News Flash- Home Reno shows aren’t showing the true costs of home renovations…. I’ve been saying this for years now, but it seems every month a new one starts.
Home Reno shows in and of themselves are fine, my wife loves them and you can get new ideas and learn a lot from them. But my only thought is, are these shows creating unrealistic expectations about what you can accomplish for the money? Is it possible that unexperienced homebuyers are getting in over their heads with fixer up projects and flips?
The other day I came across an article on Money Sense about the true cost of home reno shows and I couldn’t help but chuckle. Being a realtor I’ve seen more than my my share of home reno disasters and I think a lot of it has to do with home owners doing work themselves that they don’t the skill or money to hire a professional to do for them. In a recent article posted on Money Sense, Money Sense had two industry professionals estimate the cost of a renovation completed on a recent episode of Income Property that was reported to be only $55,000. After these two professionals calculated the true costs of the renovation (the cost of materials and labour) the numbers came in at over $108,000. Now we aren’t talking about chump change here, that’s double the cost.
The bottom line is that while I think that home reno projects are a great way to improve a space and add equity to your home, you have to take into account the true cost of a home renovation before you buy the home, or you risk seriously overpaying and getting in over your head.
So what are your thoughts on Home Reno Shows?