7 Home Renovation Mistakes First-Time Homebuyers Make
7 Home Renovation Mistakes First-Time Homebuyers Make
Are you considering renovating your home for the first time? Before you start, here are the seven most common home renovation mistakes first-time homebuyers make.
Whether you just bought a home or you need a change, there are many home renovation mistakes to make. As a first-time homebuyer, you'll run into many problems, but not all of them will be major mistakes.
Buying your first home is one of the most important adventures to start; you'll have endless possibilities for home improvement. Whether you are buying a fixer-upper or just want to make a couple of changes, it will be a fun and exciting process.
Once you have bought your house and are starting the home renovation process, we want to make sure you are aware of all the common mistakes to avoid. Even a seasoned pro can make a home renovation mistake, so as a first-time homebuyer, you should be extra careful.
Some home improvements can add great value to your home. If this is your first home, then you may be able to sell it for more than you bought it for after renovations.
Keep in mind that there is no one-size-fits-all solution when it comes to being a homeowner. Still, it is imperative that you are aware of all the common mistakes and thoroughly research them in order to save money and time.
Keep reading to learn all about the seven home renovation mistakes first-time homebuyers make.
Chapters
1. Not Ensuring the Materials are Readily Available
While you may be excited to start the home renovation process right away, you need to ensure the materials you'll need are available. During the COVID-19 pandemic, there were many supply chain issues. Many things can cause this, and a shortage of certain materials is the last thing you will want to deal with.
About 72% of U.S. homeowners who renovated teamed up with a general contractor in 2022, according to Statista. Unless you are a skilled contractor yourself, you should always use a contractor. Not only will they build what you need, but they will know where to get materials, permits, and more.
In order to avoid this simple mistake, schedule a meeting with your contractor to go over your renovation plans and ensure it'll be possible at the time. If the materials aren't available but you still want to go ahead with the renovation, your contractor can tell you alternatives that would work.
2. Rushing
Many homebuyers start looking for a home, knowing they will want to renovate after buying. This can cause problems if you don't plan correctly and try to rush the process. It is advisable to start with the necessary repairs before starting any cosmetic renovations.
Don't start your renovation projects as soon as you move in, at least the aesthetic renovations. If there is a necessary repair that stands in the way of your home functionality, then start there. Most likely, you'll be made aware of these problems during the home inspection.
The National Association of Realtors advises starting with the structural or foundation issues first. Once the home is in order, you will be free to direct your attention to the cosmetic renovations you have been waiting for.
3. Ignoring or Skipping Over the Necessary Renovations and Repairs
As a first-time homebuyer, you might think your home is perfect in the beginning. Unfortunately, every home will come with some issues; most of the time, they aren't anything you can't get fixed. If you put off the necessary renovations and repairs for too long, it can lead to many problems and even more costs.
If you notice any broken appliances or unusable areas of your home, it can be taxing on your day-to-day life and wallet. We know you just made a huge financial investment by buying the home, but try your best to get these out of the way as fast as you can.
Consider creating a checklist immediately after buying a house. This way, you can stay organized and prioritize what is most important. You will also get to enjoy your renovations faster, which should be your goal as a first-time homebuyer.
4. Lack of Budgeting
Just like when you bought your house, hidden costs will appear, and you must ensure you are prepared for when they do. Only 3% of homeowners stay under budget after completing a renovation.
According to Houzz & Home, 50% of Americans pay $15,000 or more on their home renovation projects. However, this means that half may pay much more. You should always budget for the latter because you never know what could happen.
Higher budget projects saw an increase from $85,000 or more in 2020 compared to $80,000 in 2018. Each year, prices go up, and any home renovation will cost you a good bit of money. It is always better to be overprepared than underprepared.
The three top reasons that projects go over budget are that products/services were more expensive than expected, the project was more complex than expected, and surprise construction issues occurred, according to Houzz & Home.
If you are buying a house with the purpose of renovating, make sure you have enough money in your savings for the renovation and more. The last thing you want to do as a first-time homeowner is get in over your head with projects.
5. Overestimating Your DIY Skills
While there are many fun and easy DIY activities online, don't overestimate your abilities. If you have any minor projects like painting your front door or installing shelves and feel confident in your abilities, then you should try. But don't tackle any major renovations on your own unless you have some serious experience and knowledge.
It is easy to get carried away after looking at inspiration on home improvement apps, and DIY is a cost-effective way to renovate. You could end up spending thousands of extra money trying to rectify your mistakes and even devalue your home.
