Renovations are exciting, whether you’ve just moved in and are making some changes you think will improve your home’s value, or you’re giving your space a facelift before it hits the market. These common mistakes, however, could end up costing you down the road:
Not having contingency funds. Almost all renovations run into some kind of a complication, regardless of how meticulously you plan in advance. Leaving some room in your budget for unexpected complications is key. Otherwise, you risk settling with an unfinished renovation, which can impact your resale value down the road.
Not communicating with your contractor. In most renovation cases, your value depends partly on how efficiently the renovation is completed. Many parts of the renovation will require your approval as the homeowner, so keeping the process moving along depends on you keeping the lines of communication open and responding promptly.
Over-improving for your building or neighbourhood. Knowing the market value of your neighbourhood or building is crucial before sinking money into a Pinterest-worthy renovation. Putting in a bunch of luxury features for a unit in a more low-budget area might not make the best sense. Your real estate agent can help you make some of these decisions.
Using materials that don’t fit your space. Sometimes homeowners fall in love with an aesthetic that just doesn’t work with their space, or more literally, with new features that simply don’t fit the dimensions or functionality of their home. Working with a contractor who knows your building or neighbourhood can help you build a space that’s cohesive with your surroundings while addressing your needs.
