Home renovation costs: Why Victorians may need an extra $20,000 buffer

Victorians planning a $100,000 renovation are advised to keep up to another $20,000 available for unforeseen building costs. Victorians planning a home renovation are being warned they should have a five-figure emergency fund on top of the planned cost amid distressing new industry insights. Construction hire firm Kennards Hire have this week released their annual Construction Confidence Check report, which found 60 per cent of the industry are now concerned about insolvencies or employment instability in the coming 12 months. While the majority of Victorian respondents to their insights research were still confident the sector would grow in the coming five years, close to a third are seeing interest rates and finance as well as labour shortages as a pressure point.RELATED: Cheap Vic home spots to turn doom into boom AFL great Gary Ablett Jr lists custom Surf Coast home Major Census blunder blows up 1 million Aussie homes State government guidance recommends keeping a 10-20 per cent contingency for unforeseen costs, including design changes or inflation. For Victorians planning a $100,000 renovation that works out to another $20,000 in reserve as rising costs squeeze builders and h...