While it is true that updating your home is important for preserving your home’s value, not all home renovation projects result in a return in your investment. It is much better to know this going in to a renovation project instead of finding it out afterwards. Nothing is worse than having a Realtor come to see your house to determine its value and having that Realtor tell you that the very expensive home improvement project that you just completed did not do much to increase your home’s value.
So, if you are planning a home improvement project, take note. Here are some ways that you can avoid the common mistakes that some homeowners make when doing renovations. The first mistake is something that many of you may not want to hear, especially if the latest trends in home décor seem appealing to you. Trendy renovations often do not get as good of a return on investment as more classic, simple designs do. Of course, the home improvement projects that get the best return on investment are those where the renovation blends in with the style of the rest of the home. For example, if you are lucky enough to live in a Craftsman-style bungalow, redoing the bathroom with ultramodern fixtures might not be a good fit. Go with something more basic, and take your style cues from the rest of the house.
Another common home improvement mistake is putting too much money into any given room. We have all heard that kitchens can make or break the sale of a home, but this does not mean that you can recover all of the money that you spend redoing the kitchen all of the time. Make sure that the amount that you spend to redo a room is proportionate to that room’s share of the value of your home. For the kitchen, that means five to fifteen percent of your home’s value. Also, do not aim to spend more than you have to. While high-end appliances and luxurious touches like granite countertops and custom cabinetry look great, you may not be able to get back all of the money that you put in for them.
These are just two of the ways that home improvement projects can end up letting homeowners down. If you plan your renovation carefully and avoid these pitfalls, you can increase the chances that your project will increase the value of your home in addition to making it a better place to live.