29 May 5 Commonly Underestimated Home Improvement Projects

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Home Renovations & Going Over Budget!

According to a recent CIBC poll on home renovations, 39 percent of homeowners who had completed renovations went over budget. Homeowners consistently underestimate their renovation projects, whether due to unexpected costs like paying for accommodation in case they have to live elsewhere, or whether due to unrealistic budgeting and the lack of a contingency fund. Going over budget could also simply be the result of making unnecessary changes, like installing fancy hardware finishes. Here are five projects that homeowners tend to underestimate.

Kitchen remodels

According to TrustedPros.ca, a website that rates contractors, the national average budget in 2016 for a kitchen renovation was around $14,480. However, kitchen renovations actually cost $5,000 more than that.

Bathroom remodels

Bathroom renovations are another popular home improvement project that can quickly get out of hand financially. It’s a complicated project that can involve multiple contractors including electricians, plumbers, and tile installers. There’s also the risk of finding water damage and mold in the walls.

New doors and windows

Homeowners also underestimate the cost of installing new doors and windows. It’s the kind of project that doesn’t have a huge impact on the aesthetic of the home, so it’s easy to make the wrong estimate. Homeowners need to consider the cost of quality materials, labour, and additional components such as insulation, not to mention the trend towards more energy-efficient products.

New floors

This is a popular home renovation project and rightly so as it has a great return on investment and can immediately spruce up a space. However, most homeowners budget for more affordable materials such as laminate and ceramic floor products, leaving no room in case they change their mind and invest in quality hardwood materials.

Basements

This can be one renovation project that really digs into the wallet. A good rule of thumb is to get an expert to inspect the home foundation before any renovations begin. A leaky foundation can be a major headache, so it’s best to catch it early before any work is done.

Just a few things to consider when planning your improvements!