Home Renovation Part 2: Hidden Costs

home renovation hidden costs to avoid

FIND SOMEWHERE TO SLEEP

If you’re changing your floors or re-fitting new carpet in your bedrooms it will likely take more than just a day to complete, so you’ll need to plan for your household members to sleep somewhere in the meantime. A few days away from home means extra costs, so be sure to factor this into your renovation budget.

Don’t forget your pets either – you may want to arrange for a kennel or someone to look after your furry friends for a few days!

PERMITS

If your renovation involves anything more than just surface changes you’ll likely need to obtain the right permits for the modifications to your home. Typical permit requirements include changes to the home’s existing footprint, plumbing and electrical wiring. Depending on the extent of your renovations, these permit costs can easily run into the thousands of dollars.

If your house hasn’t been renovated in a long time, be aware that building codes may have changed since that last time the house was upgraded too.

DISPOSING OF WASTE MATERIALS

Renovations involve replacing the old with the new, so you’ll need to dispose of the debris you’re taking out of the house. Depending on your location the costs involved with disposing debris can mount up quite easily. Some municipalities have a broader range of acceptable waste for curbside pick up than others, so speak to your council and find out what’s able to be picked up for you and arrange removal or transport of the rest of the waste.

PROPERTY LINES

If you’re planning on putting up a new fence or erecting a wall close to your property lines make sure you get a land survey of your property completed to ensure you’re not building into neighbouring lots. A typical land survey will cost just a few hundred dollars, so factor that into your renovation budget too.

FINISHING TOUCHES

Apart from the structural and big-ticket items that you envisage with renovating rooms in your home, you’ll probably want to modernise a range of items to finish off your renovation. These include updating Wi-Fi boosters, adding in speakers, lighting changes and decorative features. Extra wiring and plumbing options will also boost the value of your home and make it easier for you to make further upgrades into the future.

AFFORDING YOUR DREAM RENOVATION

When looking to do renovations on your house without the necessary capital – no need to worry, you still have options. If you’re looking to finance your home renovations, Yes Loans can help. Our personalised loans come with a range of options and loan protection insurance. Once you have finalised your budget contact one of our personalised loan experts or apply direct for fast, efficient pre-approval so you can finance your renovation.

Head on over to Part 3 of our Home Renovation Blog series for tips on when to DIY parts of your renovation and when it may make better sense to call in a contractor.