Three Unexpected Costs You Must Consider When Renovating Your Home

According to a recent study, “the average cost to completely renovate a house is $15,000 – $200,000”, with figures steadily rising. This sum of money will have been hard to accumulate before the pandemic, but financial strains across the board mean that homeowners are likely struggling more than ever to cover the cost of renovation projects. 

Of course, there are ways to make renovations more economical. You could focus on renovating one room at a time or even try your hand at a bit of DIY to reduce labor costs. However, the easiest way to save money is to simply have an idea of how much you must spend in the first place.

For example, there are many ‘obvious’ costs associated with renovating your homes, such as labor (electricians, construction workers, etc.)materials, furniture and more. However, others may come as something of a surprise, meaning you may not have initially accounted for them when putting together your budget. 

With that in mind, here are three unexpected costs to consider when renovating your home. 

Waste removal. Whether you are turning your patio into a cool hang-out spot or remodeling your bathroom the process will likely produce large volumes of waste. As a result, you must have a waste disposal and removal method in place, as the likelihood is you cannot put it all in your general waste bin and hope for the best. In most cases, it’s advised that you hire out a dumpster from companies such as Junk Haulers. This way, you can safely dispose of all manner of waste, from surplus materials to bulky furniture. 

Storage.  Renovating your property gives you the perfect opportunity to banish clutter from your home for good. This is particularly important when you consider that removing clutter contributes to a healthier home. However, if you are remodeling the space from top to bottom, you’re also going to need somewhere to store all of your belongings and furniture when the process is in full swing. While it is possible for contractors to work around your belongings, this will delay the completion of the project as everything will take slightly longer. It also puts your belongings at risk of accidental damage.

As a result, you should also be prepared to cover the cost of a storage unit during this time. Depending on the amount of space you require, prices of storage units can range from $30 – $300. When choosing a storage unit, it’s important to consider what amenities are necessary. These include temperature, availability of parking, and whether the unit is covered or uncovered. Depending on the season, it’s important to research the optimum conditions for your possessions so you can adjust the unit to best suit your needs. Finally, before you start packing anything, ensure that you’ve cleaned everything to avoid any mold or grime. 

Maintenance.  When renovating your home, it’s easy to focus on the costs you are facing in the immediate moment, such as contractor fees.  However, it’s also important to bear in mind how much these changes will cost you moving forward. For example, some home embellishments cost more to maintain than others, such as pools and hot tubs, meaning they may not always be the most economical choice. Conversely, other home renovations will save you money over time. For example, by switching to renewable energy, not only will you be protecting the planet, but you will also make your home more energy-efficient. This means that the amount of money you will spend on energy bills will decrease significantly.