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5 reasons your renovation will fail

 “Knowing why your renovation COULD fail is the first step in mitigating your risks”

 – Claire O’Connell

 

Change is inevitable when it comes to renovating and it can cause your renovation to stop dead in it’s tracks. Here are some of the top reasons your renovation can fail or be a non starter.

One: Don’t have a Plan in Place

Not having a plan or not staying on top of your plan is a surefire way for a renovation fail. Having an overall budget is not enough, you need to have a detailed inventory of what’s needed as small costs add up very quickly.

Two: Contingency of Time & Money

Delays are inevitable and time is money. I always recommend 15-20% contingency. This number is really dependent on the state of the market. Right now we seeing increased cost of living and inflated prices when it comes to materials and labour so 30% is more realistic at this time.

Three: Changes

It’s natural to want to make changes during your renovation, but it’s essential to consider cost and time impacts.

Four: Surprises

There will usually be a surprise or two that will come up, things you can’t control or couldn’t have known about. E.G termites; old pipes; structural issues. You can do all the due diligence in the world, there will always be issues that come up that you can’t control or can’t have known about.

Five: Extras 

This is where you have chosen to add extras or upgrades. Maybe you decided to upgrade your counter tops or your hardware. There’s a price impact to every change or every extra, having a smart tracker will help you to stay ontop of your budget and manage it to reduce costs in another part of your renovation to get those upgraded items.

Ready to tackle your renovation and you want to be organised and stay on budget? Download our renovation tracker 

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