Dive Brief:
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More homeowners might hire home-improvement professionals if they had better information about how much their projects would cost.
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A new True Cost Report by HomeAdvisor revealed more than one-third of homeowners do not know how much it will cost to hire a remodeler, and 68% are concerned about overpaying. The contractor referral service released the survey in conjunction with an interactive infographic showing the cost of more than 50 popular home projects.
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The survey of homeowners said they plan to spend about the same amount on home-improvement projects this year as they did last year.
Dive Insight:
Home-improvement contractors could be losing money by making vague estimates or avoiding the conversation about money with homeowners. The survey showed that millennial homeowners are highly likely to put off a project or do it themselves when they don’t know how much it will cost to hire a pro. And most homeowners tend to underestimate the cost of a remodeling or repair job, the survey said.