When the market is competitive, many homeowners opt to renovate their properties rather than sell or buy.
This can be a smart move for many reasons, but as you know, home projects can often end up being expensive and time-consuming.
Don’t want to make a costly mistake or even regret a renovation altogether? Take a look at these four common missteps — and find out how to avoid them.
Mistake #1: Choosing the Wrong Project
Ultimately, you want your upgrades to increase your home value and deliver a return on your investment when you eventually sell. You also want to use your precious time wisely. When selecting a project, make sure you choose one that isn’t more trouble than it’s worth.
Mistake #2: Going Too Big
You don’t have to completely redo your kitchen or bathroom to make a big impact. Could you simply repaint the cabinets or replace the fixtures instead? Try to consider low-cost, low-effort alternatives that could deliver a similar result to what you’re aiming for.
Mistake #3: Trying to DIY Something You Shouldn’t
You can tackle some projects yourself, but if it requires specialized skills like plumbing, electrical work or structural updates, you’re better off leaving it to the pros. DIY work is typically best reserved for small-scale renovations like painting or landscaping.
Mistake #4: Failing to Budget Properly
Make sure you have a plan to avoid the most common budgeting problems. These include underestimating your costs, not saving enough before starting your work, and failing to have a good buffer set aside in case of surprises.