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Home improvement should mean just that — a way to improve the way your home looks, feels, and works for you. The problem is, once you get a project underway, it almost always seems to be more expensive than you thought. ‘
So exactly how do the costs always seem to get out of line? Check out these 4 hidden costs that could be affecting your renovation budget.
1. The Unknown Problem
The biggest unexpected cost related to home improvement projects is the great unknown. In other words, it’s what you don’t know before you begin the project.
Perhaps the goal is to replace the roof, and you get a quote for replacing the shingles. Then, the roofer learns that the substructure is in bad condition and needs replacing.
The final result is a much higher cost (sometimes twice as much as the original quote) and a busted budget. It’s hard to prevent the unknown, except for ensuring you get a thorough quote to start with on any project.
2. The Last Minute Upgrade
It happens to be the best of us. You set your eyes on a remodel project, plan out the budget based on a per-item charge, and head to the home improvement store as the work begins to buy materials.
Perhaps you decide on and budget for a certain kind of kitchen countertop. Then, you get to the store and fall in love with a luxurious countertop made of granite. You simply have to have it.
This hidden cost is one you can prevent by visiting those home improvement shops to start with when making your budget. You can also just buy what you need online so you aren’t tempted to upgrade.
3. The Added Insurance Costs
One of the most forgotten hidden costs of renovations, remodels, and expansions to the home are the added insurance costs. When you upgrade your home, the value rises. If you buy items that are especially expensive, like high-quality fixtures or appliances, it’s helpful to realize those items might not be covered by your policy.
The good news is you can use websites to get more info on new insurance policies, which can help to reduce the overall costs you’ll pay. Don’t forgo your upgrade for these costs, but look for a more affordable provider instead.
4. The Cost of Inexperience
Finally, before you take on that backyard remodel, tiling job, or that bathroom makeover, realize that it will cost more if you don’t have any experience. Without experience, there’s simply no way for you to actually know what the costs are going to be.
Did you know you needed underlayment for the wood floors? Perhaps you didn’t realize you’d have to move the plumbing fixtures to have enough room.
The bottom line here is that it may be less expensive to work with a professional, or at least get the opinion of a professional before you start the work.
Home improvement projects can be outstanding opportunities to raise the value of your home or to upgrade to a more luxurious lifestyle. You just have to make sure you know what the hidden costs are ahead of time.
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.
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Ok I don’t own my own home but even I could see how great these ideas are…………
Thanks Jo Anne 🙂
It’s not always the contractor’s fault when the budget is busted. Sometimes homeowners are responsible for unexpected costs. For instance, mid-way through a bathroom remodel, you decide you want to upgrade your tile or choice of shower fixtures, which exceed the estimate and increase the total cost of the project.
That is very true! Changing minds can cause extra expenses.
We currently live in a rental. I know these things will be important for us to remember when we find a place to purchase.
Yes, these home improvement costs are def something to think about once you buy a house.
I think it’s a good idea to always be wary of an unexpected problem with home reno’s. It seems like it almost always happens from experience!
I know what you mean. Unexpected things always seem to happen when you DIY.
Home renovation is very likely to incur unforeseen costs. When you renovate, you often uncover unknown problems. Thank you for this article!
For sure! If you’ve ever watched one of those home shows there are always hidden home improvement costs hiding in the walls