47% of Homeowners Go Over Budget on Renovations

Financial mistakes are among homeowners’ top regrets when renovating, as 47% reported going over budget in a survey by Platinum Home Builders & Design, Inc. 

Of those, 27% went over budget by less than $5,000, and 20% exceeded it by more than $5,000. In comparison, 33% stayed within budget, and only 5% came in under budget. 

The over-budget contributors were most commonly: 

1. Materials and finishes (43%) 
2. Labor or contractor fees (36%) 
3. Fixtures or appliances (24%) 
4. Structural changes or repairs (tie, 24%) 
5. Permits or inspections (15%) 

Additionally, while 34% said they didn’t have any renovation regrets, others said they regretted updating these spaces: 

1. Bathroom (31%)
2. Kitchen (28%) 
3. Living room (18%) 
4. Outdoor space (14%)
5. Bedroom (tie, 14%) 

Specifically, the most regretted decisions included: 

1. High-maintenance materials (23%)
2. Trendy paint colors (22%) 
3. Social media trends (19%)
4. Farmhouse sinks or rustic finishes (14%) 
5. White cabinetry or light grout (tie, 14%) 

In hindsight, 41% said they wished they had paid professionals instead of going the DIY route, and 37% said they’d advise others to double their budget and timeline. Thirty-four percent recommended getting every detail in writing, and 27% advised vetting contractors carefully.