3 Mistakes That Can Derail Your Home Renovation Projects

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Whether you decide to tackle a do-it-yourself project or hire someone else to remodel your kitchen, beautify your bathroom, or finish the basement, these three common mistakes can throw a wrench in your plans for a stress-free home renovation project.

  1. Letting chaos cloud your vision. Part of your home may be under construction longer than expected. You may boil over when something doesn’t go as planned or snap when the constant hammering finally gets to you. Plan for disruptions and try to be patient so you won’t lose sight of the big picture.
  2. Cutting corners. Using cheap materials or hiring inexperienced help can leave you with disappointing results and questionable longevity of the renovation. Saving a buck on a big project may cost a fortune in the end, so plan your strategy with quality in mind.
  3. Underestimating costs. Once a project is under way, additional costs are bound to pop up. The materials you planned on may not work out, or the renovation may reveal repairs that need attention. It’s a good idea to start a fund for emergency home repairs so you can cover these costs. A home equity line of credit can also help pay for expenses that pop up along the way. Learn more about what to look for when considering a home improvement loan.

Before the sawdust starts flying, you should estimate your costs and plan your financial strategy. Hanscom FCU has tools to help you understand both the big picture and the details when planning a home improvement project. Check out our home equity line of credit calculator. Good luck with your home improvement projects!

Use Home Equity Wisely

 

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About Author

Bill Burpeau
Bill Burpeau

Bill Burpeau is a relationship manager at Hanscom FCU. As a Credit Union Certified Financial Counselor, he is an enthusiastic advocate of financial literacy and education. He constantly studies and is up to date with the latest financial management concepts and technology. Bill is a graduate of Texas A&M University with a BBA in Business Management and served in the U.S. Navy as a Supply Officer.

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