Home remodeling is anatural step that every homeowner takes at some point where upgrading the amenities or changing the design or layout becomes necessary. You can either add more space or remodel to add more functionality to your house.
While the prospect of renovation is exciting, you need to consider several factors before you start remodeling to ensure that you can complete the project successfully and exactly the way you envisioned. In this article, we will cover some of the things you must not do while remodeling your house.
Underestimating The Remodeling Costs
You must have decided on a budget and then applied for a home renovation loan,but it would be a mistake to assume that you can get everything done within that budget. Numerous unforeseen and expensive circumstances may arise during the remodeling, like the bedroom design getting changed at the last minute or prices of the chosen materials going up. Keep atleast 10 percent extra in reserve to cover such unexpected expenses, and apply for the loan accordingly.
Ignoring the Most-Used Rooms
Not investing in rooms that are the heart of your home such as the living room or the kitchen is a grave mistake. You must prioritize such rooms and ensure that they are functional and up-to-date. Focusing on the bedroom or kitchen design willalso up the house’s resale value. Once you remodel the most-used rooms, you can move onto the other spaces.
Overlooking the Bathrooms
Don’t ignore the bathrooms as they would also increase the resale value down the line. The renovation doesn’t have to be too fancy or expensive. Just replace the outdated tiles, put in beautiful and trendy fixtures, and change the colors of the walls.
Attempting to Do Everything Yourself
Think you can remodel the entire house on your own? Think again. It is not possible for you to do everything by yourself. Before you start remodeling, understand what skill sets and experiences are required to execute the project.
Take a simple example — changing a light fixture isn’t just about ripping out the old one and installing the new. You need to understand the electrical systems before you can even touch the light fixture as it may be highly dangerous if handled incorrectly. Bring in the experts and professionals to help you complete the project or fill in the skill gaps.
Not Hiring the Right Professional
Talking of professionals, you need to hire the right one. Choose someone who is an expert in their field, reputed, licensed and with plenty of references. Don’t settle for the first professional you come across; take the time to conduct your research and finalize someone who is a good fit for you. It is important that the professional understands your house remodeling vision and helps you get there. Ask as many questions as you want to get a better understandingof the professional.
Going for the Lowest Bid
Going for the lowest bid can be extremely tempting but it may come with workers having low work experience, low-quality materials and unsatisfactory performance. Compromising on the quality of home improvement will monetarily hurt you in the future.
Buying Cheap Appliances
Remodeling and home renovation can be pricey but buying cheap appliances is not the way to cut down the expenses. Cheap appliances will get damaged sooner than good quality ones and their constant repair costs will just add up eventually. Ensure that you buy energy-efficient and durable appliances over other unnecessary and non-functional home accessories.
Home remodeling is a necessary expense that will greatly benefit you and your home. In order to achieve a successful project, apply for MoneyTap’s home renovation loan that will help you cover the associated expenses.
About the Author
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at firstname.lastname@example.org