If you want to DIY some parts of your home, consider putting your skills towards the final touches. This can mean decorating, painting, landscaping, or something else.
Over 30% of homeowners meet with architects, and 41% meet with interior designers. This will give you a good idea of what needs to be completed and what you can do on your own. You should consider your abilities when you start planning your renovations and meet with the contractor as well.
6. Hiring the Wrong Contractor
Unless you are a contractor yourself, you'll most likely need to hire one. Just like finding the right real estate agent, you should prioritize hiring a trustworthy contractor. One mistake homebuyers make is hiring a contractor based on cost alone.
The cost of materials fluctuates with quality; typically, you will be advised to go with the more expensive materials because they are more likely to last and are offered warranties. You shouldn't cheap out on a contractor, either. A trustworthy contractor with experience will provide not only the right advice but also quality work. The last thing you want is for the renovation not to look as you had planned.
Most improvements will require a general contractor. A contractor has many responsibilities to you as the homeowner. It is completely okay if you need to meet with multiple contractors till you find the right one. It is a good idea to find a trustworthy contractor through other homeowners or your neighbors. If you can find a contractor with good references, then you are on the right track.
Check out the main duties of a general contractor:
- Acquiring the proper permits
- Providing the right materials, equipment, and labor
- Estimating costs
- Controlling project expenses and timelines
- Hiring and overseeing the work of subcontractors
- Monitoring the process
- Completing the necessary inspections
7. Acquiring the Wrong Permits
Any home renovation or improvements can add great value to your home. Before you start the process, you may have to sign many permits or get in contact with your HOA board. Most HOA boards require you to apply for any renovations that are visible on the outside. So, if you are adding a room, porch, or anything else on the exterior, make sure to talk with your HOA.
Your contractor should be in charge of finding the right permits. This is partially why it is so important to find the right contractor. Depending on the scope of the project, you may need to apply for several permits, which can take time. This is why the renovation project can take longer than expected.
Failing to find the right permits can result in hefty fines, and you might even be required to undo all the work you have completed. This is the last thing you should have to deal with, so start early and get all the paperwork in order before you start.
Methodology
We used information and data from several different sources, as well as our own data, to determine the top home renovation mistakes first-time homebuyers make. Most of the data was sourced from the following sources:
FAQ: Home Renovation Mistakes First-Time Homebuyers Make
Here are some commonly asked questions about the common home renovation mistakes made by first-time homebuyers.
What should I fix first when renovating a house?
Typically, you should put your attention on renovations in the kitchen. This is because kitchen remodels usually create the most dust and debris, and you won't want to get stuck in new paint or finished jobs around the house. However, this is completely up to your needs and wants. Ensure each renovation is timed correctly so you can still live in your house while renovations are ongoing.
When not to renovate a house?
It is advised not to renovate a house when the house has a faulty foundation or major structural issues. You also should avoid renovations when there isn't space for additions and when local councils have strict restrictions.
What is the best month to renovate a house?
The peak renovation period is usually May through September, but it varies greatly depending on the location. These months usually have the best weather, which makes the process faster and, in turn, saves you money.
What is the most expensive thing when renovating a house?
Almost all renovations can become costly; building an addition is usually the most expensive. This can vary in price but most likely involves electrical work, plumbing, carpentry, permits, and more, which can really add up.
Is it cheaper to renovate or buy?
For the majority of the time, renovating is cheaper than buying a new home. However, this depends heavily on the amount of renovations you need, the area you live in, and many more factors. Consider making a list of the renovations you need and comparing that to homes in the area that already have what you need.
Home Renovation Mistakes First-Time Homebuyers Make - The Bottom Line
Buying a home is a huge investment, and if you are planning on making renovations, then you're most likely going to live there for a while. Make sure you will be happy with the changes and save as much money as you can.
No matter why you are considering a home renovation, the first step is finding the right house. If you are going into the process and know you will renovate, then you can relax on finding the perfect home. Nonetheless, there will be many things to consider when renovating.
As you are searching for your next home in Raleigh, NC, which is one of the fastest-growing areas in the country with many beautiful homes for sale, you'll have to act fast if you want to buy your next home in one of Raleigh's best neighborhoods.
Before you buy your next home in the Triangle, feel free to contact one of our helpful real estate specialists, as they are eager to help you find the perfect home. We know that buying a home can be overwhelming, so make sure you are prepared beforehand.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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