The Risks Of Home Renovation
With nearly 90,000,000 homeowners in the United States, assuming there are a number of homes being renovated is the correct assumption to make. Homeowners around the world are constantly updating their homes – building additional space, repainting, or renovating the kitchens.
Yet, with all of the thoughts surrounding renovations, many homeowners fail to assess the risks. It is important to conduct the proper research when preparing a home renovation. Below I have compiled three common home renovation risks that should be addressed.
Many aspiring renovators are thinking of all of the fun ideas to spice up their property. However, many of them are not aware of what is underneath their property. Electrical wiring, plumbing, and sediments are all factors that a renovator should look into, well before planning their renovation. Thankfully, ground penetrating radar (GPR) exists, which allows an home renovator to scan what is going on underground; without causing any damage to the surface.
Simply being aware of what is under your property can work out in your favor – and save you a lot of stress and money.
Hiring the Wrong Contractor
In today’s world of home renovations, it is vital to ensure that the correct contractor is chosen for the job. The National Association of Consumer Agency Administrators conducted a survey that found 48% of the surveyed individuals would not hire their previous contractor again.
This issue is due to homeowners not being fully aware of what needs to be checked when hiring a contractor. A homeowner should always be sure their contractor is fully licensed and insured. Furthermore, it does not hurt to look up reviews or speak with previous customers in order to ensure the correct decision is made.
Devaluing The Home
Of course, a home renovation should always increase the value of the home. Yet, sometimes that may not entirely be true. In some cases, the renovation could significantly reduce the value of the home – resulting in trouble if you plan to refinance your mortgage or sell the home in the future.
It is wise to consult with a real estate agent or a home appraisal specialist, and ensure you are making the right decisions.