Ilia Nachev

What are the main common costly mistakes, underestimating the project budget and DIYing complex renovations without professional guidance.

LONDON, UK, UK, March 12, 2024 /EINPresswire.com/ — A costly renovation mistake epidemic is sweeping over the UK. With spring coming in hot, homeowners are already planning on some refurbishment and extensive remodelling of their homes. However, many would find themselves making the same old, expensive mistakes many others have made before. That’s why Fantastic Services, one of the UK’s most well-known and sought-after home service providers, is starting an information campaign about the most expensive renovation mistakes that could easily be avoided.

“It’s our duty as loyal partners to make sure members of our communities know precisely what’s at risk if they take upon renovations hastily,” says Ilia Nachev, a Handyman Specialist at Fantastic Services. “One of the hardest things in my profession is fixing costly mistakes that could have been avoided,” he adds.

A third of all UK homeowners plan to take on a major renovation project in 2024, which, unfortunately, means millions of pounds would be lost due to easily avoidable mistakes. That’s why Fantastic Services is starting a campaign to educate homeowners on how to do their renovations correctly, how to avoid costly mistakes, and when to find a professional to help them.

Common Costly Mistakes

Interestingly, these mistakes are not too many, yet every year, hundreds of homeowners fall into the same old traps. Renovation projects can be exciting, but they can also be expensive and lead to unforeseen challenges. Rushing into those is an obvious trap, which, sadly, many homeowners don’t see. “Failing to plan and budget for the renovation properly can lead to costly changes and delays down the road,” the expert warns. This most often includes not having a clear vision for the final outcome, setting an unrealistic timeline, or neglecting to obtain necessary permits.

Many homeowners underestimate the true cost of their project, neglecting to factor in hidden costs like labour, permits, and unexpected repairs. According to Nachev, securing multiple quotes from contractors and adding a 15-20% buffer to your initial budget is crucial to account for unforeseen expenses.
The one that always gets homeowners, however, is the reluctance to involve professionals at the right moment. “There are many DIY projects that anyone can take upon. But one shouldn’t fall into the trap of thinking they can do anything,” underlines the expert.

Choosing suitable materials is another huge problem. While cost is important, prioritising the lowest bid can lead to poor quality work, delays, and, ultimately, the need for rework. It’s essential to consider a contractor’s experience, reputation, and references before making a decision.

The same goes for materials. Opting for the cheapest materials might seem like a good idea initially, but these materials may not be durable or long-lasting, leading to replacement costs down the line. Investing in quality materials can ultimately save money in the long run.

“Everyone knows that during construction, additional issues are bound to appear. Yet no one plans for them,” Nachev is bewildered. “If you haven’t touched your home for a decade, hidden problems like asbestos, mould or structural damage will inevitably appear,” he continues. So, planning ahead for this possibility is the cornerstone of a successful renovation.

Still, according to the expert, nothing affects the homeowner’s wallet quite like poor budgeting.

Underestimating the Project Budget

Despite meticulous planning and calculations, unforeseen expenses and fluctuations in material costs can quickly escalate, leaving homeowners grappling with financial strain and project delays.

Ilia Nachev underscores the importance of realistic budgeting to avoid the pitfalls associated with underestimating project costs. “Many homeowners embark on renovation projects with a fixed budget in mind, often failing to account for the dynamic nature of construction and renovation expenses,” he remarks. “Factors such as inflation, unforeseen repairs, and changes in design preferences can significantly impact the overall cost of the project.”

Underestimating project budgets can lead to a cascade of challenges that compromise the quality and timely completion of renovations. Delays in procurement, substitutions of cheaper materials, and the need for additional labour can all result from insufficient budgetary allocation. Moreover, financial strain may force homeowners to cut corners or compromise on essential aspects of the renovation, ultimately detracting from the desired outcome.

To mitigate the risk of underestimating project budgets, Nachev advocates for a proactive and flexible approach to financial planning. “Homeowners should conduct thorough research to obtain accurate cost estimates for materials, labour, and ancillary expenses,” he advises. “Building a contingency fund of at least 10-15% of the total budget can cushion against unforeseen costs and provide peace of mind throughout the renovation process.”

Furthermore, prioritising spending on critical components of the renovation, such as structural repairs and essential amenities, ensures that the allocated budget is allocated judiciously. Nachev recommends consulting with renovation professionals or financial advisors to gain insights into cost-saving strategies and alternative financing options, thereby empowering homeowners to make informed decisions that align with their budgetary constraints.
This is actually another huge mistake homeowners often make, and it costs them significantly in the long run.

DIYing Complex Renovations Without Professional Guidance

In the age of online tutorials and home improvement shows, the allure of tackling complex renovations without professional guidance can be tempting. However, Nachev warns homeowners of the perils associated with this approach, emphasising the critical importance of seeking expert advice and assistance.

“DIY enthusiasts often underestimate the complexity and technical requirements of renovation projects, particularly those involving structural alterations or specialised trades,” notes Nachev. “While the prospect of saving money may be appealing, the risks of DIYing complex renovations without professional guidance far outweigh the potential benefits.”

Aleksandar Kolarov
FANTASTIC SERVICES LTD
+44 7701 325270
email us here
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