Every so often, I speak to someone who’s been through a renovation before and is now planning a new project. They’ve done it once, maybe twice, and feel pretty confident about what’s involved – especially when it comes to setting a budget. They are aware that prices have gone up in recent years and anticipate paying more this time around. But when the quotes come back, they’re completely caught off guard. What they thought was a reasonable budget doesn’t come close to covering the work. And the questions start: Did I get the spec wrong? Did I miss something? Or have costs really changed that much? The answer is: a bit of all three.
A common challenge I see with many homeowners is that they’re planning their next project using assumptions based on previous experience.
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