Unexpected Costs to Plan for During a Home Renovation
Thoughts like, “What surprises are waiting for me?” can creep in when you start renovating your home. Renovations rarely go exactly as planned, so knowing where unexpected costs tend to pop up can help you stay ahead of any surprises. Here is what you need to know.
Structural Surprises Behind the Walls
Lurking behind those walls and underneath those floors, problems with faulty wiring, outdated plumbing, or structural damage can rear their ugly heads. And these are not items of the type one can afford to ignore, either, necessitating immediate attention and too quickly chewing into one’s budget. If the renovation is to involve exterior work, then you will be advised by a professional siding contractor regarding hidden damages that could be present even before one begins. It’s one of those steps that can save money and headaches later on.
Permit Fees That Sneak Up on You
Permits are like the paperwork version of a speed bump: irritating but impossible to avoid. Worse yet, they vary by location and the type of work you’re doing. Planning a kitchen expansion? That could require multiple permits, everything from plumbing to electrical. While it’s not the most glamorous part of renovation prep, factoring these fees into your budget is a smart move.
The Ripple Effect of Material Delays
The thing about renovation timelines is they are very seldom set in stone. Delays to a renovation can and do pop up for a variety of reasons, but one of the most frequent culprits has to be backordered building materials—that dreamy tile you fell head over heels in love with might still be lodged in a warehouse halfway around the world. The longer you wait to get materials, often, the more you have to spend on temporary fixes and sometimes even rescheduling altogether. Ordering materials early and having a contingency can help keep things moving—or at least less stalled.
Labor Costs That Add Up All Too Quickly
You think you’ve nailed down labor costs in your initial budget, but let’s not kid ourselves: projects evolve, and so do the expenses. Maybe a contractor finds that more work needs to be done, or you decide to make changes in the design along the way. Yes, the temptation to try your hand at some do-it-yourself aspects is great, but not all tasks are created equal. Some jobs, like electrical or structural changes, are best left to professionals, even if it does mean spending a bit more.
Unexpected Living Expenses During Construction
But if that renovation engulfs a good deal of your home, where do you go and live? Short-term rental, family, or even living in hotels will add up quite fast. It isn’t just the accommodation, either. It is more eating out, more commutes, along with a list of other hassles all starting to build up: Plan for these disruptions up front to save your sanity and your wallet.
Conclusion
No matter how much you plan, there are always surprises in a renovation. The key is to build some flexibility into your budget and mindset. When those unexpected costs pop up—and they will—you’ll be ready to handle them without breaking a sweat.
