Preparing for Unforeseen Costs in Your Remodeling Project
Remodeling Project Budgeting and Pop-Up Expenses
Think your budget is spot-on for your next remodeling project? Don’t forget to account for these unforeseen extras in your budget, no matter how tight!
One of the last things you may want to consider when you’re budgeting your remodeling project is the old adage, “You get what you pay for.” Most of us would agree that it’s true—but that doesn’t make it any easier to avoid the temptation of the contractor with the lowest bid. As anyone who’s ever managed a remodeling project from start to finish, it can quickly become apparent that the lowest bid is often far from the best.
We’d like to take a couple of minutes to lay out some of the unforeseen extras you should plan for when it comes to your next remodeling project. These things are worth budgeting for and are part of your critical role as an informed buyer. While you may get a full list of expected costs, make sure you know the unexpected costs, too, as they’re most often the cause of headaches and heartbreak when it comes to a remodeling job.
Take Time to Review the Contract—In Full
We’re going to skip ahead to the contract signing, the time when it’s your turn to sign on the dotted line. This should take place after all details of the job are discussed with the contractor, and it’s your opportunity to ensure that all those details have made their way into the contract. That said, having everything laid out in the contract does not guarantee an absence of unforeseen costs.
For example, your contractor doesn’t yet know what he’ll find when he removes a wall. Will a critical but unexpected plumbing pipe block its demolition? Will all the electrical wiring be replaced or updated to meet code?
These same challenges can appear when pulling up your worn hardwood or bathroom floor. In some cases, tiny leaks in windows or doors may have accumulated water under the floor for years, leaving you with larger replacement costs for your rotten subfloor. A new sub-floor—which can also be the product of a house that has settled and, in turn, cracked the sub-floor—adds labor and materials to your overall costs. These costs cannot be predicted or included in your initial contract.
Expect the On-Site Changes that Are Bound to Occur
Not all “extras” are related to unforeseen challenges. In other cases, on-site interior design changes may result in additional costs. For instance, if you purchase a light fixture from a local home improvement retailer rather than a professional lighting dealer, your contractor may refuse to install it and instead require that you hire an outside electrician to do the job. Why? Because the contractor wants to avoid any potential liability caused by products purchased outside his standard operation.
At the end of the day, most homeowners should budget about 10 to 15 percent on top of quoted costs to cover extras in their remodeling project. Surprises during renovations may never be fun, but if you’re mentally and financially prepared for them, they can cause much less pain.
About Debbe Daley
Debbe Daley is New England’s leading interior design expert in the fields of design, decorating, and styling of interior spaces. She is a professional speaker, educator, influencer, and business coach in interior design. She also teaches creative interior design and change-of-career-minded individuals at her School of Interiors. These courses provide mentoring and hands-on training. Debbe is currently an installed Design Services member for the Boston Design Center. She also is an educator and instructor at Middlesex Community College in the field of interior design.
Contact Debbe at ddaley@daleydesigns.com or (978) 697-0288.
