Hidden renovation costs
When it comes to adding value to a property, renovations are one of the most popular ways to maximise the value of your home - and can be very lucrative when it comes time to sell.
Before embarking on a renovation project, it’s important to budget. Often times there are unexpected costs that can blow your budget - simply because you weren’t aware of them. Here’s some things to be on the lookout for.
Applications and permits
Do your research around what council approvals you need to undertake your renovations. Most approvals incur a fee so it’s worthwhile talking to your local council before committing to any renovations - no matter how small they might seem.
The impact of bad weather can be more than just setting back the completion of renovations. Storms and wet weather can damage unfinished work as well as the materials that are being used in your renovation. Weather setbacks can add up in cost and you should plan for this before setting out on a project.
An issue some homeowners face once renovation is underway is uncovering pests such as termites - particularly when renovating older properties. When pests are concealed in areas that haven’t been uncovered in years (and some cases never at all) they need to be dealt with immediately and that’s another cost you’ll have to factor into your renovation.
When you’re renovating, there’s generally a lot of material that goes with it and in some cases you’ll need those materials delivered. When setting out your budget to buy your renovation materials (and perhaps you need to buy new furniture and appliances to go with it), factor in a delivery fee. It might not seem like much, but if you have multiple deliveries, it can start to add up.
The most important thing to do before you set out on a renovation project is to make sure you have financial security and don’t spend above your limits. Knowing what you can comfortably afford - and sticking within that budget - can give you peace of mind that you won’t meet with financial difficulties down the track.