Embarking on a home remodel can be difficult, especially if you haven’t thought it through. It is important to work with a professional and jot down all the requirements of the home renovation project and also calculate the cost involved in the process before even beginning the task. However, even if you plan everything in detail, you are bound to get tripped up by ‘extras’ or the hidden costs. Unexpected plumbing work or peeling wall paint can escalate the price tag of your remodeling project in no time. What if we tell you some tips and tricks to plan for these potential budget busters? Here are some quick ways to calculate hidden remodeling costs to help you prepare better.
So, let’s get started.
8 Home Remodeling Costs that You Should be Prepared for
Experts say that while calculating the cost of renovating a house, you must budget 20-30% over your remodeling estimate so that you have covered the hidden costs well in advance. Take a look at these home renovation costs that you should be prepared for.
- Unexpected structural changes
- Higher utility bills
- Eating out
- Pest control
- Wrong building practices
- Moving out
- Time is money
Let’s discuss these in detail.
Unexpected structural changes
Some homeowners don’t realise that they have to make some structural changes when renovating a house. Later into the project, when it becomes imperative to knock down that load-bearing wall, they are surprised at the massive chunk of budget the demolition would consume. Be prepared for any structural change during the remodeling. Since it is neither redecoration or renovation work that merely requires a few cosmetic changes, remodeling a house is more extensive and requires proper planning to avoid overspending your budget.
Higher utility bills
You don’t realise but the equipment used in the remodeling of your home is consuming a lot of electricity. The drill machine, water pumping machine, floor sander any equipment you use runs on electricity – so don’t be shocked when you get an inflated electricity bill at the end of the month.
If it is the kitchen undergoing remodelling, then it is quite likely that the stove top is not functional and you have to spend a considerable amount on takeaway and dine outs. It’s ideal to set aside a budget for eating out and keep a check on it. Be more careful if you’re getting home deliveries as instant gratification can often lead to overspending.
When you remove a wall, open up the ceiling, uproot the carpet, demolish the cabinets, you might encounter pests or termites. This would raise a concern about how to get rid of termites and you might take help from professional fumigation services. If you find rotting wooden furniture and termite infestation that has weakened the foundation of your home, then the repair cost of fixing the foundation would be much higher than you anticipated.
Not built up-to-the-mark
This is one of the scariest hidden remodeling costs that will put a damper on your renovation project and that is if the house you are remodeling wasn’t built up to the standard. You would not be able to gauge the remodeling cost involved in the project, unless you start digging the walls or make a major structural change. The wiring and plumbing systems of a room also consume most of the allocated budget.
One of the most overlooked remodeling costs is that of moving out of your house. This usually happens if your bedroom or bathroom is being renovated. If you don’t have a vacant room in the house where you can shift, you might have to book a room in a hotel and wait for 3-4 days until the renovation work is complete.
Time is money
Another remodeling cost that is largely ignored unless you start renovating your house is that you have to take time off work. If you are remodeling the entire house, it might take longer than your annual leaves and your salary would be deducted. This would take a toll on your overall budget spend and also disturb your work schedule.
So, these were some of the most common hidden home renovation budget busters that you should prepare for before overhauling your bedroom. In the meantime, if you are looking for a rough estimate before redecorating your bedroom, then read our useful guide on: Calculating bedroom renovation cost. You might also be interested in checking out these blogs on:
- How to avoid common home renovation mistakes
- Useful home remodeling tips
- House renovation ideas to decorate your place
- Should you renovate or sell your home?
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