So you just made settlement on that house you’ve been eyeing for months. Kudos! But now that you’re settling in actually living in it, you’ll start thinking about what can be added or renovated This is very typical of home ownership, as nobody wants to be stuck with the same patterns and style of the prior owner. But before you start making daily trips to the home improvement store and spending every waking hour watching HGTV, you might want to consider some of these common construction mistakes.
1. Unclear about your budget
According to HowStuffWorks, “unless you can afford to pay for your renovation out of pocket, chances are you’re going to need financing, and it’s a good idea to see what you can afford to borrow before you meet with an architect or contractor.” A lot of Americans are using a new type of home renovation loan called a 203(k). Click here to learn more about these type of loans.
2. Choosing the wrong contractor
According to HowStuffWorks, “using contractors that aren’t bonded and insured puts you at risk if anything goes wrong with the job and in case the contractor doesn’t fulfill his end of the bargain. Depending on where you live and what sort of work you’re doing, you may need to make sure your contractor is licensed, too.” To avoid this migraine, feel free to visit Angie’s List, which is a site that empowers consumers with real reviews to find the best local businesses and contractors.
3. Doing a DIY job when you don’t know what the heck you’re doing
Americans are a very proud and self-sufficient people. Our nation was founded on principles of individual achievements and self-sustainability. But just because our founding fathers were able to defeat the ruthless British colonists doesn’t mean you can build a sunroom. Sometimes you just have to swallow your pride and leave it to a professional.
4. Ignoring Resale Value
Prior to doing anything drastic, like signing a contract, you absolutely must do some research on your potential ROI (Return On Investment). Adding a bedroom can surely boost your home’s resale value, but knowing the exact number is always tricky. Your best bet is to consult with a trusty realtor to clear up these vagaries. We at DeFalco Realty, for example, have a whole team of trained experts in this regard who would be happy to help.