Latest posts by Melissa Crossman (see all)
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Every homeowner who puts sweat equity into his home believes he’s making the house more desirable and more valuable. But not all renovations are actually worth the money they cost. A lack of experience or overestimating his own skills can cause a well-meaning DIYer to end up spending cash he’ll probably never recoup. Everyone should have the home of their dreams, but if you’re choosing renovations based on the assumption your home’s value will increase, then check out the top four costly remodeling mistakes you should avoid.
The Overdone Kitchen
Every potential buyer wants a stylish kitchen with updated appliances, but pouring loads of cash into high-end materials is poor budget management unless you live in a luxury home that warrants imported granite and hand-planed cherry cabinets. CNN Money estimates the kitchen represents 5 to 15 percent of a home’s total value and a kitchen renovation should cost no more than 5 to 15 percent of your total renovation budget.
Trend Watching
Design trends come and go – what’s hot this season will look dated in a few years. Of course you should decorate your home in a style that makes you feel comfortable. But don’t make the mistake of decorating your home in all the latest trends because you think it will increase the value or make it more appealing to future buyers.
Changing Your Mind
Poor planning is one of the most costly mistakes in home remodeling. The Two Minute Expert from This Old House reminds renovators that changing their minds–and the plan–as they go means wasted hours and materials. Sometimes changes are made when an enthusiastic DIYer jumps headfirst into a job she was not qualified for, only to realize halfway through that plan A was unrealistic. By the time she gets to plan G the budget is blown–along with her enthusiasm. Spending money upfront to consult with an architect or other building professional may save money in the long run, and it will get your project off to a promising start.
Feng Shwhatnow?
You don’t have to be an expert in Feng Shui, the Chinese system of environmental balance, to be concerned about the flow of your home. Renovations that create awkward transitions may devalue your home instead of adding value. A well-done remodel should look like it’s original to the home – and it should make sense for the way most people live. Removing an extra bathroom to extend your closet may enhance your lifestyle, but most potential buyers would rather have a second bathroom.
Ultimately, your home should be a haven for you and your family. Limiting improvements to what might interest an unknown future buyer is no way to enjoy your home. If you view your house as an investment, be realistic when choosing your remodeling projects. Don’t assume a $50,000 Zen spa master bath is going to appeal to anyone else enough to pay extra. But if you can afford that type of renovation and it’s worth it to you, go for it! Just keep expectations in check when the time comes to put a listing price on your home.
Hi there,
I have this complete post.I have wish to make my house very and very blasting But here are some reason cause of that i am not on that road but when there is my way then i will surely mind that all.
Thanks for that lovely post.
Bhushan recently posted..College Management Software Noida
Hi Melissa,
great post and very useful. I would particularly agree with your last two points (changing your mind -> that leads to poor planning and costs / feng shwhatnow -> that creates poor spaces and a sense that “something is wrong”).
Trusting a professional is the best of advice I could give (and yes, I would say that, wouldn’t I?). I would also say that if increasing the value of the house is the main reason to do the house extension then always ask the local estate agents first; trust me, they DO know if any changes will add value or not.
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We are always told that the use of natural colors are best when marketing to potential buyers, and so anyone who wants the greatest chance to maximize the resale value of their home should bear this in mind when renovating or redecorating. And it goes without saying that if you plan to stay in the home your in for only a few more months, that you don’t personalize your home too much. It all depends on how long one expects to stay in that home for. The longer you intend to stay, the more you can follow your heart.
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I was looking for this kind of post and finally I am here, nice post. Now I can avoid the mistakes easily. Thank you.
Kevin recently posted..Hello world!
Thanks – number reason for disappointment in my view is budget overrun caused by poor planning – thanks – great post!
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The results of a bad feng shui house renovation can express themselves in a lot of ways – from complicating your family dynamics to blocking the flow of wealth and abundance in your life.
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Great tips. Equity is a great asset to build. Renovations can be difficult to manage on a budget too. Thanks.
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I agree with the last point 100%. However, if the home is going to be your forever home, then tear down the closet and put in the $50,000 luxury spa! If you don’t plan on selling the house then do what you want and make it your dream home.
The only time you need to worry about what other people will want is if you are either making permanent changes or if you are going to sell in the next 10 years. Then it matters because your appliances and decor will make a difference.
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In my experience home owners often forget that you can obtain a high end look with lower end budget materials. it is all about the quality of the remodeling work.
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Feng Shui.. yes
When you try to sell your home.. even if the potential buyer have never heard of Feng Shui, they can see and feel the benefits of a home with a good layout/floorplan/flow. You will definitely get more money or at least sell it quicker.
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