Renovating a room, or several rooms can seem like a daunting task. Many people opt to do it themselves, while others take out construction loans to cover the costs. But a new study revealed professional home remodels are not as expensive as people initially think.
On average, the cost of labor is less expensive than people think.
The experts at Improvenet teamed up with renovation and design team Resist the Boring to show 1,000 people before and after photos of several professional room renovations. Each respondent was asked to guess the total cost of the transformation, the cost of materials and the cost of labor. The study revealed that people actually overestimate the total renovation costs by about 15-percent across all room types. Beyond that, respondents are spot on when it comes to guessing the cost of supplies. Respondents were within two percent of the actual expenditures of renovation materials for the projects shown. On average, the cost of labor is less expensive than people think. When shown the before and after photos, respondents guessed the labor used to complete them costs 36-percent more than it actually was.