Most expensive home renovation mistakes and how to avoid them

According to a 2022 US Houzz & Home Study report by Houzz Inc., Home renovations were more widespread in 2021, with 55% of homeowners reporting activity, compared with 53% in 2020, 54% in 2019, and 54% in 2018. Homeowners spent 20% more on renovations too. The median spending in 2021 was 18,000, compared with 15,000 the prior year, when the median spend already had risen by 15%.

Furthermore, higher-budget projects (representing the top 10% of spending) increased from 85,000 in 2020 to 100,000 or more in 2021.

Earthweb says 80% of houses in the United States in 2022 are at least 20 years old; therefore, they require home improvements and remodeling.

America’s inflation hit a forty-one-year high earlier this year, leaving little room for extra expenses. So if you’re planning on renovating your home this year, use these tips from industry experts. Be aware of these ten common mistakes people make if you’d like to avoid an unnecessarily hefty dollar payout.

1. Not Sticking to a Budget

According to National Remodeling Experts, it is vital to have a realistic idea of how much the project will cost from the outset and stick to that budget. Unexpected costs like hidden damage, permit fees, or unanticipated design changes can quickly add up and blow your budget. Be sure to factor in a buffer for unexpected costs, but stay true to your original plan as much as possible.

If you’re working with a professional contractor, they should be able to help you develop an accurate budget for your project. If you’re doing the work yourself, be sure to do your research and get a realistic estimate of what materials and labor will cost.

There are several ways to cut costs on your renovation without sacrificing quality or functionality. If you’re willing to get creative, you can find ways to save money without compromising your vision.

For example, consider shopping at salvage yards or online auction sites for fixtures and materials. You can also look for used furniture or appliances to repurpose for your project.

Another way to save money is to choose a more budget-friendly option for materials or finishes. For instance, you could opt for a less expensive material like laminate or tile instead of marble countertops.

2. Choosing the Lowest Cost Every Time

Using cheap materials during a home renovation project is tempting since costs have exploded.

The National Association of Home Builders reports building materials prices have increased 20.4% year-over-year and have risen 31.3% since January 2020 based on a Producer Price Index (PPI) report for residential construction inputs by the Bureau of Labour Statistics. Over the past five months, the index has climbed 10.6%, while the price index of services inputs to residential construction increased 3.8% in February, following a 5.1% increase in January 2021.

Choosing the cheapest option might save you money upfront but cost you more in the long run. Do your research and select materials that will last. Also, factor in the installation and labor cost when making your selections.

3. Not Asking for References

Architectural Digest says it’s important to ask for references if you’re planning your renovation. This way, you can be sure that the person or company you’re working with is reputable and has a good track record. Always make sure to get at least three references before deciding. In addition, GoBankingRates mentions references as one of the 12 important questions to ask before hiring a contractor.

With some planning and careful consideration, you can avoid these expensive home renovation mistakes and save yourself time, money, and headaches in the long run.

Happy renovating!

• Wealth of Geeks Network