5 Reasons Behind Unexpected Renovation Costs & How to Avoid Them
Written by Artisan Contracting on April 7, 2021
Investing in internal house renovations can often end up costing more than you think. While you get quotes for the labour and material costs, it is common to overlook unexpected renovation costs that might come up. Here are five common reasons you might encounter unexpected renovation costs with tips to help you avoid them.
1. Indecision
This is the best place to start, as it is the one expense you can control. It is very tempting to change your mind during the renovation process. And that’s not to say it isn’t sometimes necessary. However, it is very important to consider how those changes will impact your budget. Even if it seems like a small increase, if you change your mind more than once, those increases will add up a lot quicker than you think. Try to stick to your decisions, or at least avoid switching to something that will cost more than your renovation cost estimate.
2. Structural Issues
Even the most experienced contractor can’t tell what lies beneath your walls. As a result, once the demo is underway it could lead to structural discoveries that can impact your budget. This often happens for renovations with an open floor plan. As a result, it can add great cost to your renovation project as structural issues such as adding a beam are expensive. So, if open concept changes are in your plans, you might want to add about 10 to 15% more to your budget just in case. If all is well, you can either save that money or upgrade your finishes.
3. Building Code Issues
Another potential hidden issue is discovering your home is not up to code. While you might think building code issues can only happen in older homes, this isn’t the case. New codes can impact your renovations, including energy efficiency and even sustainability codes. To start off, ask your contractor about typical code issues they encounter and how much of a slush fund you might need to consider.
Another issue is DIY projects either you or previous owners have completed. Often people do things they shouldn’t without realizing it, and that ends up costing more in the end. Other issues such as old electrical, or asbestos might be easier to determine based on the age of the house so again ask your contractor upfront about these potential unexpected costs.
Home renovations can be stressful. With the right contractors, it can be really easy. With Artisan Contracting, our team will be there every step of the way to ensure your envision comes to life. To learn more, contact us today.
4. Take Out Food
This is especially true for kitchen renovations. You can find yourself out of commission for longer than you hope, which means you could be spending a lot of money on take-out meals. This really adds up and as far as an expected renovation cost, and is the most likely to be overlooked. Figuring how long your kitchen will be out of commission, and then planning ahead by cooking and freezing meals you can heat up in the microwave is an excellent way to reduce these costs.
5. Wood Rot or Pests
There are all kinds of reasons your contractor might discover wood rot. It could be due to pests like termites, but it could also be from past leaks. For example, a floor beneath your tub could have water damage you aren’t aware of. This can also fall under structural issues depending on where the wood rot is found. While hard to avoid, if you know you’ve had a leak, mention it to your contractor when you make up your renovation price list.
When asking how much money I need to renovate a house, always try to think of how unexpected costs can impact a project.
Hesitant to start your home renovations? No need to worry. At Artisan Contracting, our team will let you know all of the details for your home renovation projects. To learn more, contact us today.
Sources:
https://www.hgtv.com/design/remodel/interior-remodel/hidden-costs-of-remodeling-your-home
https://www.bobvila.com/slideshow/15-hidden-costs-of-home-remodeling-51223
https://murraylampert.com/beware-these-10-hidden-costs-during-your-home-remodel/
https://www.policygenius.com/blog/8-hidden-expenses-when-remodeling-your-home/
