Buying a house is made easier with the available schemes such as RUMAWIP, and so on. Renovation will start right after you collect your keys, but before you start renovating your house, there are some home renovation mistakes that you should avoid.
1. Trying too hard to make the property looks like how it should
Many homeowners follow the trendy home design that they love blindly to create a space that they love. As a result, they forget about renovating the house to look more appealing to potential buyers or potential tenants. Do bear in mind that you are renovating your house to possibly increase the property value for reselling purpose in the future and not for you own stay.
2. Focusing on kitchen and bathroom only
Most homeowners focus on renovating the kitchen and bathroom only, forgetting that there are many other things that need renovation as well. That being said, do not focus renovation on only the kitchen and the bathroom. It is equally important to renovate every aspect of the house, especially at places that need renovation the most.
3. Renovation that leads to overpriced property
Homeowners should consult with real estate agent to make sure their renovation plans will not price it out from the neighborhood. That being said, having a granite for counter surface will not give you higher price of return on investment if everyone in the neighborhood is upgraded to laminate only. Do your research in advance to know the average value of the properties in your neighborhood.
4. Not choosing a universal appreciated investment
Property buyers tend to think that all investments equal to the equivalent amount of increased value. However, that is not the case. For instance, an additional of a swimming pool will add little to no value the the resale value of your home. Instead, property buyer should focus on universal appreciated things such as an updated kitchen, bathrooms, and master bedroom.
5. Not knowing the time to stop
Most homeowners upgrade everything at home thinking that they should to increase the house value. However, this is not true. The key is to do 20% upgrade that will further add the remaining 80% of the value. The remaining 80% will be mainly cosmetic and definitely cheaper than what is expected.
6. Not hiring professional
The cost to hire a professional might be expensive but it is definitely worth it. The interior designer will handle everything about your home renovation from designing your house to buying the necessary items. In addition, hiring a reputable professional will avoid you from spending money unnecessarily on things that do not increase your property value or things that seem distasteful to potential buyers.
Many homeowners invest in costly renovations thinking that it would increase the value of their property investment. However, some investment may backfire and bring negative effect instead. Therefore, do your research ahead on what is needed and prioritized in the property market before you do any renovations to your house.