How to Avoid the “Hidden Costs” of a Home Remodel

Embarking on a home renovation is an exciting venture, filled with the promise of a refreshed living space and the thrill of new possibilities. But beyond the excitement lies a crucial aspect often overlooked: the subtle and unforeseen costs that can potentially transform your renovation dream into a financial challenge. Since renovations can become complicated, we promise to make this easy to navigate.  

Here’s a list of those sneaky costs and how to manage them. 

• Bringing Your Home Up to Code

Worrying about building codes is not an exciting aspect of a home renovation, but unfortunately, it may be necessary. This involves making upgrades like electrical system improvements or structural adjustments to meet construction guidelines and enhance the overall safety and functionality of the home. Be sure to talk with your construction team at the start to verify whether or not you’ll need to factor this into your budget. 

• Surprise Structural Issues

Be ready for unexpected structural hiccups that can pop up during your renovation. Unforeseen problems like hidden rot or compromised foundations can throw a wrench into a project that would otherwise be smooth sailing.

• Permit and Inspection Fees

Paperwork isn't anyone’s favorite, but permit and inspection fees can add up. It's crucial to slot them into your budget to dodge last-minute surprises.

• Changes During Construction

Flexibility is key, but changes mid-construction can really bite into your budget. If you realize something isn’t quite right in the middle of your renovation, we don’t want to discourage you from speaking your mind and making changes that are important to you. But to be safe, it’s best to budget for those unforeseen tweaks and additions to your initial plan. By understanding our plans from the start, you can avoid unnecessary stress should the occasion arise. 

• Labor Costs

Cutting corners on labor might mean compromising the quality of your project. A home remodel is no small task, so you’ll want to consider the quality of professionals who can bring your renovation dreams to life and expect a labor cost to match. 

• Material Price Increases

Costs for items like lumber, flooring, tiles, paint, fixtures, and any other tangible materials required for the construction or improvement of the living space can fluctuate unexpectedly. Be prepared for price hikes especially if your renovation timeline spans an extended period.

• Construction Waste Removal

The aftermath isn't always pretty, and hauling away debris comes at a cost. Factor in waste removal from your renovations to keep your project site in check and compliant with local regulations.

• Hidden Mold or Asbestos

Unwelcome guests like mold or asbestos can creep up on you as you discover new corners of your home—especially when knocking down walls or removing old fixtures, exposing hidden areas where these contaminants may lurk. While the surprise cost might come as a shock, it’s only for the best that your attention is drawn to these health hazards sooner rather than later. 

• Temporary Housing

Depending on the scale of your renovation, temporary housing might be a necessity. When the construction work is so extensive that living in the space turns into a chaotic and impractical ordeal, you’ll be eager to get out of dodge for a while until things settle down. Consider the extent of your renovations to determine whether or not this may be called for and addressed in your budget. 

• Finance Charges

Financing your renovation may come with additional charges. If you’re taking out a loan, make sure to factor in interest rates and loan fees. 

• Cleaning and Finishing Touches

Finally, the renovation is complete! Well, not quite. There’s one last step to a professionally polished outcome. This last phase is a must, as it provides both a pristine living environment and the personalized touches that elevate the space to a stylish and welcoming home. If you don’t budget for cleaning and finishing touches, you may find yourself living in a messy construction site. 

The unfortunate truth about this industry is that these kinds of hidden costs are always showing up. Far too many contractors take advantage of their clients, continuously pushing back deadlines and increasing costs where they can. 

That’s exactly why we started Fine Point Homes in the first place, to bring transparency and ease to the home construction process. Since we started, we’ve been carrying out our mission by working through all of the potential factors and “hidden costs” with our clients. Through extensive preliminary research, our in-depth process (link to construction page) and clear communication, we work hard to remove these extra costs that often come from a lack of preparation. 

At the end of the day, be sure you choose a team that will think through these potential problems from the start.

Fine Point Homes believes in cutting through the confusion around your perfect home - whether that’s buying new or upgrading your existing house. We simplify the process and stay in touch during every aspect so that you always know what comes next.

If you’re interested in setting up an interview with our Construction team, contact us here.