Are You Stuck in a Home Renovation Money Pit?

Are You Stuck in a Home Renovation Money Pit?

Are you stuck in a home renovation money pit? It can happen to anyone. Sometimes big plans for your dream home or renovation can quickly turn into your worst nightmare. Imagine your cozy living room retreat with outdated dingy carpet the previous owners neglected.
You knew it was the first thing you’d be replacing once the home was yours; it’s straightforward enough. Then disaster strikes. The simple carpet replacement revealed asbestos tile underneath. The removal of the asbestos tiling damaged the wall paneling around the entire
exterior, which then required a full room gut and renovation. This easy carpet replacement just turned into a complete room overhaul and decimated the renovation budget in one shot.

A setback in one room alone can cause a huge hit on home renovation budgets and time constraints, but what if the home is holding unwelcome surprise after surprise? Unfortunately, even the best home inspections can’t reveal all the potential problems of a house before
purchase. Hidden mold, leaky roofs, foundation issues, pests, water damage, worn out wiring; these are just a few of the potential hidden problems that could be revealed upon renovation or DIY projects.

Tips To Avoid DIY Renovation Disasters

There are some steps you can take to help mitigate the potential pitfalls of renovations.

  1. Don’t skip inspections – Make sure to hire an experienced and qualified professional for the job. While an inspection might not always be able to catch hidden issues, a professional inspector will still be able to provide you with a fully detailed report of the homes’ overt problems which can save thousands of dollars in unexpected repairs down the road.
  2. Know the red-flags of a potential fixer upper – There are several key renovations that are major undertakings, can require extensive time, and are very expensive. A few of the most involved repairs have to do with the home’s foundation, electrical system, roof, and plumbing issues.
  3. Set your budget and plan for the unexpected – It’s easy to get lost in the allure of all the shiny upgrades and improvements of home renovations. But home renovations and upgrades are expensive and it’s common to go over budget quickly, sometimes without even realizing it. Set a budget early and make a plan to stick to it. Make sure you have built in a back-up budget for unexpected finds or issues that come up during the process.
  4. Be aware of your skill level – In the time of YouTube tutorials and DIY shows on HGTV, DIY projects tend to look easy and relatively painless. However, actually tackling the projects can reveal a different story. Re-tiling sounds quite simple, but measuring, cutting the ceramic or stone, and laying tile and grout evenly and symmetrically can be a bit more complex than it looks. Be honest with yourself and stick to the DIY you know you readily have the skills to accomplish.
  5. Know when to ask for help – Sometimes we get in over our head. Perhaps a DIY project revealed some unexpected issues or is way more complicated than it originally appeared. Instead of pushing through with a lack of knowledge/skill that can cause you to spend even more money and time on a project, it’s important to acknowledge when it’s time to turn to the professionals.

Looking to sell your DIY Money Pit?

Sometimes the problems revealed in renovations are too burdensome or expensive to fix on your own and you can feel stuck. The good news is there’s a way out. We buy properties of all types and conditions, so you don’t have to worry about getting your home in market ready condition. You don’t have to take care of repairs, cleaning, or any other details. We currently buy properties in select areas, including Easton, PA and the rest of Lehigh Valley. This allows us to have a deep understanding of the local market and give you the highest possible offer for your property. Give us a no obligation call (215)-770-3122, or send us a message online and we will get back to you ASAP!