No matter the reason a homeowner pursues home renovations, knowing what to expect will ensure their home ownership experience is successful, according to West Side realtor Shantel Franklin.
In Chicago, 43% of renovating homeowners went over their renovation budgets in 2023, according to data provided to Austin Weekly News by Houzz. The main reason renovating homeowners exceeded their budgets was unanticipated costs. In 2022, home improvement project spending increased to $472 billion, up from $328 billion in 2019, according to the Joint Center for Housing Centers of Harvard University.
Before you start renovating, West Side-based realtor Shantel Franklin advises you to take a look at the costs — including the ones you might not expect. Knowing your budget and timeline is key to preventing a home renovation from becoming a nightmare.
“A realtor is definitely going to help you find a home or a property in general that you will want to rehab, but (they’re) going to rely heavily on the buyer in terms of knowing their numbers, what they’re trying to do, their capacity to do it and their timeline,” Franklin said.
