Americans aren’t interested in investing in remodeling projects than they were a few years ago. Remodeling is a hefty cost. For example, consider the average kitchen remodel cost – $20,500. Oftentimes, it can be frightening putting that much money into a remodel when there’s no guarantee that you will break even, let alone make money.
One of my favorite things to do is flip houses. I’m here to offer my expertise and help you get the best bang for your buck and make the most of your time during any future renovations you might be dreaming of. In a recent Business Insider article, real estate agents were asked what “do nots” they’ve seen or experienced, and here’s what they said.
People tend to add too many fixtures and not enough livable space.
Fancy fixtures can be beautiful, they won’t necessarily help you get a higher listing price when you go to sell your home. On the contrary, square footage does.
Many agents dislike the price-per-square-foot metric due to the fact that it says nothing about the quality of the listing, it is still something buyers consider when touring homes and it can limit your prospects.
Adding too many custom features might not appeal to future buyers.
While we all love watching MTV’s Cribs but, but not everyone will agree with you when it comes to adding fancy features. Think of it like buying a candle or perfume for your coworker’s birthday – not everyone has the same sense of smell so she may not like it. It’s the same with remodeling! Not everyone has the same taste in custom features and having too many niche features will limit your market.
A great piece of advice was to design a balance between features that will make you happy and features that are intriguing to a big market. Remember that people are looking to buy a home to make it “their own”.
Working with an unlicensed contractor can cost you.
You hear the term, “Work smarter, not harder” all the time. Asking the neighborhood handyman help you with your renovation may seem like you’re working smarter, but it may end up making you work harder.
Som projects require permits and an unlicensed contractor cannot legally pull permits. This may result in a fine, or even worse, damage to your property resulting from shoddy work.
Some projects that usually require permits are demolishing a section of your house, changing electrical wiring or plumbing, converting a garage to livable space, and even replacing your water heater.
Don’t do your remodel out of order.
Budgeting is the first step to any renovation, but many homeowners oftentimes overlook an important part that requires lots of mapping out: workflow. Poor planning here can result in delays and added costs, so it’s important to take this step seriously.
Remodeling has a certain order so you don’t want to refinish all of the floors and then decide ot paint the ceiling. Make a list of all of the dream projects you want ot achieve and then proceed to map out the order properly.
Making major structural changes is expensive.
All of the real estate agents agreed that major structural changes, such as tearing down walls or shifting the placement of plumbing, are almost never a good investment. These changes are expensive and time consuming due to how much is involved in them.
If you really want to tear down that wall that’s in the way or vaulting those ceilings you can’t look at without the change and you’ve got the disposable income to do it, do what you think is best! On the flip side, most experts advise not to do this to maximize your money.
Overlooking necessary fixes and focusing on cosmetic repairs is never good.
Remodeling is exciting! You’re tearing down the old and designing the new. But be sure to fix problems when they arise. The longer you ignore a repair, the worse it will be when you have to repair them – you may even have to tear out your beautiful cosmetic work later on.
Always plan for surprises by adding some cushion to your budget.
According to a 2018 study of renovation trends by Houzz, 46% of homeowners went over budget on their remodeling projects.
There are countless things that can push you over budget, from finding termites in a torn-up floor to switching to tile that costs slightly more per square foot. To avoid falling into this trap, plan for surprises.