- Project Overview & Initial Intent
Location & Goal: The author and their spouse purchased a dated Baltimore home in need of extensive renovation, intending to launch a rental property as part of a retirement income strategy.
Original Plan: Budgeted under $100,000 and projected to take less than 12 months.
Reality: After nearly 4 years, the project’s cost doubled to ~$200,000, sacrificing both time and financial stability.
- Key Challenges & Risk Factors
Contractor Instability
Initial contractor—a husband-and-wife pair—left halfway through due to personal and financial turmoil, leaving clients without leadership amid ongoing work.
Poor Workmanship Requiring Rework
Faulty installations—like improperly fitted HVAC ductwork and crooked wall frames—forced costly redo efforts, including replacing framing materials.
Soaring Material Costs & Delivery Delays
Lumber Prices: Rose from $320 to $1,500 per thousand board feet in about a year.
Other material hikes: An average increase of 20% in construction costs.
Lead-time extensions: Tiles and countertops faced weeks- or months-long delays; damaged deliveries added further setbacks.
Labor Shortages & Personnel Turnover
Multiple PMs and GCs quit; labor shortages paused progress for prolonged periods.
Permit Expiration & Liability Issues
Delays led to the project’s permit expiring. New contractors demanded liability waivers, shifting all responsibility onto the homeowners.
- Outcome & Hard-Learned Lesson
Eventually Finished: The property now generates rental income—but the path was fraught with stress, delays, and cost overruns.
Lesson Learned: The author vows to avoid properties needing extensive work in the future and to focus instead on move-in-ready homes.
- Broader Implications & Lessons for Future Projects
Issue Lesson Learned
Contractor reliability Check for financial stability, track records, and continuity plans.
Quality of work Begin with well-defined expectations, inspect work consistently.
Budget expectations Build in 20–40% contingency; plan for material price volatility.
Project timeline Factor in possible permit delays, worker turnover, and global supply issues.
Risk management Avoid projects with permit complexities unless prepared for full liability.
Project selection strategy Favor properties requiring minimal overhaul to guard time, cost, and sanity.
- Final Thoughts
This deeply personal account highlights how even well-intentioned renovation plans can spiral into multi-year, financially draining projects. Key takeaway: sometimes, opting for move-in-ready properties—even at higher upfront cost—can save considerable time, money, and emotional toll in the long run.