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How renovation errors wind up costing homeowners

Posted by Adam C. Wilner | Feb 06, 2017 | 0 Comments

If you are looking at buying or selling a house in the current market, you know that a large part of the home's price is in the quality of its interior and the status of its décor. That means floors that are in great shape, appliances that are in great repair, and details like energy-efficient windows. When you are looking to sell, it is important to get into the mindset of the buyer, but it is also important not to let yourself make mistakes that could cost you money.

Popular renovation mistakes

Here are a few of the most common missteps New Yorkers make when they are getting ready to sell:

Hidden renovations: If you live in a home and need to make invisible improvements or repairs, that's part of being an owner. You can not expect them to affect the market value of the house, though, since your buyers will not see them on a walkthrough.

Hiring contractors too soon: It is essential that you shop around for the best person for the job if you want your improvement dollars to go far enough to make you money in the sale. To achieve that, it often takes comparing a large number of contractors and a few rounds of consideration.

Setting an unrealistic budget: There are simply some improvements you will not be able to cut corners on to downsize the costs. Similarly, you do not want to wind up in a situation where you spent so much on improvements that you can not make gains in the sale because the net will be washed out by more expensive upgrades.

Over-improving: This goes hand in hand with overspending. If you upgrade until the house is overpowered for the neighborhood, you will not realize the full value of all the upgrades.

What to do if you are on the market

If you are currently looking for a home, then you need to know how to spot these renovation errors at play when you tour at a home. This is because such errors might signal incomplete improvements or a chance to get more than the sticker price leads you to believe. If you are selling, it is important to avoid making these errors in the first place. Either way, having the right advice is essential, which is why you should consider what a real estate attorney could do to protect you during the transaction.

Knowledgeable and experienced real estate attorneys know how to make sure you are purchasing a clear title on a property that you fully understand. This allows you to buy with confidence and with a plan that allows for the full expenses of homeownership in NYC.

About the Author

Adam C. Wilner

Broad legal background with more than 15 years experience in commercial litigation, corporate transactions, real estate law, and estate litigation. Experience providing counsel to private corporations in a small firm environment has contributed to a broad based legal knowledge. A history of succe...

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