Remodeling a home can be an effective way of creating the perfect space one has always dreamed of – with the added benefit of increasing the house’s value. However, one must be aware of the financial risks associated with remodeling.
It is tempting to go into any new project with a single estimate in mind. However, even during the simplest of tasks, one can find costly surprises along the way. Here is a shortlist of some renovation costs that will eat through your wallet to better prepare yourself for some of these surprises.
Up to Code
Finding out that your home can be an absolute nightmare. Up to code means that it meets public health and safety regulations. While bridging it up to code is critical, it can also be costly.
Part of the problem with getting houses up to code is that regulations change over time. So a house that was considered safe several decades ago might not be up to code anymore. Therefore, one should always have this thought in the back of their mind during renovations.
Hotel and Housing
Sometimes home renovations can be so extensive that the house is not habitable during the process. Naturally, this usually results in homeowners staying with family or in a hotel. The latter can quickly become costly, especially if the project doesn’t stay on schedule. As a reminder: contractors are human, so it is reasonable to assume that deadlines will need alteration as time goes on.
Damages
The simple truth is that it is not possible to be certain of the condition of a house until it is fully opened up. As such, sometimes contractors will cut into a wall only to find extensive damage or rot inside. Surprises like these can be costly while raising concerns for other parts of the house. Paying for an inspection isn’t cheap but may be a reasonable way of getting to the bottom of things.
Utility Bills
People commonly forget to anticipate higher utility bills while a house is under construction. Contractors need to run their power tools, which, as one might imagine, requires power. The increase shouldn’t be something that breaks the bank, but it does add up over time.