More homeowners plan to spruce up their main home and their investment properties/rentals this year,but a lot of things can go wrong—particularly financially—when setting out to do a home remodel. More than a quarter of home renovation projects go over budget.
Some of the biggest budget breakers for owners completing a home renovation project, according to a new infographic from Job Site Image, a company that offers construction photo documentation, are:
- Choosing more expensive products or materials;
- Products or services were more costly than expected;
- Deciding to change the project scope or design;
- Project was more complex than expected;
- Discovering unexpected construction-related issues.
To help avoid costly mistakes, make sure they do plenty of prep work, take a full assessment of the home and its walls, and consult a professional when necessary.
In 2018, most homeowners planned to tackle at least one home improvement project.
- The three r’s start with: 51% were going to renovate.
- What’s next? 48% were going to redecorate.
- This is the painful one (were going to be the keyword) 34% were going to do repairs.
Did you know? 1 in every 4 home renovation projects goes over budget.
So not only are you stressed out by the task at hand but now your wallet is uncomfortable too.
According to Realtor Magazine:
How do you avoid costly mistakes?
The simplest and easiest way is to hire professional help. Hire a(n):
- Architect before making structural changes on your home.
- Interior designer to help select finishes and make design choices.
- Contractor when a renovation is too big, or too difficult to do it yourself (DIY).
- Home inspector to find problems before your renovation begins.
All my best,
Picket Fence Properties, located in Windsor, CO is Northern Colorado’s Top Notch Property Management company helping owners with their rentals, income/investment properties and vacancies in Northern Colorado. Are you an owner of a home for rent or that you’d like us to manage? We help you have the perfect tenants in NoCO. Are you looking for somewhere to rent in Greeley, Loveland, Fort Collins, Wellington, Eaton, Evans, Windsor, Frederick, Firestone? Look no further, we have all your real estate and rental needs covered. Check out website for vacancies today.