Unexpected Renovation Costs and How to Budget for Them

You've selected a project, put together a home renovation checklist, and are ready to jump in. Before you get your home remodel underway, be sure to account for unexpected renovation costs. From seemingly small details, such as eating most of your meals out while remodeling your kitchen, to major delays, unplanned costs can derail your budget. Knowing what can throw your budget off course and giving yourself a cushion can help you keep your renovation under control.

Inexperience

Sometimes, you can save a bit of money by doing it yourself or hiring someone who may not have the most experience. Painting a room or replacing an appliance can be simple DIY or handyperson fixes. 

But when it comes to major home renovation projects, trying to DIY or going with the lowest-cost, least experienced contractor can hurt you in the end. What may seem like a simple project on the surface can become vastly more complicated once things get underway. 

Your best bet? Interview several local remodeling companies before you start your project. Learn about their experience and ask to speak to previous customers. Get estimates from each and compare them to each other. It may be that the lowest-priced estimate cuts a lot of corners or that previous customers report spiraling budget costs.

Surprise Repairs or Upgrades

Depending on the age and condition of your home, there may be plenty of secrets and surprises lurking beneath the floors or behind the walls. We're not just talking about questionable wallpaper choices or shag carpeting, either. 

Asbestos can be a concern in older homes, for example. Uncovering it can make what originally seemed to be a simple project vastly more complicated. 

Your home's surprises don't have to be as extreme as asbestos to add to your project costs. You may tear down a wall only to find extensive damage caused by mice, termites, or water. 

Adding a cushion to cover potential damage can take some of the sting out of a nasty surprise.

Room and Board

When you're planning a home remodel, particularly one that involves redoing your kitchen, consider where you plan to prepare meals and eat. Losing access to your cooking and dining area may mean relying on restaurant or take-out meals, which often cost more than cooking at home. 

Depending on the extent of your home renovation, you may need to find a place to crash for a few days. Getting friends or family to put you up is the budget-friendly pick, but if that's not an option, you'll want to factor in the cost of a hotel. 

Don't forget your pets. Even if the human members of your family can stay home during the renovation, it may not be suitable for furry or feathered friends. Consider boarding your cats, dogs, birds, or other animal companions and factoring the cost into your budget. 

Project Delays

Delays happen to the best of home renovation projects. Often, a delay has a domino effect, potentially throwing the entire project off course and eating into your budget.

While you can't predict or prevent delays, you can budget for them by padding out your remodeling budget. 

Increased Utility Bills

Home renovation projects require power tools, and those power tools require power. Unless your contractor brings along a generator, you can expect to see your electric bill jump up during the project, and it may jump up quite a bit. The same is true for your water bill. 

Cleaning

Ideally, the contractor you hire should include debris removal and clean-up in their estimate. But home renovations tend to be messy, and you may need to spring for a deep clean to get rid of any lingering dust and grime.