When Renovating Budgets Go Wrong

When Renovating Budgets Go WrongWe’re not saying that we enjoy writing about when home renovations go wrong. In fact, the opposite is the reason that we stood up the Australian Heritage Homes blog to begin with. We’ve always believed that our customers should have even more information than they know what to do with. When they don’t, they’re either deterred from home renovation and construction projects, or they go horribly, horribly wrong. Here’s the thing – you’ve already made the first right step. You’re at the AHH team blog. This has and will always be the first place you should go, should you have questions, comments, emotions, jokes, (okay – that was a joke) about anything related to your dream home. We’ve been in this business for decades because we know we know that difference between a house and a home and want to be your advocates to create a space that you’ll truly love.

Nobody likes to talk about money (except those that are enjoying a lot of it), but it’s vital, especially as it relates to your home and associated projects. This is where you lay your head at the end of the day, socialize with those that you care about most and hopefully make dozens and dozens of memories that you’ll never forget. So, the goal of the AHH team, is always to keep as many dollars as possible in your pocket. We see a lot of success stories, and love to share them here, but it’s also our job to share the stories where individuals or families had opportunities to improve. Sigh, today, is the latter. Read on for more cautionary details.

The home profiled today was bought by a pair in 1987 for $170,000. The mother was pregnant, but that didn’t stop her and her husband from embarking on a renovation that after 26 years, they learned that they had – maybe – not made the smartest financial decision.

It had thick carpeting and wood panelling, which they both felt needed to go. But the home renovations were repeatedly stalled. The company that they were working with used their home as a model in their neighbourhood.

“It was structurally sound. We loved the backyard and the price was good.”

-Hector Sierra, husband (quote courtesy of the Washington Post)

A lot of money and time went into the project. The kids grew up and went to college, but estimates just kept coming in hundreds of thousands of dollars over budget. When they tried to sell the home and move to a different neighbourhood, their offer was rejected and they were forced to remain where they were – pouring even more money into their current home.

Again, a cautionary tale. And one that can be avoided if you follow the easy advice found on the AHH blog. We’re going to get on our soapbox and say, “Do your homework!”

If all else fails, you know that you can always reach out to our team to answer all questions you may have and discuss the best ways to make sure that you are living in the home that you’ve always wanted to.