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Home remodeling is big business.
The Joint Center for Housing Studies at Harvard tells us that U.S. spending on home improvements reached a record of $425 billion in 2017, according to the most recent data.
On top of that, the typical renovating homeowner shelled out $15,000 on home improvements in 2018. Motivations for renovating include a desire to boost home value, aging in place or accommodating the needs of a growing family.
But not all projects are created equal. While many home improvements do increase home value, many have no impact at all and some even backfire.
It’s essential that contractors take the time to educate clients on the best improvements to meet their needs, achieve the best return on investment and stay within budget.
Here are 7 common myths that lead many consumers astray when it comes to remodeling.
Just because you love it doesn’t mean everyone else will.
Clients must consider what homebuyers are actually looking for when planning home improvements.
Another common mistake is thinking that the cost of a project can simply be tacked onto the asking price. While some projects add a significant percentage of their cost to the value of the home, none will return 100%.
Remodeling Magazine’s Annual Cost vs. Value Report shows that project ROI also varies in different regions.
There’s a fine line between staying up-to-date and chasing every fad that comes along.
On the one hand, if a home hasn’t been touched since the ‘80s or ‘90s, it’s safe to say it’s overdue for a remodel. On the other, simply copying the latest magazine cover may not make sense either.
While home improvement shows can be a great source of inspiration, they often make projects look much quicker and easier than they are in real life.
Most home renovations require a licensed contractor. Here are just a few reasons for this:
Clients may think they need the most lavish home on the block in order to attract buyers in a competitive market. It’s important to keep expectations a little more down-to-earth.
Believe it or not, many people would rather visit a local community pool than have one in their own backyard.
Although some energy-saving improvements may require a significant investment upfront, they also have many cost benefits over the long term.
Nobody likes dealing with red-tape, and it’s understandable why some people think it’s “no big deal” to skip this step. This is a huge mistake.
Clients should also be warned against trying to hide structural defects by painting over them. Homeowners open themselves up to liability if a future buyer discovers undisclosed problems after the home sells. In the long run, it’s always smarter to make the necessary repairs.
As a contractor, you are an important resource for homeowners who are contemplating a renovation. By helping them make the right decisions from the beginning, you are actually saving them significant time and money.
If you’re looking for a resource for choosing the best materials for a successful remodel, contact Mid-City Lumber and speak with our friendly experts.