Hidden Home Renovation Costs
Home renovations are a trending activity during spring, summer and fall and are best executed before winter hits. While it does sound fun, renovations can shortly turn into a nerve-racking mess if not budgeted correctly. As John Bodrozic, co-founder of HomeZada says, “Too many people dive into a home remodelling project without taking the time to budget for the full list of expenses they will face.”
“A kitchen remodel is a great example because homeowners may budget for the major items such as cabinets, countertops and appliances, but they forget to budget for the garbage disposal, the backsplash tile, the light fixtures and the fume hood. The incomplete list leads to more costs than they originally expected.” Says Bodrozic.
So, how not to get robbed of your sanity and money while renovating?
Although, it’s impossible to elucidate every future expense. Here are the 10 most common yet unexpected hidden renovation costs.
- Change of plans
It may come as a shock but the biggest factor causing additional home renovation costs can be You. As Jeff Beaird, a former custom home builder and remodelling contractor says “Ninety-five percent of costs come from inadequate scopes of work and scope creep basically change of orders.”
Thus, changing plans often not only costs more but is also a loss of time and effort.
- You Get What You Pay For
One of the most common home renovation lessons is not hiring a professional or an experienced contractor in order to make all the changes that you are unable to manage or plan on your own.
Not getting necessary help or hiring the cheapest contractor can cost you hundreds or thousands more than what you had originally planned.
If you plan on rebuilding or opening up walls for the renovation then consider stepping up and upgrading built-in features such as wires, cables, speakers and other general in-wall components.
Making these upgrades while renovating will not only prove useful in the long run but will also be cost-effective.
- Higher Electricity Usage
During renovations, your utility bills are bound to go up. With running machinery and charging power tools you will be using a lot more power than usual. That will sum into an ample amount. Therefore, be prepared for a higher electricity bill at the end of the month.
- Takeaways & Dine-outs
If it’s your kitchen that is undergoing remodelling, expect a lot more takeaways and dine-outs. Which will pan out to be pricey than your regular meal fixes. Additionally, you will be clearing and restocking your pantry during this time. Make room accordingly for these expenses and try not letting then get out of control.
- Cost of Time
Whether it’s basic remodelling or major house renovations you’re going to have to make time for it.
From showroom visits to on-site checks, it’s eventually going to take up some time. Maybe more than what you could originally afford. Which will eventually result in loss of productivity and money.
- Cleaning Up
One thing that you can surely expect during renovations is a Mess – both literally and figuratively. You are bound to end up with dust-covered countertops, dirty carpets and a lot of debris.
Make sure that you’re making room for such post-renovation expenses.
8. Literal Hidden Costs
As you are tearing down wallpapers and opening up walls you might end up with problems that weren’t apparent before.
It can include damage caused by pests, mice, mould or termites. Which can, unfortunately, be an expensive surprise.
9. Water Disturbances
In case your house hasn’t been renovated in ages, be aware as you might uncover many unseen leakages and faulty pipes.
Such issues can prove to be harmful and may even add up thousands into plumbing costs if your house needs more work. All such water issues need to be fixed before the completion of construction work to avoid any problems in future.
You may have made home renovation cost estimation spreadsheets or gone over the expenses for wood, tools, tiles and paint. Might even have gone through some rule of thumbs for renovation.
But did you consider the cost of new curtains? Or perhaps some wall art to go with that new paint? You see, such minor finishing touches are easy to overlook but can add up to a reasonable amount that can certainly shake your budget.
How much should I spend on a home renovation? That’s a very common question. As the first step for a successful house renovation is going over the cost. Knowing that there can be various hidden costs will hopefully help you plan out your budget more effectively and thus will make this whole process a lot more comfortable and enjoyable.