Despite the size, complexity and sophistication of the industry, however, some professional renovators get a failing grade in one of the most important and basic parts of the renovation process – estimating what the job will cost in the first place.
To the homeowner, the estimated cost of a renovation job is probably the most critical influence on the decision as to whether the project is undertaken or remains on the wish list forever. As well, the actual cost of the renovation in progress is critical to whether or not the job is done the way it was contemplated – with all the bells and whistles hoped for – and even to whether the job is completed.
One third of homeowners say their renovation projects went well above estimates and the CMHC didn’t survey how many renovation projects were abandoned in mid-stream because of cost overruns. With so much riding on it, one would think every professional renovator would know how to cost each job down to the last penny. This is likely why the typical homeowner simply picks the contractor who provides the lowest quote for the job. That homeowner thinks everything is equal in the pro renovation world.