Tax Deductions for Homeowners: How the New Tax Law Affects Mortgage Interest Tax changes for 2019 change the landscape for homeowners. Tax season is upon us once again, and to make it even more
12 Hidden Renovation Costs That Can Sink Your Budget
12 HIDDEN RENOVATION COSTS THAT CAN SINK YOUR BUDGET
You knew this renovation would be expensive. But you were smart. You accounted for everything in your budget.
Or, you thought you did.
Two weeks into your kitchen makeover and your wallet is weeping.
Surprises happen. Shelling out cash on unexpected renovation costs isn’t completely avoidable — but there are plenty of hidden renovation costs you can prepare for. Here are some of the surprising things that can set your wallet on fire during your next big project.
#1 Extra Muscle: $500
Even if you’re just clearing out the renovation space by moving boxes downstairs, you still might find yourself in need of a few strong hands.
You could move as much as you can beforehand, but the movers still cost about $500.
#2 Anxious Pups: $125 Per Week
Some pets have nerves of steel. Others cower at any unexpected noise or strangers. And construction zones are full of noisy strangers: dropping wrenches, hammering, or stomping through your home in metal-toed boots.
Doggie daycare can be stressful for the dogs and the budget. But planning your work during your sitter’s down season can save you some cash.
#3 Dinners Out: $80 Per Week
Cooking without a kitchen challenges the best chefs — there’s a reason it’s a stalwart Top Chef challenge. Even if your kitchen remains intact during the reno, putting together a meal in a home filled with dust is no fun at all.
Instead of single-handedly funding your favorite restaurant’s expansion, its recommended to store pre-prepped, microwaveable meals in a chest freezer. Or setting up a makeshift kitchen.
#4 Dumpster Fees: $400
Construction junk has to go somewhere. If you’re DIYing the remodel, dumpster fees might come as a surprise.
Expect to spend about $400 on your trash-mobile, but contractors can provide localized, ballpark dumpster estimates.
Once it’s in your driveway, save some extra cash by using the dumpster to ditch unwanted stuff accumulating around your house. Say goodbye, without paying extra disposal fees. Just leave room for the construction junk.
#5 Hotel Stays: $500
You’re determined to live at home during the renovation, but if a contractor accidentally smashes through your bedroom wall or the noise gets too unbearable, you might find yourself packing up for a short stay in a nearby hotel.
You don’t need to book your hotel beforehand, but budgeting enough cash for a few days’ away will make the decision to abandon ship a bit less stressful. Or ask to stay with some friends.
#6 Childcare: $175 Per Week
Checking your calendar, you realize demo day coincides with the kids school. You can’t have the adorable little rascals stomping through the dust — so off to the sitters they go. Another $100 down the drain.
Try to pre-arrange playdates for their days off to keep your wallet in check. Or bring over Aunt Margie to keep the kids entertained in a spare bedroom.
#7 Labor Costs: $50 Per Hour
Delays, schedule changes, and unexpected surprises don’t just add time to the renovation — they mean paying more to the workers.
Know each contractor’s hourly cost so when disaster strikes, you can budget appropriately.
#8 Professional Cleaning: $150
Your new kitchen features sparkling, brand-new marble and stunning oak cabinetry — but you can’t ignore the fine layer of sawdust covering everything.
You can try cleaning it yourself but if the mess is too daunting, consider hiring a service as a post-renovation treat. Even if they’re just handling the hard-to-reach spots, a little help will be more than welcome. Now all you have to do is go home and relax.
#9 Office Space: $195 Per Month
At home workers have their own renovation challenges. How can you take a phone call with clients when a drill is whirring overhead?
But privacy doesn’t come cheap: A “flexible desk” at a co-working space can cost $195 per month — and more if you need a closed door.
Instead, try working at coffee shops or a library as often as possible.
#10 Higher Utility Bills: 15%-20% Extra
Doors opening. Fans whirring. So many power tools. Is there anything in construction that doesn’t suck up energy?
Don’t feel bad if you’re a bit of a nag for windows being closed or lights staying on. Unless the breeze is necessary (drying paint and new hardwood floors require ventilation), pop upstairs every evening to close the windows.
#11 Lawn Landscaping: $1,500
Did they really need to put their equipment on your beautiful Kentucky bluegrass? For some reason, renovating the interior can mean your lawn takes a beating that only a professional landscaper can repair.
Ask contractors beforehand if they plan on using your yard for staging, and place down tarps to protect the foliage. Or find alternative spots, like the attached garage or gravel driveway.
#12 Permits: $1,000
Before the first sledgehammer swings, sit down with your contractor for a detailed discussion of exactly what permits you need.
But make sure you know early on if they don’t, otherwise you’re in for a surprise. They can run up to $1,000 or more.
Kim Hancock Is Selected To Join Excelleum Community Marketing Real Estate Network Debbie De Grote, founder and CEO of Excelleum Coaching and Consulting, announced today that Kim Hancock an accomplish....