Over 50% of Homeowners Regret Their Home Projects — 5 Ways To Avoid Similar Mistakes
Starting a home improvement project is exciting, but can be fraught with challenges and regrets. Many homeowners find themselves reflecting on their decisions, wishing they had approached certain aspects of their home renovation differently.
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According to a Clever Real Estate survey, several common regrets tend to emerge among homeowners. Keep reading to find out how to avoid these mistakes on your own home projects.
1. Spending Too Much (19%)
One of the most prevalent regrets among homeowners is overspending on household renovations. When you underestimate the costs associated with renovations, you can find yourself in financial strain due to excessive spending. The allure of a dream home can sometimes cloud financial judgment, leading renovators to stretch their budgets beyond reasonable limits.
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Solution: Create a Realistic Budget
To avoid this regret, homeowners should establish a clear budget for their renovation project. Get multiple contractors to quote you before deciding who to hire, and do research online to find out what this type of project typically costs other homeowners. Then it is a good idea to add a 10% to 15% buffer to your budget so you can anticipate unforeseen costs and have money saved for them.
2. Not Spending More Money for Higher Quality (15%)
Conversely, some homeowners regret not investing more in higher-quality materials or services during renovations or upgrades. While it might be tempting to cut corners to save money, opting for cheaper materials can lead to higher long-term costs due to repairs or replacements.
Solution: Invest in Quality
Homeowners should prioritize quality over cost when it comes to crucial elements of their homes, such as roofing, plumbing and electrical systems. Researching and selecting reputable brands or contractors may require a higher upfront investment but can save money and headaches in the future. It’s often wise to get recommendations and read reviews to ensure that the investment pays off in the long run.
3. The Contractor They Hired (12%)
Hiring the wrong contractor is another common source of regret for homeowners. Whether due to poor workmanship, lack of communication, or missed deadlines, a bad contractor can turn a dream renovation into a nightmare. Many homeowners have found themselves dealing with subpar work or unanticipated costs due to hiring someone without thorough vetting.
Solution: Vet Your Contractors
To avoid this pitfall, homeowners should take the time to research and interview multiple contractors. Checking references, reviewing past work, and ensuring proper licensing and insurance are critical steps in the hiring process. Clear communication about expectations, timelines, and budgets can also help establish a productive working relationship.
4. Upgrades That Require Too Much Upkeep (11%)
Homeowners often invest in upgrades that seem appealing at first but later realize they require excessive upkeep. Features such as elaborate landscaping, high-maintenance materials or complex systems can lead to frustration and additional costs over time.
Solution: Select Sustainable Upgrades
To avoid this regret, homeowners should consider the long-term maintenance costs associated with upgrades. Opting for low-maintenance materials and designs can save time and money. For example, choosing native plants for landscaping can reduce the need for watering and upkeep, while selecting durable flooring can minimize wear and tear.
5. Not Getting Multiple Quotes and Shopping Around (10%)
Many homeowners regret not shopping around for quotes before committing to a purchase or renovation. Failing to compare prices and services can lead to overpaying for work that could have been done at a lower cost.
Solution: Shop Around
To avoid this mistake, homeowners should always seek multiple quotes for any significant work or purchases. This not only provides a clearer picture of the market rate but also allows homeowners to assess the quality of service offered by different providers. Additionally, negotiating with contractors or suppliers can lead to better deals and potential savings.
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This article originally appeared on GOBankingRates.com: Over 50% of Homeowners Regret Their Home Projects — 5 Ways To Avoid Similar Mistakes
