{"id":25170,"date":"2021-08-11T14:39:46","date_gmt":"2021-08-11T14:39:46","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=25170"},"modified":"2021-08-11T14:41:14","modified_gmt":"2021-08-11T14:41:14","slug":"17-of-home-renovators-admit-to-going-more-than-25k-over-budget","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/17-of-home-renovators-admit-to-going-more-than-25k-over-budget\/","title":{"rendered":"17% of Home Renovators admit to going more than 25k over budget"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span style=\"font-weight: 400;\">After so many months of lockdown, and <\/span><a href=\"https:\/\/www.theguardian.com\/money\/2021\/apr\/05\/bubble-or-boom-why-ultra-low-interest-rates-mean-house-prices-may-never-bust\"><span style=\"font-weight: 400;\">the housing boom that\u2019s followed the slashing of interest rates<\/span><\/a><span style=\"font-weight: 400;\">, many of us are looking at making improvements to our homes \u2013 or even buying entirely new homes with a view to renovating and selling them for a profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keeping control of your expenditure while renovating a house, however, isn\u2019t always straightforward. According to <\/span><a href=\"http:\/\/st.hzcdn.com\/static\/econ\/en-GB\/2020_HouzzAndHome_UK_Renovation_Trends_Study.pdf\"><span style=\"font-weight: 400;\">a report from Houzz and Home UK<\/span><\/a><span style=\"font-weight: 400;\">, which surveyed homeowners undergoing renovations in 2019, 29% are over budget by less than 25%, and a further 17% are over budget by even more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among the most common reasons cited for going over budget was a decision to buy more expensive products or materials (44%), that the products or services were more expensive than expected (39%), or that the project ended up more expensive than that. Just 3% of homeowners managed to complete their renovations while staying under budget.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Budget<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So how do you renovate a home without falling into these traps? The first step is to start with a conservative quote, and then work out the fine details, and see where you can make savings. Your budget should be something that you spend a lot of time with during the early stages since doing so will invariably save you money later on.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s vital that you get several quotes for the work you intend to carry out. If you go with the first quote you receive, then you risk putting yourself at the upper end of the range of prices you might have otherwise gotten.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You shouldn\u2019t just compare the available tradespeople on price alone, however. An experienced builder, electrician or plumber might be able to provide insight into the work that you need to have done and the work that isn\u2019t necessary.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you\u2019re putting your budget together, make sure that absolutely all the variables are accounted for. If you don\u2019t include those little extra costs at every stage, then those costs will quickly escalate. For example, if you\u2019re going to be rewiring the house, then you might think about the cost of light switches and bulbs in every room!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How long does Planning take?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">According to the Houzz report, most of us spend around twice as long planning a given project as we do actually executing it. The average kitchen takes 10.1 months of planning and 5.2 months of construction; for bathrooms, it\u2019s 7.4 and 3.3, and for bedrooms, it\u2019s 5.7 and 2.5.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With more of us spending time at home over the last year or so, it\u2019s the areas of the home where we spend the most time, which is receiving the most attention. With <\/span><a href=\"https:\/\/www.hammonds-uk.com\/fitted-wardrobes\"><span style=\"font-weight: 400;\">fitted wardrobes being added to bedrooms<\/span><\/a><span style=\"font-weight: 400;\"> to reduce clutter and make way for office spaces, and kitchens being redesigned into kitchen\/ family rooms. Our homes are being adapted for the new ways of living.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Renovating to sell\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With many of us inadvertently finding we had more spare time on our hands, renovation projects increased across the UK, many with a view to selling; a trend is also driven by the stamp duty holiday. Another <\/span><a href=\"https:\/\/a.rpassets.com\/downloads\/rated-people-home-improvement-trends-report-2020.pdf\"><span style=\"font-weight: 400;\">report from Rated People<\/span><\/a><span style=\"font-weight: 400;\"> gave an insight into the areas that were most likely to attract buyers and equally put them off. The old-age advice seems to ring true, don\u2019t make the interior design too personal, as potential buyers can be put off by anything too unique. Half of the people asked said dark blue rooms would be off-putting, closely matched by dark grey rooms (42%). If in doubt choose a neutral colour, with white taking the top spot for the most popular paint choice in 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are looking for ideas in where to invest your home improvement funds, six of the top fifteen most sought-after features, were outside. Half of the potential buyers seek a lawned garden and 35% would like to see bi-fold doors leading to outside space. Practicality also scores highly on buyers wish lists, with 58% of buyers looking for a downstairs toilet and 54% looking for built-in storage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following the guidance on what buyers are looking for will not only increase the number of potential buyers but will increase the value of your property. Following the advice on how to plan and budget a renovation will hopefully leave you with a profit too when you come to sell.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h6>Ref number: THSI-2391<\/h6>\n","protected":false},"excerpt":{"rendered":"<p>After so many months of lockdown, and the housing boom that\u2019s followed the slashing of interest rates, many of us are looking at making improvements to our homes \u2013 or even buying entirely new homes with a view to renovating<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/17-of-home-renovators-admit-to-going-more-than-25k-over-budget\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":81,"featured_media":25171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[1,700,16],"tags":[],"wl_entity_type":[602],"modified_by":"THS","_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2021\/08\/Screenshot-2021-08-11-at-15.36.50.png","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/17_of_home_renovators_admit_to_going_more_than_25k_over_budget","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/25170"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/81"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=25170"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/25170\/revisions"}],"predecessor-version":[{"id":25172,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/25170\/revisions\/25172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/25171"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=25170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=25170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=25170"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=25170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}