Renovating a property can cost a substantial amount of money, which is why you’ll want to reduce the likelihood of something going wrong. Fortunately, there are ways you can take control of your budget to prevent your finances from growing out of control. Find out the expensive surprises that can impact your renovation budget and how to avoid them.
A Poor Scope of Work
A lack of understanding about the project can result in your finances spiraling. You must therefore understand exactly what needs to happen to avoid any hidden surprises. A documentation set is therefore essential, as it will detail a professional plan and specification that details the requirements for all materials and workmanship.
It’s often beneficial for a professional local builder to also present a written scope of works, which will feature works that aren’t included in their quotation. A builder can therefore highlight areas that you may not have considered to complete a remodel project.
A demolition can be incredibly expensive. Not only does it require much labor, but tearing down walls can result in a range of issues that could eat away at your budget. Avoid opening a can of worms by ensuring a wall is not load bearing, or you might need to pay to restructure a wall.
Speak to a builder about how to minimize demolition to prevent any expensive problems from arising.
Many renovation projects can leak money due to a knock-on effect from other decisions. That’s because it’s easy for one decision to impact another area of the project. For instance, removing a non-load bearing wall could impact your budget, as you’ll need to repair any gaps the wall has left behind. Not only that, but you’ll need to repaint both the walls and ceilings.
You must therefore think carefully about any alterations you make to a project to keep a firm grasp on your budget.
Electrical oversights can result in a substantial increase in a budget. While most builders will provide electrical points in their quotations, you may only receive one light and power point in every room.
You must therefore add in the cost for additional power points in your budget, which will ensure you can afford extra electrical points across the home.
External Area Fees
Are you set to embark on a property extension? Don’t make the big mistake of ignoring how the construction work will affect your external areas. Not only will it impact the square footage of your garden, but the building work may also damage the aesthetics.
You’ll need to think carefully about a finish for the external walls. For example, many homeowners choose rendered surfaces to modernize their home, which will, of course, increase your budget.
Do you have experience with a home renovation? Please share your informative tips, stories or opinions in the below comment area. We’d love to hear from you.