It's easy to overspend on home remodelling projects. If you're looking for a good return on investment, there are a couple of renovation budget areas you should monitor especially.
We undertake the expense and stress of remodeling not only to enjoy our homes but also to hopefully increase our home values. Money Magazine has identified four common traps that can reduce your renovation's ROI: going with fashion trends that won't last, poor design pre-planning, over-investing in the kitchen, and going with green projects with the expectation that they'll pay for themselves.
Two of the tips offered can really help you budget for a remodelling project so you don't overspend:
- Limit your kitchen renovation budget to 5-15 per cent of your home's value, since that's the amount of value to your home the kitchen represents.
- Hire an architect to draw a plan for you if you're moving interior walls or building an addition. It'll run you $US1000 to $US3000 but you'll be less likely to have to redo a poorly thought-out project.
Check out the rest of the common remodelling mistakes and advice in the linked article below. You might also be interested in our Geek's Guide to Rebooting Your Kitchen, to make that important area of your home more efficient and better planned. Photo by brianc
Avoid 4 Common Remodeling Mistakes [Money Magazine]