We’ve all heard home renovation horror stories.
Couples that were separated, budgets that were blown, dust that goes into everything, and jobs that were done horribly (and then completely redone altogether).
If you are thinking about renovating your home, you’ve likely had well-intentioned friends pull you aside, tell you about their scars and then warn you about the troubles that await. It doesn’t have to be like that. In fact, the renovation process can be exciting and incredibly rewarding for homeowners.
They get to play a critical role in the transformation of their family home.
Renovating your home is an investment of time and money that pays off in memorable experiences and an upgrade to your property value.
Over the years working with homeowners, we have learned the difference between a disastrous renovation process and one wherever the homeowners are over-the-moon excited.
We have created this document to help you, the homeowner, make all the preparations necessary to have the most amazing experience as you go through your renovation project.
Going well over what they can afford is one of the most common mistakes homeowners make in the renovation process.
Too many couples go into a renovation with huge expectations but without a clear idea of what it will cost. We have observed that most people budget about five thousand dollars below their expectation. That is, to get what they really want, they often think it can be done for much cheaper than it actually costs to create.
Making sure you are comfortable with a specific range in your budget is essential to accommodate some of the unexpected costs that could come up along the way.
In this early stage, it is best to discuss your plans and your situation with an experienced contractor. Working with a professional with an excellent reputation ensures you can get a detailed quote of the scope and the cost of the work. The right contractor should give you an unbiased evaluation of your situation. Look for someone generous with their advice in the early stages.
A quote from a contractor should always be free.
As a general rule, to avoid shackling your family with the debts due to unexpected costs, we recommend adding a 10-20% contingency fund. If you feel that amount is unreasonable, have a conversation with your contractor about it.
Ask what a contingency would cover and what they think is appropriate given their risk assessment. They’ve likely seen it all and will know what potential hazards await you behind your walls. Of course, the unexpected can always happen, and you should be prepared for just that.
If you are interested in getting a quote done for your home, do not hesitate to reach out to me personally. I’d love to save you from the troubles that can disrupt the most well-intentioned homeowners.
