One in five Australian renovators set aside no money at all as a contingency… Zero, Zip, Zilch, Nada!
An accurate and extensive budget, with at least 5% contingency, will give your renovation the best chance of success
Yet not enough people set aside money in case of disaster, and this can really affect how stressful the renovation process is.
The alarming statistic, discovered through a recent survey conducted by jobs website ServiceSeeking.com.au, could dramatically influence the success of home renovations.
33% of couples who put no money aside for contingency argued about their renovation. Disputes arise from under-budgeting, overspending and underestimating the duration of their home improvement.
Comparatively, only 18% of those who ensured they had a contingency of at least 5% of their total budget had disputes over the renovation process.
It’s not surprising then that sticking to budget is incredibly important.
“With no contingency, there’s no room to go over budget”
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. It is best to always have backup funds in case of disaster
If you need help getting some funds for your renovation projects, Go Mortgage can help assess your equity levels, budget and whehter a top-up or a refinance can enable you to get the job done
(Statistics were from a survey of more than 2,200 ServiceSeeking customers.)