Biggest Home Improvement Mistakes For A Real Estate Investor

As a real estate investor it is sometimes a good investment move to make home improvements to any real estate properties that you purchase. There are several mistakes that commonly occur involving home improvement and real estate investing, and by knowing what these mistakes are you can save a lot of money and aggravation. Let the mistakes that other real estate investors have made be your guide on what to avoid.

The first mistake that some real estate investors make is to buy a property in a bad location or for more money than the house is worth. No matter how many home improvements you make on one of these properties it is unlikely that you will recover a decent profit or even your investment back. Always consider both of these factors before deciding to invest in the property and make home improvements.

A big mistake that many real estate investors make when they are doing home improvements is not knowing or finding out about the building codes in their area. Some investors do not obtain the necessary permits that are required by the city where the real estate investment property is located. This is one of the biggest mistakes, and it can cost you plenty if you make it. The building inspector is there to make sure that the home improvements are safe and done properly. If there is a permit required and you neglect to get one, you may be required to tear down any work that was done, get the permit, and then start from scratch.

Under budgeting for the home improvement project is another common mistake made by real estate investors. The old saying was to take the costs and triple them. That is an exaggeration but not by much. Most investors do not make a full detailed budget of what is needed for the home improvement project down to the last nail and staple. By being realistic and budgeting for all possible materials you will have a more realistic budget and are a lot less likely to go over budget. You should also plan for any unexpected eventuality that could occur and plan for it in the budget as well to avoid any unexpected and costly problems.

The single biggest mistake that real estate investors make is trying to save money on home improvement by doing projects themselves when they are not qualified. There are some projects that should have a licensed contractor or repairman on them. Many home improvement projects can safely be taken on by an amateur and turn out beautiful, but some projects like a new roof or any other extensive renovations should only be done by experts. This is because there are many safety issues involved in these projects, not just for the person doing the job but also for any tenants or owners who live in the house.

By avoiding these mistakes you can save a lot of money on your real estate investment. Know the value of the property before you purchase so you do not pay too much, and make sure that the location is decent. Make sure that your budget is realistic and that it takes into account every possible piece of material and cost. Also make sure that you factor in any possible unexpected cost or problem. The biggest mistake to avoid is to know when you should call for professional help and when you can safely do the home improvement project yourself.

10 Surefire Ways to Avoid Common DIY Home Improvement Mistakes

Ask people who have completed do-it-yourself projects and they’ll tell you that the projects took at least twice and much time and three times the money they thought they would. The basic reason is that DIYers usually make a lot of mistakes that end up making home improvement projects more expensive and time-consuming.

Here are 10 surefire ways to avoid the top DIY home improvement mistakes in the future and ensure success.

1. Take out the required permits — it’s amazing how many DIYers skip this step. Sure, it takes time, and it means you have to deal with the government, but it’s actually in your best interest to make sure get the required home improvement permits. The folks in the permitting office will make sure the project is done correctly and that you stay safe in the process. Also, for some projects, you’ll need proof that you have a permit or your insurance company won’t cover the improvement. You’ll probably need a permit for any project larger than wallpapering and painting. If you’re unsure, call your local building department and ask.

2. Have all the tools and materials you need available before you start your project — starting a job without the necessary tools and supplies will slow down the job and delay your progress. And make sure you buy quality tools. They’re a wise investment.

3. Prepare the job site for material deliveries — when your suppliers deliver materials, you’ll want to make sure the job site is ready to accept them. You don’t want your materials exposed to the weather while you are working and you want to have a storage area to prevent theft.

4. Don’t skimp on materials — for example, don’t use 1/4-inch drywall for building walls. Use at at least 5/8-inch; and 3/4-inch works well for a good sound barrier. Use 3/4-inch plywood for sub-floors. It creates a much stronger floor.

5. Prepare the walls for painting — clean the walls, sand them and patch any holes before you paint. Use a coat of primer or stain blocker if you’re trying to cover over oil-based paint, stains or peeling paint, or if you’re painting a lighter color over a darker color.

6. Use the correct paint — use flat paint ceilings. Interior paints should have at least an eggshell or satin finish so you can scrub it. For outdoor decks, use a linseed-oil-based stain to drive the pigment into the wood and preserve it.

7. Keep safe while working — you don’t want to end up in the emergency room. Wear safety goggles when using power tools or working with drywall or wood. Wear a hard hat when you’re working under other people on scaffolding, and open some windows when you’re painting or staining, or stripping old finishes off of floors or walls. Don’t wear loose, hanging clothing, especially when using power tools. Wear gloves when carrying wood, metal and rock, or when hammering, and wear a nail or tool pouch to prevent damage to your floors, feet, and pets.

8. Measure twice and cut once — probably the most important rule of any project. If you’re going to make a mistake, make it too long. You can always make something shorter. You can’t make it longer.

