It’s exciting to invest in home renovations. As you are transforming your space, you have the opportunity to infuse your personality and style preferences into the design. But the reality is that unexpected costs can often pop up, which stretches your budget and can cause financial stress.
The most important thing that you should remember is that hidden expenses are unavoidable. Always plan for these expenses with extra in your budget so that you can handle the surprises. Here are five of the most common hidden costs that you should watch out for:
Inspections and Permits
Most moderate or major renovation projects will require a permit in place before the construction can begin. Depending on the scope of work, these permits can range between a few hundred dollars to several thousand dollars. Also, inspections are mandatory and might require revisions at times.
Hidden Repairs
As the renovation begins, the construction team might uncover structural issues or hidden damage that needs to be repaired. Common examples include mold, outdated wiring, or cracks in the foundation. Even though it costs money to fix these issues, it’s critical to be proactive about the repairs to ensure that you are maintaining compliance and safety at all times.
Temporary Living Arrangements
Where do you plan to stay while the renovation work is being completed? Small renovations, such as updating one bathroom in the house, can often be completed while you are still staying in the home. But more major renovations (such as a kitchen or whole-house remodel) might require that you relocate somewhere else for a few weeks or months. Add a budget line item for other accommodations as well as higher food costs if you will be eating out more.
Material Expenses
Even though materials can be calculated based on the square footage and renovation plans, it’s necessary to plan a little extra for any mistakes that are made during installation. For example, extra materials might be necessary for cuts or damage that need to be repaired. Sometimes, improper measurements might require one section to be reinstalled.
Utility Upgrades
If you are investing in major renovations, then it’s likely that there will be some utility upgrades in the scope of work. Examples include updated electrical panels, new plumbing pipes, or an expanded HVAC system. Your contractors will ensure that new appliances can be supported and everything is up to code.
Other Hidden Costs
You can never predict every cost that will come up during a renovation project. However, a good contractor can help you anticipate potential costs. Other possible fees might include cleanup and disposal expenses, design changes, or supply chain issues. Be proactive about setting aside a little extra cash for these unexpected things.
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Written by Becki Andrus in partnership with Mirage Vision outdoor TVs.
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