Hidden Costs of a Home Remodel
A home renovation can be costly – even more so if hidden costs arise during the project. Before starting your home remodel, be aware of these hidden costs that may end up costing you more money than the project is worth:
Changing your mind
It turns out; changing your mind is one of the largest costs of a home renovation. Did you know that approximately 95 percent of costs come from inadequate scopes of work and scope creep, also known as change orders? It’s true! How can you avoid this cost? Make sure you know what you want before you start – and don’t change your mind!
Surprise structural changes
Unplanned structural changes can increase your budget by 10 to 15 percent. To avoid a hefty cost, explore all remodel options with your contractor before you begin work.
Building standards – “up to code”
What was once “up to code,” may not be today. Always consider the current building standards when starting a remodel – and be mindful that if you discover something that is not up to code during a remodel, you have to bring it up to code - which is an added expense.
Higher utility bills
This expense is minimal – but do expect for your electric bill to increase during renovation months. The amount is entirely dependent on what you're renovating and how much electricity you're using.
To ensure your pets are safe and out of the way, board them during the remodel. Boarding your pets may be expensive - depending on how long the remodel is going to take and the boarding rate. To save money, make plans with a family member or friend to watch your pets during the days you are renovating.
If you’re doing a kitchen remodel, expect to eat out a lot – as your kitchen will be a construction zone!
Pest and rot damage
Unforeseen issues can come to light during a home remodel. Be aware of pests (termite damage) in the South and rot (rotting wood) in the North. If found, fixing the damage can be costly.
Your time is money
During a remodel, you will most likely need to take time off work to meet with contractors and make selections on design materials (backsplash, flooring, countertops, etc.). Can your work schedule accommodate for this? Make sure your schedule and budget can endure this time off.
Do you have to vacate your home or move out belongings to make room for the renovation? Consider the costs of pods and storage units and a place to stay during the remodel. To save money, consider making arrangements to bunk with a family member or friend during the renovation.
Be proactive and consider these hidden costs before embarking on your home renovation – your sanity and bank account will thank you.
Do you have any questions about the Austin area housing landscape? We are here to help you get more from your move; contact us today!
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