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There’s a big difference between “under budget” and “inexpensive.” Renovation is seldom cheap. People who haven’t renovated before or people who’ve been do-it-yourselfers don’t usually have a good idea of what a realistic budget is,” so they start with a really low budget and it always comes in twice what they had budgeted.”

The advice below will help to minimize nasty surprises.

1. Be specific. Too many people expect contractors to quote their estimated costing based on their ten-minute verbal description of the project. Using this type of vague verbal description as the basis for “competitive bids” summons bids that are made-up, because there’s isn’t enough information for contractors to base the bids on. It is crucial to be specific in your requirements so you start getting quotations that are highly comparable.

2. Do your homework. And I mean a lot of homework. Don’t just check references. Just ask your contractor or designer, “hey, can you please give me the name of your six most current jobs?” And if they can’t come up with those six names, you’ve got to wonder, why? Look for previous jobs that are similar, especially in the age and type of the property being renovated. This is tedious work that you’re supposed to do right when you’re most eager to jump in. Skip it at your peril.

3. Expect the unexpected. “Do all your research, get all your quotes, and then multiply it by two,” I would tell anybody that you’re going to have probably ten major mishaps, and to not be stressed about them. Just expect that they’re going to come. This is especially true in older properties, where old plumbing and wiring are just waiting to jump out and say boo.

These are all common sense stuff, right? Exactly. Unfortunately, a lot of homeowners dupe themselves because they do not use common sense.