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What’s one thing all the great contractors and DIY masters of the world have in common? A healthy dose of realism.
While they hope for the best with a renovation, they expect things will go wrong.
That’s because most people will run into some problem during a project, no matter how big or small it may be.
Always Budget for a Cushion
You’re not unlucky; that’s just how renovations work.
But now that you know, you can prepare for these hiccups in advance, so you aren’t left in the lurch when it comes to paying for these issues.
You’ll have some extra room in your budget to cover these unexpected or overlooked expenses:
- Code Violations
- Utility Bills
- Water Damage
- Child and Pet Care
What happens if you’re already in the middle of a reno and you find water damage?
If the repairs are more than you bargained for, you can head online for a cash advance loan.
Cash advances like installment loans are designed for emergency expenses, like unexpected and urgent water damage repair.
As online loans with monthly installments, installment loans give you more time to repay what you owe.
This makes them different from many online cash advances usually due back by your next paycheck.
As a result, an installment loan’s payment schedule may help you in a tight spot.
Your municipality, county, and state may have strict renovation rules that regulate how and when you can change your home.
Depending on your project, you may even need to get permission before you can start work.
If you don’t get the proper permits beforehand, you may receive a hefty fine from the city or county.
Filing the permits before you start work is simple, and the paperwork usually costs a tiny fraction of the penalty of working without one.
2. Code Violations
Are you renovating a century home? Chances are you have some structural features that are out of code, meaning they don’t meet today’s standards for a safe home.
You’ll have to rehab old, unsafe features, updating them to match current building codes — even if this work isn’t a part of your original plan.
It’s the law, and no professional contractor will ignore these code violations.
- Knob and tube wiring
- Missing ground-fault circuit interrupter (GFCI) protection
- Improper bathroom ventilation
- Inadequate space between stairs
- Insufficient handrail height
- Asbestos insulation
In many cases, rehabbing out-of-code electrical, plumbing, or asbestos insulation requires the help of experienced professionals.
These contractors can add a pretty penny to your budget, especially if you were planning to do everything on your own.
3. Utility Bills
You might see a huge spike in your utility bills once you start in on major renovations, as your project will gobble up more water and electricity on top of your usual usage.
Keep this in mind when budgeting for your reno. You can set aside some extra cash to help you pay these higher bills.
4. Water Damage
Water damage isn’t always obvious, like soggy drywall and baseboards after your basement floods.
Sometimes, it’s lurking behind shower walls, flooring, and ceilings — hidden until you start working on your project.
Unfortunately, you can’t bury your head in the sand and pretend it doesn’t exist.
Water damage can cause dangerous structural damage, and it’s the perfect breeding ground for bacteria, pests, and black mold.
How much this hiccup costs to repair depends on the severity of the water damage as well as the kind of water involved.
You can expect to pay more if you’re dealing with black water (sewer backup) than a leaky showerhead.
If you’re doing work in your kitchen, it can be hard to cook as usual.
Tools might be taking up counter space, appliances may be out of commission, and there may be a good layer of dirt and dust on everything. You may not even have a sink or finished floor!
With this room out of commission, you may end up relying on readymade meals or takeout more than usual. But eating out adds up.
The final bill surprises a lot of DIY-ers, so consider food costs while you’re renovating your kitchen.
If you have loved ones in the area, you might be able to use their kitchen if you ask nicely.
6. Child and Pet Care
You can’t have kids or pets running underfoot while you’re busy working on the house, not to mention those renovations can make your home a scary and dangerous place for your tots and four-legged friends.
Getting them out of the house can be a hassle, especially if you have to rely on professional childcare or pet boarding services.
See if your friends or family can take your kids or pets while your contractors are at work to save a good chunk of money.
When it comes to a household project, things will go wrong. Remember this crucial rule before you start your next reno.
While you can’t predict exactly where things will take a left turn, you can set aside some money for the unexpected.
This extra cushion can help in an emergency, and when that fails, an installment loan can be a backup.