Survey: 85 percent of renovators exceed their budget
Have you hired a trustworthy, diligent renovator to upgrade your home? You may still exceed your budget, according to a survey by the Association of Renovation Contractors. According to the survey, 85 percent of renovators exceed their budget by 15-30 percent.
Every year, 140,000 apartments are renovated. Renovations are a NIS 2 billion a year industry. According to the survey, the majority of excess spending comes from extra additions and improvements, and expenses not taken into account in advance.
Eran Siv says that buyers mainly exceed their renovation budgets when they are tempted to make additional improvements as the process continues. Buyers begin by replacing a bathtub and are then tempted to replace faucets, flooring and other features. A visit to the display floor causes them to replace porcelain granite flooring with natural stone or some other expensive material. However, according to Siv, some excess spending is forced on homeowners. For example, renovations may reveal that plumbing is in a state of disrepair or cause damage to a supporting wall.