Budgeting for a home renovation project is not an easy task because a variety of unexpected costs can crop up to the point that you may break your budget before you’re even close to finished. Protecting yourself from unforeseen costs can make all the difference in ensuring your remodeling budget stays on track, so get a grip on hidden costs in the early planning phase of your project with these tips.
To start, you might want to assume that you’ll have to add 10 to 20 percent onto your budget to account for those hidden expenses that will develop as a project progresses. This will financially and emotionally prepare you for the headaches created by those tricky budget-crushers.
Below are examples of just a few items to watch out for that could add major costs to your budget:
If you’re remodeling a kitchen or bathroom, then be sure to keep in mind that leaks from a toilet or shower can cause serious damage and can go undiscovered until a remodel project gets underway. The leaking can cause such expensive damage because the entire floor and sub-floor may need to be replaced to address the rotting.
Taking down a wall might seem easy enough, but if you have to reroute electrical wires or plumbing pipes, refinish flooring, or patch and paint the ceiling where the wall used to be, then the costs can really add up. If you are removing a load-bearing wall, there are even extra costs to consider, as jacking and shoring and building temporary walls can all be involved in the process.
What you can’t see behind your walls, including insects and other pests, can make your project all the more expensive once critters are no longer concealed by a home’s walls and floors. Pests can cause significant damage, not to mention the additional expense of using an exterminator.
If you own an older home, then the insulation, flooring, and wall materials that comprise the building blocks of your home may be riddled with asbestos. As a result, you can face huge costs to remove this hazardous material. To start, you will need to hire a licensed inspector for testing purposes. If removal of materials needs to take place, then you must hire a remediation company, which could cost a few thousand dollars or even more than $20,000 if asbestos is everywhere.
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