Checkatrade Talks Home Improvement 'Renoflation'

• Nearly half of UK home improvement jobs exceed the original quote - on average by over £1,000. But don’t blame the builder!
  
  
• Close to half of home improvement jobs are subject to ‘renoflation’ and end up costing more than the original quote - on average by £1,325.

RENOFLATION FAST FACTS

• Original quotes costing more: Four in 10 (41%) home improvement jobs end up costing more than the original quote
  
  
• Climbing costs: On average, costs climb 12% beyond the initial estimate - a total of £1,325
  
  
• Written quotes: Just a third of Brits get a written quote for jobs over £500
  
  
• Avoiding rising bills: Checkatrade reveals what is usually behind price increases and warns Brits to take key steps to avoid rising bills

The new research - from Checkatrade, the UK’s leading home improvement platform - represents consumers who had work completed with a value of £500 or above. It found that the average home improvement project in the past three years cost £11,039.    

But 41% of homeowners say that the final cost they paid exceeded the quote - on average by 12%, equating to the £1,325 figure. Amongst those who undertook larger-scale £5,000+ jobs, the average overspend came to £2,807.

A third (30%) of those who experienced costs higher than the original estimate say it caused stress and anxiety, with 14% saying it caused ongoing financial issues and 34% noting they had to dip into emergency savings as a result. 

What drives ‘renoflation’ on bills? 

Dubbed ‘renoflation’, the term describes the common reality of home improvement costs increasing after work is underway. 

Although this could seem at first glance like profiteering, the reality is that most additional costs usually occur as a result of additional work being identified after the project has begun, the need for which simply wasn’t apparent when the initial quote was given. 

Common examples of this include the discovery of damp or mould, or faulty electrics or plumbing. This often means that additional costs are not identified until later in the project. 

Homeowners not taking basic steps to protect themselves

But many homeowners are overlooking the basic steps they can take to help themselves. Only 38% of homeowners who experienced a final bill larger than expected even got a formal written quote for the job. Instead, 36% say they simply relied on online research to see how much it might cost. 

Amongst those who undertook larger scale £5,000+ jobs that cost more than expected, just 11% hired a surveyor - something which may have spotted the full range of work that needed doing from the outset. 

Checkatrade, the platform behind the figures is advising Brits to ‘build in the buffer’ when undertaking larger-scale home improvements, to account for costs which were not apparent when the quote was given. 

The company is also urging consumers to take practical steps to avoid this, including getting multiple quotes and hiring a surveyor for bigger tasks before works begin. 

Emma Grant, Head of Trade Engagement at Checkatrade comments:

“It’s frustrating when costs turn out to be higher than anticipated, especially on bigger jobs where the additional costs could run into thousands. But it’s important to note that this is almost always as a result of additional work identified once the job was underway. There are several steps that consumers can take to mitigate this. 

“First, get multiple quotes. Even if the final cost you pay increases due to additional work, at least you have peace of mind that the additional work was not apparent from the start. 

“Also, ensure you build in a buffer of at least 10% on larger jobs to cover potential extra costs. This is not just for unexpected work but also rising costs - those tiles or worktops you have your heart set on could have gone up by 15% since your quote. 

“For larger jobs, use a surveyor. They will measure, inspect, and assess your property to identify any ‘hidden’ or underlying  issues. While a surveyor will add to the costs upfront, it will likely save you money in the long run. 

“Above all, source vetted tradespeople from platforms like ours, eliminating any unscrupulous trades who might attempt to inflate bills when it’s not warranted.”  

This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer here.

Source : Checkatrade

Image : CapturePB / shutterstock / 570104224

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