5 Money Pitfalls on Home Renovations

  • Not hiring a professional- visibly poor workmanship is one of the worst ROI related moves one can make.
  • Bold colour choices- caution against colours too loud!
  • Installing costly hardwood- new hardwood flooring is expensive and cheaper options still look and feel like wood but withstand more wear and tear.
  • Expensive lighting and attached fixtures- pouring tons of money into luxury upgrades there is a bad idea if your hope is to make that cash back when you sell.
  • Gutting the kitchen- A major kitchen remodel will cost around $66,000 and net a 62% ROI, whereas a minor remodel will cost only around $22,000 and net an 81% ROI.

Small Things You Can Do That Give You The Best ROI

-A fresh coat of light coloured paint in dark or small areas.
-Worn or stained carpets replaced with new ones.
-Cracks in the walls filled and caulking replaced.
-Make sure your home is cleaned to a professional standard and decluttered.

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