Renovating your own home seems like a sound business proposition until you’re ankle-deep in sawdust and burning a hole in your bank account with do-overs and fix-ups. That’s why homeowners need to know which jobs are DIY and which jobs are DI-don’t. Cherie Barber, a professional renovator from New Zealand, has renovated over 40 properties, and as such has more than her share of renovation experience. She said, “Renovating isn’t hard, but there are a lot of steps in the process.”
The 10 Percent Rule
Barber said smart homeowners don’t spend more than 10 percent of their property value on any cosmetic renovation because, “Every dollar you spend over comes out of your profit margin.” And doing slipshod work just to avoid over-spending isn’t the answer either. “Why you may save money on your reno, it can come back and bite you on the resale price,” Barber explained.
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