"60% of home renovations go over budget and 70% are not completed on time!"

I’ve said this many times before and I will say it again. The renovation industry has made it really hard for consumers. How can you be sure when you spend hard-earned dollars that you’ll get exactly what it is you’re paying for? First off, there’s the matter of estimates.

According to Webster’s 10^th Collegiate Dictionary, an estimate is defined as "a rough or approximate calculation". Are you comfortable making one of the largest financial decisions of your life with information that is rough or approximate? Well, that’s what most homeowners do.

Is it any wonder that over 60% of home renovations go over budget!

Ask any contractor the following question before requesting an estimate: "Will your estimate be an approximation or a promise?" You’ll be amazed at the answers you get.

Why is it that estimates are typically based on optimism, guesswork, incomplete data... and no more than a preliminary floor plan?

Of course, you’ll find no shortage of contractors willing to provide such estimates... because that’s the way things usually work. But that doesn’t necessarily mean it’s the right way for you.

When asked for estimates, a contractor may simply throw figures together ­ based on past projects ­ because he does not have sufficient incentive to do address your requirements properly.

He is running a business and already has jobs in progress which take up most of his time.

Using the floor plan you’ve provided, his estimate could be off by as much as 10% to 50%... and he’s not likely to lose any sleep over it.

He’s not paid to provide estimates so he’s not going to pull tradespeople off other jobs to quote specifics whenever bids are requested. What if the job never happens?

What about the other contractors bidding on the job? If his price is higher because he’s thought things through properly, he might be out of the running. In fact, to get the job at all, it may not be in his best interest to give you a realistic estimate.