John Wooden said, “If you don’t have time to do it right, when will you have time to do it over?”
When it comes to real estate development a more pressing question is, “When will you have the finances to do it over?”
Renovations take so much time, effort and finances to complete that you need to make sure you do it right the first time. Especially if you plan to sell your property in the future, you’ll want to recoup all of the money you put into it. A redo would be a huge setback that will cost you and this might be something you won’t recover.
Plus if the renovation is something that will deter possible buyers from purchasing the property then a renovation mistake might be the biggest one that you’ll make in your life. And you wouldn’t want to be in this situation.
We all know that real estate development is important. We need to upgrade and renovate in order to maintain the value of our property. But you need to know how to do it right because instead of maintaining the value or your property you might be decreasing it.
So how do you do it right? List down these real estate renovation mistakes and make sure you steer clear from them.
1. Not considering your market’s demand
When you renovate you may be tempted to go with whatever’s popular at the time. You might even think that it’s finally the opportunity to get that remodel you’ve always wanted. This is okay if you plan on staying in your house forever and have no plans of reselling it. If however, you want to put it on the market in the future, you need to avoid being too trendy and too personal when doing real estate development. What you need to do is to consider your market’s demand.
2. Skimping on the materials
Cheap materials have a short lifespan. Wear and tear are inevitable and if you’ll still be living in the property for a time, this means the materials in the home will be more susceptible to damage. And if you used low-quality materials for your real estate development just to save on the cost of the project, then this would mean you would need to redo this after some years. Always invest in quality materials.
3. Doing expensive upgrades
When doing real estate development your priority should be upkeep and not expensive upgrades. The latter would only drain your finances and you might not even recover the expenses from the project. What you should do is use what you already have and just do minor upgrades. For example, change the fixtures and cabinetry but don’t go all out on a bathroom renovation. One rule to follow in doing real estate renovation is this: Don’t replace anything that doesn’t need fixing.
4. Doing a high-grade upgrade in a mid-range home
If you do a high-grade upgrade in your house, this will rack up the price of the property. And if your home falls under the mid-range property and is located in a mid-range neighborhood then this will work to your disadvantage. No one wants to buy the most expensive house on the block. Stick to your house’s range to attract the right market and not discourage potential buyers.
Doing real estate development on a home that you plan to live in for years and keep for generations is different than a real estate renovation on a property that you plan to sell in the future. If your house is an investment that you want to sell at a profit, you need to avoid the top four mistakes listed above.
For any help in real estate renovation and real estate preservation, U.S. Legacy Co. can help you. Call us now at 866.573.9517 and we’ll assist you in any remodeling services including flooring, tiling, roofing, plumbing, countertop repair and appliance repair.