Any homeowner will tell you that home renovations are often costly and time consuming. This is why it is vital for homeowners to carefully plan their renovation projects to ensure they can stay within budget. The majority of renovation projects focus on key areas of the home, including the bathroom or kitchen. Most homeowners are prepared to invest up to 30% of the current market value of the home. This guide will look at some of the most common reasons why home remodeling projects exceed their budgets.
Delayed Projects
One of the leading causes of home renovation projects going over budget is due to delays. Whether it is waiting for countertops to arrive from the factory, waiting on permits or homeowner indecision, there are many reasons why a project can suffer setbacks. Depending on the level of renovations, this can leave homeowners bleeding money.
Cost of Hiring Equipment
When determining your budget, it is vital to understand each aspect of the renovations. Will you need to hire or rent special equipment? Many homeowners begin their renovations before realizing they need special equipment to continue. Renting special equipment can be quite expensive and if you have not planned for it, your budget will take a major hit.
Complex Structural Changes & Labor Costs
Remodeling a home isn’t just as simple as knocking a few walls down. Changing the layout of the house may ultimately affect the load bearing capacity of the home. This is where a professional contractor will come in handy, as they have the knowledge required to ensure all load bearing walls continue to hold your home up. This knowledge comes at a cost and is also very time consuming. Keep in mind, most contractors charge by the hour, and if the project takes longer than estimated you will be required to shell out more cash.
Buying in Small Quantities
Another reason many home renovations projects go over budget is because materials are only ever bought when needed. By purchasing piece by piece you run the risk of spending more down the line. Purchasing in larger quantities is two fold. You can take advantage of factory discounts as well as avoid not having enough to complete the project. Imagine getting so close to completion and then running out of supplies. What happens if there is a mishap and you need to make corrections? It is best to plan ahead and get a little extra, just in case.
All homeowners need to get a detailed quote before undertaking any work. This will allow them to discover exactly how much a project is likely to cost and whether or not they can afford to complete the project. The quote should include the material, time and labor required to complete the entire renovation project. It’s advisable to get at least 3 different quotes so that you can work out an average cost. Don’t simply choose the cheapest because this quote could be missing some very important costs.
Homeowners must realize that renovation quotes are not set in stone, they are variable and can be affected by numerous things. Make sure you allow plenty of extra funds to ensure the project is successfully completed.
