Homeowners risk "cost-blowouts" when renovating

Careful planning and research is required to avoid unexpected home renovation costs, experts have warned.

Amanda Falconer, author of the Renovator’s Survival Guide, told News Limited that people who fail to make detailed plans are the most likely to encounter difficulties.

"One of the key things to remember is that as consumers we actually can drive a lot of those cost and time blow-outs. It’s often not the builder that causes that,’’ she said.

Meanwhile, Archicentre chief executive Mark Stewart told the news provider that renovation disasters could be avoided by setting out a clear budget. He said that homeowners should avoid paying large amounts of money up front and should have a quality contract in place before work begins.

The comments may encourage homeowners who are considering a renovation to compare savings accounts in search of the best returns for their money. This week, the Australian reported that savings account interest rates are rising as a result of the competition for deposits among the major banks.

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