Hidden Costs of a Remodeling Project

The average cost of a home remodel in the U.S. can vary depending on style, where you live, and the overall state of the economy. As with any other renovation project, there are also hidden costs for the home renovation you should brace for. Here is an overview of the major expenses you may encounter during a home remodel.

Obtaining Permits

First, you need to get a permit from the local government that authorizes your home's construction, alteration, or demolition. Generally, the cost of obtaining a building permit varies based on your location. You can obtain permits freely in some areas. But in most areas, expect to pay $50 to $300 for small jobs electrical and plumbing jobs and $500 to $2,000 for major repairs.

You Have to Pay Your Contractor

If you're going to hire General contractors, you should designate 10% to 20% of the total project cost for paying your contractor. Larger projects like full bathroom renovations or change of floor plan may cost up to 25% of the project costs. Smaller projects like hanging drywall or installing shelving may cost a paltry $200 to $500.

Furniture Removal and Storage

A furniture removal is not a simple task, and its cost differs depending on a range of factors. Before hiring professional furniture movers, you need to consider the furniture size and weight, moving distance, and several items. On average, furniture movers charge $90 per hour. This amount may go higher should the movers consider fuel charges and additional fees for stairs, elevators, and doorways.

Demolition Costs

You may need to demolish walls, pillars, frames, and doors during a home remodel. The cost for this process depends on certain factors such as lot size, foundation type and the materials used for construction. Expect to pay between $2 to $18 per square foot. The charges may go higher if your home is located in a densely populated area or city.

Disposal of Construction Debris

Construction debris includes wood, drywall, nails, insulation, carpet and fixtures that remain during the remodeling process. Depending on where you live, you may be able to dispose of some or all of the debris for free at a local landfill or transfer station. But if you have to pay for disposal, expect to pay between $70 and $250 per ton, depending on where you live. It costs more if you live in an urban area with a lot of building activity.

Property Survey Fees

Whether you are buying a property or planning to build a new one, you must pay for the property survey fees. Property surveyors typically charge $400 to $500 for smaller projects, $600 to $1,000 for larger jobs and $1,000 to $2,000 for multi-unit buildings. The more work the surveyor does and the more information they gather, the higher the cost.

Any Kind of Remediation

Remediation fees in construction refer to the expenses incurred by the homeowner during the construction due to the environmental impact of the construction process. The fees also cover the cost of disposing of hazardous waste, such as asbestos, lead-based paint, and mold. Remediation can be expensive, costing upwards of $10,000. This overhead cost may be necessary if you live in an older home where asbestos was

Adding Finishing Touches

Finishing touches include everything that goes into making your rooms look perfect.

You will pay around $10K-$15K for a basic room for home remodel. But for something more customized and luxurious, the price can go up to $50K or even above. The amount you pay will depend largely on your personal preferences and available in your desired location. The little details will tie a room together and make your home warm and welcoming. Things like adding an accent chair to a room or installing a stylish deck railing will make all the difference.

Securing Child Care or Pet Care

Having a child or a pet does cost more than people think and the expenses are sometimes unexpected. For example, in California, a nanny's rate per hour ranges from $15 to $26 an hour and up to $35 an hour in New York City, according to Care.com. Conversely, a dog walker makes between $10 and $18 in the two cities.

Housing Accommodations and Food

While you are not required to provide free lodging to your employees when they work at home, you do need to pay for their housing costs in addition to food. The amount you will pay depends on your employee's location, and there is no specific standard for an appropriate amount. Also, you may need to relocate as your home is undergoing a remodel, which comes at a cost.

Project and Production Delays

Project delays occur outside forces that you have no control over. They include weather factors, subcontractor availability, and unforeseen problems, such as a pipe bursting or a slab cracking. These delays can add up to 15% to 25% in additional costs for your remodeling project.

Cleanup

Cleanups ensure that your home is spotless again, so they are part of the general remodeling process. Averagely, cleanup costs range anywhere from $500 to $1,000, depending on the size of your home. The extent of the damage also impacts clean-up costs, especially if you have to remove debris, paint, plaster, and boulders inside your home.

Conclusion

Remodeling your home is worth every single cent. It can increase your home's ROI, aesthetics, or livable space. Here at Brennan, we understand your need to align your project to the budget. So, we've shared the most prevalent hidden costs that often go unmentioned when making a quote. Don't get blindsided during this critical moment. Contact us anytime you need help choosing what needs to go into your remodeling budget and what shouldn't.