Mistakes That Can Turn Your Renovation Into A Money-Pit

Making any major change to your home isn’t a process that you can ever expect to call ‘cheap’. You already know that going in. But that doesn’t mean that you should content to spend ‘whatever it takes’. If you make the wrong choices, then ‘whatever it takes’ can turn into a gargantuan demand that, at best, has the outcome well outweighing the benefits and, at worst, has you unable to complete the project. There are three actions you need to take now to make sure that your renovations don’t become a money pit costing you thousands and months more to complete than expected.


Not having the ends justify the means

You need to have your priorities decided well before you look into contacting someone to even begin the work. What reasons are you renovating? For a lot of people, increasing the value of a home has a lot to do with it. But not all renovations are equal and not all value is worth fighting for. For instance, you need to think about the objective value of one room from another. How much space was available? How new were the surfaces? How long after renovating do you plan on selling? If value is your goal, then calculate whether or not the renovations are worth the investment in the end.

Not knowing where the money will go

Failing to set up a budget for a renovation is all-the-way unacceptable. Without a step-by-step breakdown of costs and an assignment of funds, you are being led by the nose without knowing where you will be at the end of it all. It’s not enough to hope you have enough money as you encounter cost after cost. Finding personal loans online can be useful as it gives you easy access to a set amount of cash that you can strictly control. Decide the cut-off point for every part of the renovation and stick to the budget as best as possible. Of course, be aware that extra costs for unforeseen problems might pop up. Set aside some of the cash as a contingency fund so you’re not brought over budget by a lack of awareness.

Doing little research on your team

Forget the materials and the priorities, expensive as they can be. The one mistake that will cost you most is hiring an untrustworthy renovation team. Not every firm is going to try and cheat you. But that doesn’t mean you should act on that assumption. Make sure the evidence stacks up in their favor. If they’re asking for a big deposit up-front, they have less incentive to provide a high-quality of work throughout the job. If they’re sending you quotes that sound too good to be true, they probably are. If they assure you that you need to stay away when work is being done, they don’t want you seeing their progress. Get an idea of the warning signs that a renovation crew isn’t to be trusted.

As said, there’s no way to fully control the costs of a renovation. New problems pop up and new options become available. However, the tips above should help you protect yourself from the most damaging of financial implications.

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