So many things can go wrong when you’re renovating but new research has exposed Australians who are willing to take the risk without contingency plans.
The survey from jobs website ServiceSeeking.com.au found that one in five Australians who were renovating were willing to do so without having any spare money set aside.
ServiceSeeking.com.au CEO Jeremy Levitt told Australian Property Investor that a property renovation is much more likely to succeed if there was a contingency plan in place.
“An accurate and extensive budget, with at least five per cent contingency, will give your renovation the best chance of success,” he said.
“Not enough people set aside money in case of disaster, and this can really affect how stressful the renovation process is.”
If you’ve ever watched an episode of the The Block or House Rules you’ll know renovation projects are a hotbed of arguments for couples and the survey results also showed having spare money for emergencies meant less arguments between couples during projects.
Around 30 per cent of surveyed couples who had no contingency argued about the renovations, and that figure dropped to around 18 per cent for the couples that had at least five per cent of their budget leftover.
Mr Levitt stressed the importance of budgeting for when things go wrong.
“With no contingency, there’s no room to go over budget,” he told Australian Property Investor.
“That means when surprises crop up, as they inevitably do, people run into strife and many must forego aspects of the renovation they most desire.”
“Always have backup funds in case of disaster.”