When it comes to renovating your home, most home-owners know its going to cost a pretty penny. But, many of us end up with a bigger bill than we initially expected due to underestimating the cost of redecorating that new room, floor or space.
A recent survey by Direct Line insurance shows that around 23% of home-owners who undertake a major home project, go over budget and have done so by a collective £3.4 million. Some 30% of 18-34-year olds spend more than they expect, almost double the 17% of over 55-year olds.
“Renovating your home can be costly but for many of us, it’s even more expensive than we anticipate,” said Knightsbridge estate agent, Plaza Estates. “Its much better to overestimate than underestimate the cost of something, so next time you’re planning to update your home, try and think bigger and set aside an extra 10%, at least.”
Why the redecoration element?
It’s likely that when home owners price up a major project, they’re unsure of the costs of some materials and either get the correct price, or over estimate. But, when we think about paint and wallpaper, its easy to forget about all the paint brushes, paste and premium prices for specific colours that come with that territory.
Even if you’re a keen decorator who already has a lot of the accessories required for the job, without regular use some items will need to be replaced. However, the same is true of items that are regularly used – if they’re a little dated and past their best, these items should be replaced, too.
And, with some decorating-related items, it’s not ideal to borrow them, even from someone you trust – and who trusts you. Perhaps paint pallets are ok to re-use and share, but that aside, its best to invest in your own decorating items when you need to. Unfortunately, that can turn out to be almost every time you feel a room requires an update!
“Redecorating your home, be it a renovated new space or updating an existing room, is something that tends to require more than a few licks of paint,” said Eden Harper. “That’s why you’ve got to try and consider the costs of everything associated with redecoration, including new accessories to get the job done.”
Check your calculations!
If you’re one of the many home-owners planning to update your home before putting on the market, its crucial that you don’t go overboard with your spending. After all, you’re planning on moving out so anything you spend now has to be classed as an investment. And, as we all know, without the addition of luck, the most successful investors are those who buy low and sell high.
Set a redecoration and refresh budget you’re comfortable with and stick to it. Don’t be wooed by advertising promises. Think carefully about where your investment would be best spent to gain you’re the biggest reward and then follow that plan. Very closely.
If you overspend, even by just a little, you’ll reduce the amount available to you for your next purchase and that could lead to disappointment.
“Budgets aren’t always easy to stick to, but be strict with yourself and do your best, the result should be that you and any prospective buyers are so pleased with the end result that they’ll offer what you want and you’ll gain the entire benefit of your investment,” said You Choose Windows.