GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
If youre thinking about buying a home, here are some potentiallycostly mistakes to avoid, according to Damji.
This is especially true of those who intend to renovate and sell their property for a profit.
Paying People Without Vetting Them First
Damji also recommended being cautious when choosing contractors.
Damji admitted hes lost money by paying the wrong people and watching them run away with it.
To prevent this, carefully vet anyone youre going to hire for your project.
Check their businesss online reviews or ratings.
Find out where theyre located.
confirm theyre legitimate and that you fully understand and agree with their policies and processes before hiring them.
Worst case scenario, youll have to redo various aspects of it, something thatll cost even more.
As Damji pointed out, designs can be a very trendy phenomenon.
Over improving can involve making so many changes that it becomes excessive.
These changes are often emotionally driven and can become aserious money pit.
Under improving is the opposite.
Its all about doing too little and not getting the returns youre hoping for.
Buyers are going to notice, and theyre not likely to bid as high if at all.
One common mistake is giving contractors free reign over the design elements of a project.
This can backfire in several ways.
Damji also said that some contractors will request a large amount of cash up front.
While paying a deposit might make sense, he advised against giving them more than 25%.
That way, theyre less likely to take off with yourmoneyand youre more likely to get results.
More From GOBankingRates
Share This Article:
