you’re unaware of local regulations.. If proper permission is not obtained before commencing, it is possible for authorities to order the teardown of the renovations — even if the project is already completed. This is both costly and upsetting for homeowners. It is essential to check beforehand and obtain the required planning permits.
Not checking for subsidence.
Subsidence occurs when the ground beneath a property sinks and takes the foundation down with it. This results in cracked walls and a slanted property. It can be an issue when adding extensions to large properties. Just because an existing building has an appropriate foundation does not ensure that there are no problems beneath the ground of a new addition. Subsidence is a costly problem to fix in the long run. Make sure additions are footed properly before the building begins. Subsidence issues can seriously impact your resale value.
Trees growing close to your home can be another common cause of subsidence. Consult with a surveyor for advice on potential subsidence issues. If tree roots are causing the problem, the simplest solution is to hire a professional tree surgeon to remove the tree properly without damaging the surrounding property.
Biting off more than you can chew.
If you have large home remodeling plans, try not to take it all on at once. Consider splitting it all into several smaller projects that are completed independently. Remember the areas in your home you’re working on won’t be available until completed. Keeping jobs small helps keep homelife disruption to a minimum.
It is possible to underestimate the cost of home remodeling projects, especially if homeowners are inexperienced. Not foreseeing potential issues can often result in projects going over budget on both cost and time. Focusing on small projects sequentially helps to limit the scope of budget overruns.
Forgetting to consider your return on investment.
Home remodeling can increase property value, but not all renovation projects add an equal amount of increased value. According to Remodeling Magazine’s 2020 Cost vs. Value Report, a $50,000 bathroom renovation only recoups 54% of the cost in increased home value. However, a minor kitchen remodel returns about 78% of its price.
If you’re remodeling a property that you consider to be your ‘forever home,’ the return on investment may not be of great concern. But if you might sell at some point, or if you’re flipping a property, another factor to consider is the current value of your home in relation to the surrounding properties in your neighborhood. Knowing these figures helps to set the budget and scope of the project.
In the end, do your “home”work.
Ultimately, thorough research and planning are beneficial for homeowners before proceeding with any renovation project. Know your local residential construction laws. Keep projects manageable. Hire professionals. Do not lose track of your budget. And when all is done, take pride in your refreshed space. You deserve it.
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Edward Briggs, Guest Contributor
Edward Briggs is the real estate investment expert at HomeReviews.com. The platform lists real estate for sale in Nevada and Washington locations.
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