Top 5 Renovation Regrets

​Having been involved in renovating houses for both my personal use and for profit as well as seeing many renovation projects completed by home owners prior to selling their homes, I have put together what I feel are the top five regrets people have when it comes to renovations of their home.

1. Not keeping a budget for unforeseen costs.  This is a very common regret that I see with most renovation projects. Try as you might, there will always be unforeseen costs and it is important to set some money aside to cover these costs.  Whether it is for mechanical that needs to be replaced or simply an upgrade to finishing you decide to undertake, have the extra dollars in the budget is a necessity.
2. Not hiring professionals.  I cannot stress the cost in time and money of a job that is not done to the quality of a professional.  In the end, if something is not done correctly and has to be done again the cost is more than double and so is the time it takes to complete the job.  On the resale side, when something is not done correctly it turns buyers away and the smallest of renovation mistakes can cost thousands of dollars in resale value.
3. Not getting a quote in writing. When you are hiring professionals to do the work, make sure you get a quote for everything in writing and the scope of the work is clearly outlined in that quote.  I also recommend more than one quote, so you can compare pricing and compare what the scope of the job is based on that quote. The more information you have, the more you will understand cost and value.
4. Not having a well-planned design and a timeframe for completion. Renovations can go on and on if a firm plan is not in place. This can create stress on the family.   If you take the time from the start to plan out a schedule of work and define the scope of the work it takes stress off and gives everyone in the household a vision for the completion.  Having a vision significantly reduces stress.
5. Not considering the resale value of a renovation.  Everyone has their own personal taste and their own ideas about what they want to do to improve their home, but it is a good idea to spend a few dollars on an interior designer, or at the very least, bring in a real estate agent to discuss your ideas before you finalize plans. Renovating for the enjoyment and use of family and renovating for the purpose of resale are not the same activity.  There are many choices to be made during the process and the decisions are influenced by what is motivating the work. In both situations the goal should be the same. The renovator should be focused on a well planned, professionally executed renovation project that will enhance the value of the home.

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Jim Perks is a REALTOR in Calgary, Alberta, Canada. He uses his expertise in Internet marketing and real estate experience to service both his buyers and sellers throughout the city of Calgary. He can be reached at RE/MAX Real Estate (Mountain View) 403-247-5178 or by email at jim@jimperks.ca. His website is www.calgaryrealestateagent.