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3 Reasons People Lose Money on Home Renovations

There are plenty of reasons that homeowners opt to tackle a home renovation project. Whether adding on a room for a growing family, or sprucing up an out-of-date bathroom, you want a renovation to enhance the enjoyment of your home. At the same time, it’s also a great way to boost the value of your house in the process. While not every renovation project will add value to your home (and that’s ok), you definitely don’t want to undertake a project that will unexpectedly lower your home’s value.

Read on for three of the most common reasons that people end up losing money on their home renovations — and key insights on how to avoid them.

Sacrificing Quality

In trying to get the most bang for your buck, it can be tempting to opt for the cheapest selection. This is especially tempting as there are plenty of products and materials on the market that look like a more expensive alternative. From look-alike tiles to faux-wood floors, there are plenty of ways to cut corners. Unfortunately though, most buyers can tell the difference. Even if a knock-off product looks legit initially, it’s sure to show wear and tear in no time at all. If you don’t have a budget for the top of the line materials, opt for products that are higher quality and simple as opposed to those that have the look of luxury but aren’t built well.

Falling for Fads

It may be tempting to pick your new kitchen out of a trendy interior design magazine or something you saw on Pinterest — but before you jump in, ask yourself if you’ll still love the look five years from now. Distressed cabinets for a rustic look? A pop of color with a lime green sink? Chances are you’ll love these things for a season, then wish you’d gone with something more classic. And if you’re in the market to resell your home anytime soon, it’s much less likely that you’ll find a buyer who’s gung-ho about last season’s trend.

Hiring Inexperienced Contractors

While you may save a few bucks on the front end, hiring inexperienced contractors can cost you a bundle in the long run. Not only are such companies likely to take much longer on a job — thus dragging out the costs and increasing the stress factor — you’re also likely to end up with a result that needs to be fixed up, and may even require the services of another contractor. Do yourself a favor and make sure you hire a reputable and experienced contractor. Such experts will also be able to help you avoid the first two mistakes in this list.

Finding a Reputable Home Renovation Company

Hiring an experienced contractor should be your top priority when it comes to getting a renovation job done well. In doing your research, make sure to check if a contractor is fully licensed. When talking to prospective contractors find out what sort of work they specialize in and how much experience they have with the specific job you want done. Finally, make sure to check out reviews online or ask for references to get an idea of customer satisfaction on former projects. Do your research and choose your home renovation contractor carefully — you’ll be much happier with the result.

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