Home Remodeling: What to Watch Out For
Home remodeling is expensive and very quickly a simple project can become a money pit. It is important to have planned a successful budget. How to go about doing this? What areas of the construction are there to consider? Here are some main costs and needs that will be something you want to add to your budget for a home remodel.
Budget Overruns:
The Hidden Costs When planning a home remodel, one of the most critical aspects to consider is the budget. It’s common for homeowners to underestimate the costs involved, leading to budget overruns. Hidden costs, such as unexpected structural issues, can quickly add up. Always set aside a contingency fund—typically 10-20% of your total budget—to cover unforeseen expenses.
Hiring the Right Contractor:
Due Diligence is Key Choosing the right contractor is essential for a successful remodel. Unfortunately, many homeowners fall victim to unqualified or unscrupulous contractors. To avoid this, thoroughly vet potential contractors by checking their references, reading reviews, and verifying their licenses and insurance. It’s also wise to get multiple bids and avoid choosing solely based on the lowest price.
Permits and Regulations:
Navigating Bureaucracy Home remodeling often requires various permits and adherence to local building codes. Neglecting these can lead to hefty fines and project delays. Ensure you understand the necessary permits for your project and factor in the time and cost for obtaining them. Working with a knowledgeable contractor who is familiar with local regulations can simplify this process.
Let’s Wrap-up
Everyone has a budget and making sure that your project does not run on and on comes from a lot of planning and hiring the correct contractor. We covered some best practices for how to set your home remodel up for success. In our post on Cost-effective Advantages to Whole Home Remodels we explain other key insights into setting your project up for financial success.
Learn more about the latest home improvement trends from the National Association of Home Builders.
