In 2018, the average homeowner spent $15,000 remodeling their home. When remodeling your home, you want to make sure you’re spending your money wisely. You not only want your house to look nice but to increase its value.
Below we’ll review common home remodeling myths. This will help you make better decisions when it comes time to start your remodeling project.
Myth #1: You’ll Save Money If You Do It Yourself
Doing small projects on your own is fine. Yet, for bigger or more technical projects you may need professional help.
If you do the project on your own and make a mistake you’ll need to spend more money. This money could be for materials or to fix any damage you may have caused.
For example, removing walls or modifying your water supply line incorrectly. Parts of your home could collapse or be flooded.
Myth #2: Any Type of Home Remodeling Is Good
If you plan on selling your home in the future, focus on the functionality of the remodel. Will it be something most people would want?
For example, adding a balcony or a gym may sound great to you, but others may not find those additions as appealing. When you make a space that only has one function it can turn home buyers away.
Moreover, choosing a unique layout for the room can be off-putting. For example, most rooms are rectangular or square in shape, making a circular one may deter buyers.
Myth #3: Expensive Materials Can Draw in Buyers
Most buyers are looking for more affordable homes. Your expensive remodels may have potential buyers walking right back out the door. Think about who you’re marketing to, as these materials will increase the asking price for your home.
On top of that, when using more expensive materials, you may not get your money’s worth. Those expensive materials can increase your home’s value, but it doesn’t mean you’ll get back what you put in. There’s a good chance you’ll get less money back.
Myth #4: You Can Attract Buyers by Following Design Trends
When you remodel your home, you may be thinking of the current design trends. The problem is, when it comes time to sell, those trends may not be popular. For example, popcorn ceilings and vibrant tiles aren’t so popular anymore.
Not only will your home’s value plummet, but it may be difficult and costly to remove anything outdated.
Myth #5: Building Permits Are Optional
Check to see if your project needs a permit. If it does, don’t skip out on it. If you’re found out you could be forced to undo all the work you did, and/or you could be fined.
When your home is appraised it’ll become clear if you have all the required permits. Some buyers may not want to buy a home that isn’t up to code. It may even impact their home loan which will deter them from buying your house.
Moreover, your home’s value may decrease meaning you won’t get your asking price for the house.
Does Your Home Need Remodeling?
These are some of the home remodeling myths out there. Research what other myths might be out there so you can make the best remodeling choices.
Review our blog if you want to learn how to increase your home’s value.