9. Know the limits of your abilities — you’re not going to be good at everything. If you don’t have a lot of experience at plumbing or electrical work, for instance, don’t attempt those projects.

10. Don’t start to learn how to do a project on your own house — If you want to learn how to do a project, offer your assistance to a friend who is an experienced DIYer or a contractor. And if you have any question about what you’re doing, make sure you stop and ask.

You probably won’t eliminate all of your DIY home improvement mistakes, but you can surely reduce them with these 10 tips.

Common Home Improvement Mistakes

You hear about it after every major storm. Home improvement contractors move into an area and promise great work, only to leave behind a shoddy job if the job gets finished at all. What you may not realize is that this happens every day, not just after a major tragedy. If you are hiring someone for a job make sure you avoid these common home improvement mistakes.

All of the better contractors and business owners want each and every party involved in their business to do a good job. Unfortunately though home improvement and remodeling is one of the top industries for both fraud and consumer dissatisfaction. The question that a lot of people have is why? Yes much of the blame does in fact fall into the hands of the home improvement industry; there are also some more common mistakes that you as the homeowner commit that will contribute to your own dissatisfaction. If you learn to avoid these mistakes, it can make the difference between a great home improvement project and a nightmare.

1. Falling In Love With The Salesman. Since you are probably like many and not an expert in the field of home improvement, you will begin to rely heavily on the friendliness and the so called credibility of the salesperson in an effort to determine the type of people that will be doing the project. Your dissatisfaction is guaranteed when either the employees or the subcontractors do not live up to the total expectations set by the salesperson. When you are ready to invite someone into your home, you need to make sure they are skilled in home improvement and not just someone who has been commissioned by a salesman whose main interest is to sell you improvements that you do not actually need.

2. Neglecting The Family Safety. You might be appalled to learn of the criminal history of some of the employees of home improvement companies. You will find such things as felony records, drug convictions, sex offenses, and domestic violence among others. Yes it is true that every prior criminal has the right to work, but they have no business being in your family’s home where it can put your belongings and family safety into question. You have the right to demand to see any employee records of individuals that are going to be coming into your home. The record should also contain a background check on the employee as well. This will help ensure that your family’s safety is well secure.

3. Asking The Wrong Questions. There are basic questions that you need to ask every contractor that comes into your home. But sadly these are often neglected. Some of these questions include things like “How long have you been in business?” “Where are you located?” among others. These are some of the most important questions that you can ask. The more questions that you ask, the better your chances of having the job done right by qualified individuals. Always ask to see references, and make sure the references you get are from someone in your community. Then make sure you call them up to verify or even go by to look at the work that was completed.

Home improvement does not have to be a nightmare. Avoiding these mistakes will increase the odds that the job is done to your satisfaction.

Top 5 First Time Home Buyer Mistakes You Must Avoid

Nothing can be more exciting than buying your very own house for the first time. As a home buyer, the idea of searching for your ideal home can be exhilarating and tiring at the same time. Most home buyers commit mistakes when buying their house. You can avoid being one of them by knowing exactly what these common mistakes are and how to avoid them.

Home Buyer Mistake #1 – Impulse buying

Buying a house can make you very giddy and excited. Many first time home buyers end up being victims of impulse buying since they immediately but the first house they set eyes on without asking more information about it.

Realtors may show you pictures or invite you to open houses. Don’t fall into their traps. You have to be very careful and stop being carried away by the excitement you feel. Be very open-minded and try to consider all your options. Surely, you must consider looking at other probable houses you can buy before settling for the best.

Home Buyer Mistake #2 – Being too picky

It’s imperative that you only want the best home to live in but that doesn’t mean you have to keep on searching and searching for your dream house especially when there are already houses that suit your criteria. Avoid looking too far and too wide since you may not be aware of it but your dream house is right under your nose.

Home Buyer Mistake #3 – Spending beyond your budget

This is a mistake often committed by home buyers who don’t know how to spend their money wisely. A nice big house is very tempting but you shouldn’t spend beyond your limits. It’s useless living in an expensive house where you had to tighten your belt every month just to pay for it. Settle only to what you can afford to pay.

Home Buyer Mistake #4 – Underestimating getting pre-approved

If you want to know whether you can afford a house or not, you should get pre-approved for a mortgage. This can improve your chances on getting the house you want compared to other buyers who failed to be pre-approved. Doing so can also provide you a bird’s eye view of how much you’re going to pay per month.

Home Buyer Mistake #5 – Settling for the first mortgage offer

Many people often regret not asking for second opinions when buying a house. They grab the first mortgage offer that come their way without even analyzing or considering other options. You have to avoid committing the same mistake by doing your own research. It’s pointless spending a lot of money for mortgage payments monthly.

These mistakes are easy to commit if you’re not too careful. Buying a house entails responsibility so keep your eyes open and be vigilant.