Home renovation projects are very exciting and remodeling is a fantastic way to improve the value of your home, upgrade your space and create the home that you’ve always wanted. While it’s easy to place all your focus on the design elements and jumping into the project, it’s really important that you’re prepared especially when it comes to your finances. If you’re planning a big project like a kitchen renovation, you want to make sure that you have an idea of all your costs and that you budget properly, so you don’t run out of money half way through the project and hidden costs don’t set you back. Here are a few hidden costs when doing a kitchen renovation that often come up so you can be financially prepared for all scenarios.
Electrical wiring and plumbing in the wrong place
Working with the right contractor is important, however there is one thing that you can’t control, and that’s the contractor that previously worked on the house.
Let’s say you’re doing a kitchen renovation and your house is dated, or you recently moved in and you don’t know the history of the reno work. If the previous contractor didn’t do the work properly, you may run into plumbing in the wrong place, or live electrical wires placed where they shouldn’t be. A good contracting company will work hard to scope out the wires and plumbing before, but it’s sometimes unavoidable and the electrics or plumbing are completely wrong. In this case you may have to get your kitchen rewired which would be an additional cost, so it can be a big surprise if you haven’t budgeted for it.
Additional contractor fees
Unfortunately not all renovation specialists out there are a joy to work with so you need to make sure that when you’re getting a quote from your contractor, they’re taking into account all costs associated with the project.
When we work with our clients, we always try to include an accurate price up front to ensure that no hidden charges and costs crop up along the way. Of course things can change as the kitchen renovation gets underway, but it’s important that you work with a contracting company that maintains good and open communication, and that they will keep you in the loop with any fee changes, whether it’s to do with labour or materials or anything else.
Small yet consistent upgrades
Sometimes it isn’t hidden costs that eat into your budget when you’re doing a kitchen renovation. Often it’s the small yet consistent upgrades and changes that, collectively, amount to a huge sum of money. While it might not seem like a big increase in price at the time, it all adds up and you can easily end up spending thousands more than planned. Try to be strict with upgrades you make, and allocate a small buffer to account for additions such as furniture and decor so you’re not caught out.
Want to try to avoid some of these hidden costs when doing a kitchen renovation? Get in touch with us today to chat about your renovation project!