Renovation Frequently Asked Questions

MyHome Improver is ideal for busy Chicago homeowners who want to make changes to their home and are looking for assistance with the entire renovation process. They appreciate the value and convenience of working with one company from the start to finish.

Knowing what your renovation budget is helps us to understand whether your expectations are realistic. We do not treat your budget like a target, but rather we use it as a guide to align your ‘wants’ with the investment required.

Starting your renovation project without having a clear budget in mind can lead to disappointment and dissatisfaction as a few things could happen;

• you can spend way more than you intended
• you run out of money before the project is finished
• you end up with a compromised outcome as you have had to drop features or finishes that you really liked in order to get the project completed

Sometimes when we are pulling together a fixed price for a renovation, a particular item has not been selected by the homeowner or can’t be priced accurately until the project gets underway (eg: excavation/rock breaking). In this instance we make a ‘best guess’ and include an allowance for the item in the quote.

Once the project is underway and the actual cost of the item becomes known, we regularly keep you up-to-date, using our online project management portal, so you always know what is happening and whether there is an extra charge or a credit owing to you.

At MyHome Improver, we complete renovation projects under a fixed price. This means we take the time and make a real effort to get to know the details of your project so we can accurately price up the required labor, materials and subcontractors.

So once we have agreed on the fixed price and the building contract is signed, the price you pay will only change if;

• you request a change or add to the scope of the project,
• the council asks for additional work to be done,
• something that could not be seen or discovered in the planning/quoting stage is revealed (eg; rotten framing, asbestos, rock in the ground),
• you select an item that differs to the PC sum allowance (see other FAQ explanation) included in the price.

This is a different approach to many other builders, who will usually only take on renovation work on a charge-up/cost-plus basis.

You can read more about the differences between the two in our article Fixed Price v Charge-Up: Choosing Your Renovation Building Contract

Renovations will always take longer than you expect and cost more than you expect. After all you are dealing with an existing building (and one that has usually seen a few days which is why it needs renovating) and it is impossible for your builder to see what might be hidden in the walls or under the ground.

So including a contingency in your renovation budget is not just a sensible approach, but in our opinion is key to a successful renovation experience.

If you are completing your renovation project under a fixed price, then our advice is to include a 10-15% contingency. Under a charge-up/cost-plus arrangement it is better to allow for overruns of approx. 25% of the builder’s estimate.

We agree that it’s important that you know what’s going on during your renovation. So when you work with MyHome Improver you will be able to keep track of everything through our online project management tool.

Whether it’s from the comfort of your home, your desk at the office or from beside the resort pool, 24/7 you’ll be able to;

• see what is scheduled to happen on site every day of every week of every month. This allows you to follow progress in real time and get a great understanding of what tasks will be happening and when.
• view and share progress photos with family and friends
• ask any questions that you might have
• request and approve any extra work or changes to the project scope
• know the financial status of your project – what has been invoiced, the financial impact of any work that has been added or changed, what has been paid already and the remaining balance.

In addition to Contract Works insurance (also known as Builders Risk insurance which should be taken out by either the homeowner or the builder to cover the renovation project), you should also ensure the builder you engage to do the building work also holds current policies for;

• Public Liability insurance – provides protection from damage or loss to third party property or injury to a third party.
• Professional Indemnity/Errors & Omissions Indemnity – provides protection if the company or an employee allegedly causes a financial loss as a result of some advice given or action taken (or not given or taken).
• Employers Liability insurance (if they employ staff) – provides cover for any liability over an injury or illness to an employee that is not covered by ACC.
• Commercial Vehicle insurance – insures the builder’s vehicles, trailers etc…
• Tools & Equipment insurance – provides protection over tools, equipment, other assets (eg; phones, scaffolding) and stock.

The details of these insurance policies should be provided to you in a Disclosure Statement which, under Section 362D of the Building Act, is required to be provided to homeowners prior to signing a building contract. The minimum insurance requirements should also be listed within the building contract.

When you renovate, your home becomes more vulnerable. Depending on the size and complexity of the project, sometimes it is open to the elements, other times the structure might be temporarily compromised.

Your usual house insurance policy won’t cover you for any loss or damage caused by renovations, particularly major projects.

So it is important to notify your home insurer and ensure the correct insurance policy (Contract Works Insurance also known as Builders Risk Insurance) is taken out. This additional policy should work alongside your normal house insurance to cover any damage caused by or while your renovation work is being done.

Not all Contract Works Insurance policies are made equal though, so it is important you do your research to ensure you secure the best possible policy available to you. You are likely to be asked a bunch of quite technical questions about the site conditions, work being done and construction methods being used. This is so the insurance company can assess your project and of course charge you a premium appropriate to the risk they are taking on.

If you work with MyHome Improver however, the Contract Work Insurance application and other paperwork is all taken care of on your behalf. It’s part of our wrap-around service to ensure your renovation experience is as enjoyable as possible.

The time to complete a renovation, typically relates to the complexity and the size of the project you have in mind.  It will also vary considerably from one homeowner to another – some people tend to make decisions quickly, while others prefer to take their time and consider all their options.

Smaller projects like a kitchen or renovation bathroom may only take a matter of a few weeks, while larger projects such as ground-level extensions, internal alterations or second storey additions could be as long as 4, 6 even 8 months in duration.

Whichever it is, one thing it for sure – a renovation project will always take longer than you think.  That’s just the nature of renovations and building in general.