Hidden Renovation Costs Revealed
Bringing 5 Renovation Costs to Light
Embarking on a renovation project can be an exciting process. However, the last thing you want to experience is for the contractor to state, “I have to show you something,” just after demolition begins. As you stare at the unforeseen structural flaw, you know the initial bid of the project will skyrocket, leaving you scrambling to come up with the additional cost.
While you can’t always predict when the budget will rise, you can easily plan for hidden renovation costs during your project. By being realistic and communicating with designers and contractors, you’ll be able to avoid these unforeseen costs by putting a higher emphasis on them in your budget. Here we reveal five hidden renovation costs to prepare you for a successful project.
Last Minute Changes
One of the most significant hidden costs for most renovation projects is when the homeowner changes their mind about the design and build. Behind the scenes, work done by the design and build team has a cost. This sudden change can cause situations where the owner feels the contractor is not honest with them about the price. In reality, the contractor will need more money because there has already been time and effort spent on the backend that may not be apparent to the homeowner. To avoid this issue, homeowners should voice every want and need before renovation. Meeting once a week with your renovation team to address hidden costs as they arise will help you understand any changes in costs.
Surprise Structural Challenges
Cost and time are the biggest factors that impact a renovation's success. The added expense and work that results from unplanned structural demolition surprises can increase your overall budget and extend your schedule. To avoid projects experiencing delay, contractors should plan for hidden risks in advance and explain to the owner that projects can be impacted once demolition begins. They can’t see through walls, and no one knows the hidden secrets until the drywall and insulation come down.
Getting Up to Code
Older homes have potentially been through renovations that are likely not up to code with today’s standards. Bringing a home up to code can throw a wrench in your plans once inspections are complete. You will have to tear things out that had already been completed and redo them to be up to current building codes. Before a renovation begins, it’s essential to pull all permits for any previous work done on the building. That way, you can easily see what has passed inspection and what needs to be brought up to code before you get too far into the design and build process.
Renovation projects bring many bumps in the road, and one common problem is internal damage resulting from water and mold. Fixing water and mildew damage can be an expensive process, which is why it’s critical to include this potential issue in the renovation budget. It is necessary for the contractor to find the water source and the extent of the problem. From there, mold will need to be professionally removed, and repairs will be required to fix anything damaged by leaking water.
Before the renovation begins, you’ll need to obtain permits for any additions, electrical and plumbing work, or new construction projects you wish to complete in the building. It is also smart to pull the permits for any work previously done on the property, to determine what needs to be brought up to code. Costs for permits can be anywhere from a few hundred dollars to a few thousand dollars depending on the work that needs to be accomplished. Having the right permits before the construction process starts is crucial as failing to do so will result in severe repercussions down the line.
When you embark on your next renovation, make sure you hire a team that is ready to tackle the challenge. At DBe, we strive for excellence with every project and have extensive knowledge of renovating high-end residential buildings and spaces. Contact us to schedule a consultation today!