Hidden Expenses of Home Remodeling

 

Hidden Expenses of Home Remodeling

Wikipedia definition of “home remodeling” —  “is the process of improving a broken, damaged, or outdated structure.

Write Your Own Home Remodeling Specifications

Home Remodeling

Home Remodeling

Think you know down to the penny what your remodeling project will cost? Not so fast. Read the above definition again. You may be able to recite the price of materials and the budget for labor in your sleep, but you’re bound to get tripped up by odds, ends and extras known in the trade as soft costs that you never imagined shelling out for. That’s why it’s always a good idea to budget 20 to 30 percent over your home remodeling estimate so that you’re covered no matter what happens.

Time for a reality check. First, I will describe some common remodeling tasks to reveal the less obvious challenges that could add hundreds, even thousands of dollars to your remodeling budget.

Then I will give you advice on how to protect yourself from unforeseen costs that may pop up during remodeling.

Common remodeling projects can be more complicated than you think. While you’re still in the dreaming stage, factor in realities that could add time and money to your project. View this related article. Home remodeling features and ideas to increase home value

Some costs do not fit neatly into a renovation project’s line-item budget, but if you ignore hidden costs, you will be left wondering why your wallet has sprung a leak. Prepare for these often unanticipated expenses:

1. Waste disposal. Dumping isn’t free. If you wish to have a dumpster parked on a public street, most municipalities will charge you about $50. Some local governments even require a homeowners’ insurance rider to cover dumpster-related injuries. No proof of insurance, no permit. No permit, no demolition work.

2. Child and pet care. Keep your children at a safely remove from the work zone. If necessary, hire a babysitter. Pets, too, can react badly to construction noise or to the sudden parade of unfamiliar workers stomping around in steel-toe boots. Depending on the nature and duration of your project, you may choose to board your pets with a kennel (local rates vary).

3. Meals of convenience. Delivery pizza and takeout Chinese food quickly lose their appeal, but if your kitchen is being renovated, your options at mealtime will be limited—and pricey. Not to mention that if you throw out all of your pantry staples that have passed their expiration date, you might spend $100 or more on restocking spices, baking supplies, and so on.

4. Landscaping. Extensive remodeling almost inevitably results in damage to landscaping: Falling shingles crush shrubs; stacks of lumber kill grass; and toxic spills destroy perennial flowers. Keep a list of the plants you must replace, so you can shop autumn sales at local nurseries.

5. Cleaning. Once work is complete, an industrial-strength deep-clean will be in order, especially if you are upgrading the home in order to sell it. According to Homeadvisor, you should expect to pay about $180 for a maid service, plus another $195 to have your carpets professionally cleaned.

6.Higher Utility Bills. Should you expect higher utility bills during construction? These increases are negligible. With general contractors plugging in compressors and nail guns, your bill might add $10 a month. For big equipment that’s running 24/7, you might run $20-40 more a month.

7.Pest and Rot Damage. Unforeseen costs lurk where pests such as termites hang out. I well know.  A big problem, termite damage can add money to your remodel fast. Rotting wood will also put a damper on your redo, which is why it’s important to keep plants and irrigation a few feet away from the foundation of your home.

8. Offsite storage. You might need to stash your stuff somewhere while work is in progress. If you don’t have an attic, a basement or a willing friend with a large spare room, you may need to rent an offsite storage unit for the duration. Depending on size and other factors, these units can cost anywhere from $20 to a few hundred bucks a month.

9.Permit fees. If your home remodel changes or adds to the existing property, you might have to obtain a building permit. Depending on the type of work you are doing, electrical or plumbing permits might be required as well. The cost of permits, as well as the application fees, can easily add up to hundreds of dollars.  Also, do not forget engineers, designers and other consultants.

10.Special equipment. Some projects offer up surprises, such as decayed wood or old wiring that needs to be replaced. Your contractor might need special equipment to handle the issue, or you might have to call in a specialty contractor to work on that part of the job. That hidden cost can add a hefty price tag to your bottom line.

CONCLUSION:- To set your mindset up for success, voice every want and need before remodeling construction begins. Then, daily meet with your remodeler, suppliers,  designer and etc. to address hidden costs as they happen. if you are planning a renovation, addition, or new house, please create a spreadsheet showing all of the potential costs. 

Help ideas can be reviewed in my other article Home Planning Insight Starts With Web Applications

Summary
Hidden Expenses of Home Remodeling
Article Name
Hidden Expenses of Home Remodeling
Description
Think you know down to the penny what your remodeling project will cost? Not so fast. Read the above definition again. You may be able to recite the price of materials and the budget for labor in your sleep, but you're bound to get tripped up by odds, ends and extras known in the trade as soft costs that you never imagined shelling out for.
Author
Wayne Hartunian

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