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But on top of all that, there are alsofinancial factorsto consider.
Below are some money moves experts said youllregret when you renovate your home.
Ham agreed, noting that one of the biggest mistakes is using credit cards to finance renovations.
The high interest rates mean much of your payment goes toward interest, not principal.
It can take years to pay off and end up costing thousands more.
A detailed budget with a contingency fund for unexpected costs can help mitigate this risk.
Ham similarly agreed that a major regret is choosing thecheapest contractors or materialsto save money upfront.
Cheaper options tend to require more maintenance and repairs down the road.
Its usually worth spending a bit more for high-quality, durable materials and experienced contractors.
Not Exploring Financing Options Thoroughly
Failing to explore and comparedifferent financing optionscan also lead to regret.
Homeowners might impulsively choose the first available loan without considering alternatives that could offer better terms.
He recommended consulting with a financial advisor to understand the best financing options based on your situation.
[This] can help homeowners makemore informed decisions.
Certain projects, while appealing, may not add significant value to the home, Shirshikov explained.
Ham equally noted that a big regret is not planning renovations withresale or rental potentialin mind.
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