Why You Need to Set Aside Contingency Funds When Renovating

When preparing a budget for your interior home remodeling project, it’s important to set aside contingency funds for unforeseen expenses. What are the different hidden costs that may pop over the course of a remodeling project?

Upgrades to Bring Your Home Up to Code

Your home may need a few additional upgrades to bring it up to code if it hasn’t been renovated previously. Or in the time since your home was last renovated, your local building authority may have made several changes to the building codes.

Costs for Temporary Accommodations

Don’t forget to factor in the costs for a hotel or a short-term lease on an apartment if you’re planning an extensive renovation project. While it’s possible to stay in your home while it’s being renovated, it may make more sense to stay in temporary accommodations since you could have a hard time getting any work done or getting any rest in the middle of all the construction noise. Not to mention, your pets might get stressed by the disruption to their environment.

Land Survey Costs

It’s not uncommon for the boundaries between your property and the surrounding plots of land to get blurred over time, which is why it’s important to have a land surveyor establish the boundaries of your property before construction starts. Otherwise, there’s a chance your new home addition may extend onto your neighbor’s property.

Underlying Pest Damage & Plumbing Issues

You can never rule out the risk of underlying pest damage and plumbing issues. After tearing down walls, your remodeling contractors may find several issues that have previously been gone undetected. Before construction starts, they’ll need to fix these underlying issues.

Cleaning Costs

It’s standard practice for remodeling contractors to handle the clean-up of construction debris. However, if you want to get rid of all the dust that may have gotten under your furniture and other spaces in your newly renovated home, you might want to have a professional cleaning company conduct an industrial-strength clean-up.

Landscaping Costs

Your contractor should cover flower beds and shrubs with a tarp to protect them from falling debris. However, your landscape may still suffer minor damage during the renovation process. To learn more about the different factors you need to consider while preparing your budget, consult the interior remodeling contractors at DreamMaker Bath & Kitchen of Madison.

Let’s Start a Conversation!

DreamMaker Bath & Kitchen of Madison offers a wide range of professional interior renovation services. To get started with a no-obligation consultation, call us at (608) 352-9944 or fill out this form. We serve homeowners in Madison, Stoughton and Oregon, as well as the surrounding communities.

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