Home remodelling or renovation is the process of improving a residential structure to make it more aesthetically pleasing or improve the functionality or both. During the planning process, people account for the major costs such as cabinets and shelving, painting, flooring, lighting, fixtures and more. Certain costs are often overlooked because they are not so obvious or visible. Here are the hidden costs of remodelling or renovation that you should factor into your plans to be on the safe side.
Changing your mind
One of the biggest hidden costs of home remodelling is you, you changing your mind. Changing plans, layouts, and orders carries a price tag. People also often underestimate the scope of the work or change their minds which comes with a price tag.
Permits and inspections
Depending on where you live and the extent of the construction work, you will likely need permits before you begin and inspections to ensure the project meets the safety standards and current building codes. Both permits and inspections will cost you.
Getting rid of the rubble
Home remodelling generates a lot of rubble and debris which will need to be disposed of. Depending on where you live, you may incur costs to remove the debris.
Property lines often get blurred over time, so if you’re planning on erecting a fence, you should first find out the delineation of your property. This mistake can be expensive so it’s best to have a survey done in advance.
Expect high utility bills during the project because of the use of electrical equipment. Power tools use a lot of electricity which is something people often forget to factor in when budgeting for home remodelling projects.
Hiring child and pet care
Construction zones are not the safest places for children and pets. During the period of home remodelling, you may need to board your pets and any other animals which may get in the way of the work or even be at risk of injury. You may also need to hire childcare. This is an unexpected cost that is often not factored in.
Eating and living out
If your kitchen’s being renovated, you may not be able to make meals there which means eating out which is expensive. If the scope of the home remodelling is really big, you may even need to vacate your house altogether which is an extra cost. Other things could happen like wiring issues that affect the electricity and potential plumbing issues that may force you out of the house altogether.
Remediating pest damage
Once the home remodelling work begins, you are likely to run into other problems structural and otherwise including those that are the product of pest damage. Once you uncover such issues, you have to address and fix them which costs money.
Impact on job or business
During the home remodelling process, you or someone else will have to take some time off to meet the contractor and do other things related to keeping up with the project. This means taking time off the job or business which can have a financial cost attached to it. Time is money, even yours.
Once the home remodelling work is done, an industrial-strength deep clean may be in order, especially for people looking to resell the house. This is a cost that’s often overlooked.
Fixing the landscape
The outdoors is likely to be in rough shape after all that heavy foot traffic and heavy equipment being lugged around. You may need to do some work to restore life to your yard and if you decide to go the professional landscaping route, it will cost more.
Even after factoring all of this in, it’s important to keep in mind Policy Genius’ findings that most home renovations will cost more than you expect. It’s estimated that nearly half of home remodelling projects go over budget. Set aside a significant miscellaneous chunk.
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