Home renovation can be an amazing decision that promises to transform your living space, from dreaming up a luxurious modern kitchen to expanding a cozy family room. But as any seasoned homeowner knows, unexpected costs often crop up during a renovation. Knowing these expenses beforehand is very important in staying within budget and maintaining momentum throughout.
Permits and Inspections
One of the more overlooked costs of a home renovation is the building permits and inspections. Depending on the size and scope of your project, getting these very important permits could add hundreds or even thousands to the total price of your renovation budget. It is required by local governments to ensure that the building is safe and in compliance with building codes. And there is no skipping them, as it may result in fines from local agencies as well as a lot of complications when you want to sell the property. With periodic inspection costs included as well, this hidden expense quickly stack-up.
Temporary Living Arrangements
Undergoing renovation can make parts or all of your home temporarily inhabitable. So it will become necessary to make temporary living arrangements such as renting an apartment or staying in a hotel. You might even have more additional costs for other things such as storage of your furniture and personal possessions, which can quickly add up. Even smaller projects can have enough disruptions (hello dust) that they necessitate you to dine out more frequently which is an additional expense that must be factored into account.
Surprise Structural Repairs
Renovation projects often uncover unexpected structural issues like mold, water damage or outdated electrical systems that must be addressed for safety and functionality. Yet these problems can be expensive to fix within your renovation budget constraints. A flooring replacement project, for instance, could quickly balloon if rotten subflooring or an infestation are discovered. Which is why it is very important to set aside an emergency fund within your budget to cover such unexpected events.
Waste Removal and Cleaning
Renovated projects produce an astonishing amount of debris, and disposing of it properly comes at a cost. Renting a dumpster, transporting heavy materials or paying disposal fees are sometimes required to successfully manage this mess. You cannot afford to not have a dumpster rental for home renovation, because it is too much work to DIY it. It’s something which should be factored into your renovation budget to prevent unexpected expenses from adding up quickly. Consider the impact of your waste disposal methods, prioritizing eco-friendly ones such as recycling or repurposing materials. Cleaning should also be prioritized during renovation projects. While most contractors provide deep cleaning after the completion of projects, it’s better to have a plan in place for post-project deep cleaning too. This may involve hiring professional cleaners or simply doing it yourself.
Cost of Delays
Even if your renovation project has been meticulously planned, it may experience delays due to material shortages, inclement weather or contractor scheduling conflicts. Each delay imposes its own set of expenses such as additional payments to contractors or extended temporary living costs.
Conclusion
Keep these hidden costs of renovation in mind to avoid unexpected expenses such as permits or waste removal fees, which could quickly sap your resources if you were to plan for it. Planning for contingencies, asking pertinent questions and consulting experienced professionals are the way to bring your renovation dreams to fruition without breaking the bank.
