10 Jan Underestimated home improvement projects
Many of our blog posts have addressed closing costs when it comes to the home buying process. We’ve also mentioned the Purchase Plus Improvement program and how homeowners can benefit from it. However, there is another group of costs homeowners sometimes underestimate: home improvements. According to some surveys, homeowners underestimate the cost of these projects by about 34 percent.
The most common projects when it comes to home improvements are kitchen and bathroom remodels. Many homeowners feel like a kitchen remodel will cost about $10,000 and so they start putting a percentage of their weekly or bi-weekly cheque towards a savings account for that purpose. Once they have the amount they thought would be the cost of the remodel they begin the plan to upscale the kitchen remodelling. To their surprise, any kitchen remodel is usually double of what they budgeted for. The same goes for the bathroom. The amount you thought would be the kitchen remodel is usually what is needed for an average-size bathroom. It’s relatively easy to calculate the total price of all the materials and fixtures that you want for your dream bathroom. But do you know the cost of labour? It usually represents a third of the total cost.
The same scenario can be applied to deck construction or to AC installation. Do your homework. Talk to professionals. Make a list of all the costs involved – after consulting with experts in the field. You can also check the Purchase Plus Improvement program we’ve mentioned before. Contact us if you want to know more about this program.