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The Hidden Costs Of Renovating Your Home

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renovating your homeRenovating a house can be an exciting time. Finally being able to model your home the way you wanted it, perhaps increasing the amount of space available for you and your family, or just rearranging the space you have so it works better for you can all be incredibly rewarding, but somewhat daunting to the average DIY enthusiast.

With so much to think about, and to plan, it can be easy to forget to budget for those unexpected costs that can be involved in a renovation project. Hidden costs can range from a couple of hundred up to many thousands of pounds on top of your original budget, so be sure to fully think things through, or speak to an expert to ensure you are being comprehensive with your plans.

Hidden costs

Some of the commonly overlooked expenses in a renovation project include:

* Surveyors and engineers: If you are extending and have any issues with the land you are building on, you might need to employ the services of an engineer or surveyor, the costs of which are typically in the region of £300 upwards. Specialist archaeological surveys can cost as much as £3,000 and the delays associated with this can all add to the overall cost of construction.

* Finance costs: If you are loaning some money for your renovation project, don’t forget to account for the interest and charges that go with mortgaging or getting a personal loan. If you need to get a lenders survey to obtain the mortgage, you could be paying £300 – £400 for this too.

* Delays: Anything can cause a delay. Delivery of materials, poor weather conditions, planning complications and a whole list of other issues can all cause the project to go on hold for a day or more, but your hired labour and equipment will still have to be paid for while you wait.

* Theft or vandalism: If your house is open to intrusion at any point during the renovation, there is a risk of tools and materials going missing. The cost of replacing these can run into hundreds, if not thousands of pounds.

* Storage and accommodation: If you need to leave your home during the renovation, don’t forget to factor in the cost of accommodating your family for the duration. Putting your belongings into storage makes a lot of sense, but bear in mind this typically costs in the region of £200 for the contents of an average 3-bedroom house.

Raising the cash

If all this has made you think you might need to raise some extra money for your renovation project, you could consider selling your unwanted goods to raise some collateral. Items such as CDs, furniture, clothing and electrical goods can all raise a pretty penny in today’s frugal marketplace, and can also serve to free up some space which will make the whole project a lot easier.

Simply search for online auctions, sites that say “we buy clothes for cash” or local classified boards to turn your unwanted items into much-needed equity to help with your renovation.

Updated: February 2, 2014 — 2:54 am

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