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Thinking of Renovating Homes for Profit? Read This First!

Oct 31, 2014

According to a recent home renovation survey cited in Perth Now, 46% of homeowners in WA are thinking of renovating their homes. Nearly half of those who plan to renovate believe that they will make a profit. However, the survey indicates that the average homeowner is a bit overwhelmed by the avalanche of small details that have to be executed to make a renovation come in on time and on budget.

Planning On Home Renovation For Profit

Small Renovators, Deadlines and Budgets: What the Survey Says

The average home renovation in WA comes in at $6,100 over budget. The average budget was $20,400 while the average cost was $26,500. In 23% of the cases, plumbing caused the project to go over budget and over deadline.

Labour caused 20% of projects to go over budget, while fixtures and electricals were the cause 18% of the time. Materials caused 15% of projects to go over budget while equipment was the culprit 12% of the time.

56% of renovators said they had to lower their design expectations due to budgetary constraints. 20% compromised on design while 14% used cheaper materials. Another 14% postponed renovation until they had more money while 11% didn’t do the renovations. 10% made do with second-hand materials.

What It Means to You

The home renovation business is very competitive right now. If you are great at construction management and you have access to tradies, specialists and quality, wholesale materials, you might be able to do renovations for profit. If you prefer to do part of the renovations yourself, you can save a lot on labour.

Here’s What We Recommend

If you want to turn a profit, hire a professional like Next Level Extensions. We are experts at bringing projects in on time and on budget. We will do all of the work and we will give you a realistic estimate of costs before we start.

For more information, call 1300 948 094.

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