A home remodel is a large undertaking, and without proper planning, the costs can quickly skyrocket. There can also be unexpected expenses that were not anticipated and end up being an unpleasant surprise. The professionals at Alair Homes West Toronto outline common hidden costs of a home renovation.
Changing the Plan
This is the most common reason for accelerated costs. A homeowner may decide they want different custom cabinets halfway through the job. Changing the plan may back up the timeline of the project and could cause the project to go over budget.
This could be anything from a weak beam to dry rot to deciding the whole plan needs to be changed. The costs of such issues can inflate the budget by up to 15 percent. Discuss options with a professional in order to avoid going too much over budget.
Bringing the Home Up to Code
Renovating an older home brings the risk of finding out-of-date electrical wiring or other problems. In many areas, if something is found that is not up to current building codes, it has be taken care of immediately. That can be expensive.
Poor Building Practices
Along with code issues, homes can also have been poorly built with substandard materials. This means everything will need to be upgraded before the renovation can move forward. Not only will this cost more money, but it could push back the completion date of the project.
Big Utility Bills
When contractors are working on a home, they will be using a variety of power tools that can easily add extra dollars to the electric bill. If there is equipment that is in use 24 hours per day, expect up to $50 more each month.
During an extensive remodel, a family often must live elsewhere while the work is going on. The same thing applies to pets. Homeowners should be prepared to board their pets for the duration of the job.
Food and Cooking
It is possible that utility lines could be cut during the upgrade, making it impossible to cook meals at home. When making a remodel plan, set aside some money to pay for restaurants and other alternative food-preparation arrangements.
Rot and Insects
Water damage and termite infestations are common problems found during a remodel, adding substantial cost to the project. Keeping plants at least five feet from the foundation and having regular pest inspections will help avoid these problems.
A home upgrade may require the owner to take considerable time off from work and other activities to meet with contractors. The cost of lost productivity should be considered when making a redesign plan.
Moving to Another Location
During the course of a remodel, it may be necessary to live in another location while the work is being done. In addition, all furniture and personal belongings may need to be stored. This will incur large monthly expenses if the redesign goes on for an extended period of time.
Any homeowner considering a renovation should consider the above points before moving ahead with the job. A remodel is stressful enough without surprise expenses. Contact Alair Homes West Toronto if you need help managing your home renovation project.