We are just over the half-way point in the competition and our families are starting to feel the crunch financially. We've all heard renovation disaster stories where the work takes longer and costs more than anticipated and budgets blow out big time. 

It's been a timely reminder that the winners of Our First Home will be the family who adds the most value to their property at auction. Not only does that mean getting top-dollar at auction but reigning in the costs and sticking to budget to keep those profit margins high. 

But all is not lost and there is stil time to make decisions and changes to reduce costs. This may mean cutting back or making smarter choices about what to spend those precious dollars on. As we saw in season one of Our First Home, every dollar will count when it comes to auction day. 

•  Add 10-20% more to your original budget for unexpected costs (this is your contingency fund) 
• Ask friends and family what they paid for their renos and get quotes! 
• Get recommendations for at least three contractors from friends, neighbours, and other tradesmen who you trust
• Make every single decision before work starts and establish your budget early
• Write your list of must-haves and another of nice-to-haves and concentrate on those things you absolutely can't do without
• While it's smart to be as cost effective as possible when renovating to sell, make sure you don't scrimp and save on everything -- quality work sells homes
• Figure out what you should and shouldn't do yourself and pay a professional for the big jobs - it's worth it in the long run
• Add street appeal for a good first impression
• Local real estate agents have a great idea of what buyers are looking for and can tell you where to inject your cash