Home improvement shows are pushing some Canadians to opt for the "reno" of their dreams instead of a project more in tune with their financial reality.
Recent surveys have found that 60 per cent of respondents who have renovated their home recently developed a budget before starting their project. However, 27 per cent of renovators spent more than they planned.
Maintaining a renovation budget can be challenging, especially when home improvement TV shows and magazines stir-up consumer appetites for the latest in home appliances and décor. Home renovators often have the best of intentions when it comes to sticking to their budget, but often the influence of renovation shows can force them into a 'stretch' situation, which can cause major financial headaches when the final bill is tallied.
The ability to anticipate extra costs through appropriate financial planning can reduce the stress of home renovations. Experts suggest securing financing prior to the renovation, such as a personal or homeowners’ line of credit, which provides the financial cushion most home renovators require. Having a line of credit available doesn't mean that you have to use it, but it does provide added security if you hit unexpected expenses such as re-wiring your home.
While the survey showed that 68 per cent of respondents use cash from savings or investments to pay for renovations, a lack of planning could mean financial challenges down the road. The survey also showed that 34 per cent of homeowners are borrowing to renovate.
Home Improvement Shows Could Spoil Your Whole Marriage
Attempts to emulate TV ‘fantasy homes’ could be turning DIY into D.I.V.O.R.C.E, according to a new study from British Gas’ Web site house.co.uk. Over half of our DIY is now inspired by TV shows, but 80% of families admit to having had arguments over failed makeovers.
Two in three families cite disagreement over color schemes being the likeliest source of a break-up.
The research was conducted to assess consumer attitudes to DIY. House.co.uk features a national directory of 'trusted tradesman', provided by HomePro Ltd, the leading online supplier of screened trade professionals.
Calling in a tradesman could help families avoid not just a dispute, but also a massive bill. Householders spend millions fixing their DIY disasters.
Uncertainty over house prices means that 84% are taking tips from TV shows and redecorating instead of moving to another home.
Top Ten Reasons for DIY disputes:
1. Disagreeing over color schemes 2. The person doing the DIY didn’t want to do it in the first place 3. Thinking it will be as easy as it looked on a TV show 4. Jobs not being completed 5. Finding the time to do DIY 6. Mess /disruption 7. Stress 8. Costs 9. Lack of basic DIY knowledge 10. Male/female differences of opinion