Hidden home renovation costs are those sneaky expenses that blow out the budget. That’s why you should add 25% to your budget for blow-out costs.
Homeowners are keen to ask around for estimates or quotes and weigh up the pros and cons of each architect, building firm, and interior designer. Try and find the perfect balance between quotes, speed of completion, and reputation.
And, most sensible folk will even allow a little extra in their budget, to allow for any small additions to the work.
The trouble is, renovations – particular the major ones – will often not go as planned. And by the time homeowners realise, the work is halfway finished. They have no other choice but to hand over the extra cash, and maybe even pay for it with credit.
And if the additional amount is way more than they were expecting, it can cause all kinds of financial hardships – debts can turn sour, and it could even put homeowners into serious financial issues.
So the big question for today is – what are the hidden home renovation costs, and how can you plan for them?
Let’s take a look at some of the common problems that can occur that will add a lot of weight to your final bill.
Hidden Home Renovation Costs #1: Building Code Violations
You and your construction team can try and tick all the regulatory boxes you like in your planning. But it’s the outcome that counts, so when the building work is finished it must comply.
If it doesn’t, you will not only have to either pay fines and remove the work to start again, but you may also have to pay the permit costs of your project based on a percentage of the total cost – not a fixed amount.
Hidden Home Renovation Costs #2: Residential Costs
If you want your builders to do their jobs as quickly as possible, you are going to have to move out – it‘s as simple as that and even more important if you have kids.
So, the big problem is – where will you go? Staying in a hotel will cost you money, but even if you can stay with family or friends, you can expect to have to pay more.
Living out of a suitcase almost always costs you more money, and it will be a small fortune if you have to stay away for a few weeks – or months.
Even if you are renovating one room such as a bathroom, you may have to hire portable toilets and other amenities even just for a few days.
Hidden Home Renovation Costs #3: Accidents and Disasters
It’s unlikely that you are aware of any of the problems that currently exist in your home. But if you do have any, you can almost guarantee they will appear once major work starts.
Tearing down a wall might reveal problems with your pipes, so you will need to consider the costs of hiring plumbers.
Renovating a basement often leads to discoveries of foundational issues, which will have to be fixed at considerable cost.
And if you are planning on remodeling your attic space, the chances are that it could reveal serious issues with your roof.
Hidden Home Renovation Costs #4: Cleaning Up
Finally, don’t forget that everything in your home that is taken down and thrown away as waste will need to be paid for.
Dumpster hire will cost you a considerable amount over the course of a few weeks, as will the disposal of its contents.
Your entire home is likely to need professional cleaning, too, to ensure that all the dust is removed. It’s not a small price tag, and one you must account for in your initial budget.