5 Things to Budget for Before a Renovation
Undertaking a renovation project in your home is very exciting but there will be times that it’s frustrating. No matter how big, small, or straightforward a project might seem, there are hidden costs you want to budget for. The last thing you want is a higher price tag than you originally planned for.
To help keep your renovation project from going over budget, make sure you budget for these 5 things!
Bringing Your Home “Up to Code”
Building codes help protect public health and safety, as well as improve energy efficiency and sustainability. If you live in an older home, or one that had a DIY renovation in the past, you’re likely to discover something that is not up to code that will need to be fixed.
Bringing your home up to code is often an expense many homeowners don’t even think about before jumping into a renovation and not planning for it can be a big strain on your overall renovation budget.
Before starting a project, have a trusted contractor walk through your home and the areas you want to be renovated to make sure everything that is visible is up to code. Your contractor will be able to provide you with estimates on how much it might cost to bring these areas up to code, as well as an unseen issues like electrical, plumbing, etc.
Higher Expenses During the Project
When you’re in the thick of a renovation, utility bills are often higher from all of the power tools that are utilized to complete the project and this might shock you once you go to pay your bills.
Other expenses that can increase during a renovation can include:
Boarding pets if you’re living at home during the renovation
More take out meals if your kitchen is unable to be used
Renting an apartment or staying in a hotel during some of the renovations
Pest and Rot Damage
Pests can linger in areas that you can’t see and when you pull away drywall, you might be shocked to see the damage that they’ve made over the years. Wood that was damaged from pests and leaks over the years will need to be replaced and can have a high cost to be replaced.
Surprise Changes
Even with your plans laid out with your contractor, you might decide at the last minute to make a change or two. While these changes will make you happy in the long run, they can bloat your budget by 10-15% depending on how big they are.
Before you get started on your renovation, make sure to explore all options with your team and get the pricing for each.
Plan with Timelines in Mind
Before you start any work on your home, make sure you know what the timeline for your project is, as well as anything that needs to be ordered! A lengthy renovation project, especially one that goes longer than it’s supposed to, can end up costing you more money than you were expecting.
To get around this, make any big decision regarding materials and appliances, hardware, etc. before you start any demo. Delays in receiving these items can push back your finish date, which can cost more money, especially when it comes to labor!
Are you ready to get started on your next renovation project? Get as much info as you can and budget wisely to make the process much easier!