If you’ve done your research about the price of materials and consulted with contractors about the estimated budget for your desired remodeling project, you probably think that you know exactly what it will cost to make it happen. Unfortunately, there are several ‘hidden’ costs that affect nearly all home remodeling projects which may result in you spending quite a bit more than anticipated. This is also the reason it’s a good idea to budget at least 20% more than the initial estimate so that you’re not caught off guard by any additional costs. These are some of the surprising things that can add to your spending.
1. Property taxes
A remodeling project’s purpose is to improve your home and these improvements can often also increase your home’s value which then leads to higher property taxes. Since you need building permits before undertaking any major home improvements, assessors will have access of your applications which may lead them to decide that your home has an upgraded value after the improvements. A remodeled kitchen and bath, as well as any major additions to your property are the most common reasons for a higher assessed value.
Building permits can also add a different cost to your project. There are specific building codes that need to be met before your permit can be approved and the requirements may include some pricey updates to your home before work has even begun on the actual remodel.
2. Unpleasant Surprises
One of the most horrifying things a remodeling project can reveal are the hidden horrors that may hide behind your walls, especially if you live in an older home. Insect and vermin infestations are one of the more common things a demolition can reveal, and if this happens you will need to hire a pest control company to take care of the problem before the remodeling can continue. Mold and asbestos are also a common issue that is found during tear-outs as well as faulty wiring or plumbing. All of these will require the help of a professional which add both time and cost to your project.
3. Storage and Pets
Depending on the size and extent of the remodel, you will need to remove your belongings from the work site for the duration of the project. If you don’t have a spare room in your home where you could store these items you will need to rent a storage unit as well as a moving service to stash your furniture while the work is in progress.
If you have pets, especially ones that are sensitive to loud and unfamiliar noises, you would need to make arrangements for them to stay in a kennel or with a pet-sitter.
In addition to the cost of materials and labor, you will also need to consider the fact that all electric tools (such as table saws, sanders, paint sprayers, etc.) used in the project will need to be powered with your electricity and that this is certain to raise your electric bill significantly. Additionally, if the work is being done during hot or cold weather the increased traffic through your home will also have an effect on your heating or cooling bills.
If you’re planning a kitchen remodel, you need to consider the fact that the time-frame for the average kitchen remodeling project is between six and eight weeks, and that you won’t be able to use your kitchen during that period. This will mean a significant increase in dining out and take-outs the cost of which can quickly add up, especially for a family.