3 Home Renovation Mistakes That Could Cost You

After binge-watching home improvement shows all winter long, you might decide to get in there, grab a hammer, and start making a few changes to your home as soon as summer arrives. Although it can be fun to transform that dated bathroom or fix up that entryway, the fact of the matter is that making the right choices during your remodel is crucial. Here are three home renovation mistakes that could cost you if you aren't careful.

1: Failure to Consider Recoup Costs

A lot of times when people decide to fix up their home, they think about the rooms that they spend the most time in, and focus on those areas first. Movie-lovers might decide to create a state-of-the-art home theater in their basement, and business executives might build a custom desk in a home office. Down the road, however, many homeowners discover that not every renovation investment is created equally.

Cost recoup is the amount of money that your renovation cost compared to the total dollar value that the improvement raised your home value. Unfortunately, some projects are simply worth more than others. For example, the average homeowner that decides to invest in a minor kitchen remodel recoups an average of about 73% of their initial investment, while that office overhaul only returns about 46%.  

To avoid being massively disappointed when you put your home up for sale someday or have your place appraised, think carefully about the areas that you choose to renovate. If you really want to get the most for your money, most experts recommend targeting exterior home details such as front doors, siding, and new windows, which generally yield higher returns.

2: Getting Crazy with that Demo

After staring at those ugly cabinets for years, it probably feels great to get in there with a sledgehammer and start ripping them apart. Unfortunately, mistakes can happen fast during demolition, especially if you haven't done it before.

Something as simple as an additional swing of a hammer might mean breaking a structure that needs to remain intact, such as a water line or electrical outlet. Instead of skipping right to the fun stuff like painting and cabinet assembly, you might have to stop and resolve the problem before you continue with your project. For example, if you tear out a weight-bearing wall without realizing that it supports your upstairs level, you might have to endure days of structural repair before you can proceed safely with your project.

In order to avoid time consuming and costly problems, work through your demolition slowly. Make careful, calculated decisions, and create a plan before you get started. To avoid getting confused during your demo, mark cabinets, flooring areas, and walls that need to be removed with spray paint or taped signs. Simple markings can make it easy for you to work quickly, without making costly mistakes.

3: Creating Over-Customized Spaces

As you peruse the aisles of your home improvement store to select lighting fixtures, paint colors, and hardware details, you might decide to make the space your own in a big way. Instead of selecting run-of-the-mill beige tile for your kitchen, you might opt for those bright blue versions that you have adored for so long. Unfortunately, over-customizing your space can cause problems later.  

Although you might love bright red accent walls and electric blue tiles, chances aren't great that you will be able to find a buyer later who shares those same interests. Instead of your renovation adding value to your home, you might end up footing the bill for paint and flooring credits later.

When you make design decisions for your place, think about the long-term picture. Try to choose neutral, high-end finishes that other people would like, so that you can appeal to more buyers if you ever decide to sell your place. Remember that you can always customize the space by adding removable design elements such as colorful area rugs, picture frames, and fun furniture.  

By thinking carefully about your home renovation decisions, you can create a beautiful area and avoid a lot of hassle. Click here for info on home renovations and how much the various renovations might cost. This can help you decide what you really want to do.