Repairs and Renovations that Cause Cost Blow-Outs
Buying a home is an exciting prospect, but if you buy the wrong property, you could end up with massive, unexpected costs in repairs and renovations. Even if you love the home you're in and plan to renovate, it can be difficult to predict major issues that lead to cost blow-outs. Here, we detail some of the more common budget busters and how to avoid running out of renovation money mid-project.
Common Cost Blow-Outs
Two of the most popular renovation areas are the kitchen and the bathroom. There are a lot of different costs involved with these, and plumbing is the big one. If you're launching a total renovation and rejigging the room's layout, moving appliances and fittings around could lead to moving pipes and electrical work to accommodate the changes. That's when you run the risk of cost blow-outs.
If you can avoid moving pipes, you should. If you can't avoid it or the pipes need to be replaced, ensure you fully cost this before you think about starting the renovation.
Avoid making last-minute design changes once things are set and you've started ordering materials, that can quickly spiral out of control and blow your budget.
Roof replacements can be a particularly costly issue, so if it already looks tired, you might want to factor in that cost when you decide whether the investment is worth it. That being said, a building inspector can shed more light on the roof's exact state as part of a standard building inspection. Ideally, dealing with repairs as soon as a problem arises with your roof will extend its life, and that means regularly checking to ensure there's no visible damage or damp spots in your home from a potential leak.
House restumping or reblocking is always a challenge because it means replacing the home's foundation. The professionals lift the home to remove the old stumps and replace them with concrete, which can take more than a week to complete.
It's a big investment, but it can have a serious impact on your property's value. If the property was built on timber stumps, it would be a necessary task at some point. Timber stumps can last anywhere from 15 to 80 years, but there are certain telltale signs it's time: if the floors are uneven, there are cracks in the brickwork or plaster, the doors are uneven, windows jam, or there's a slight bounce in floors at the centre. Be sure you get a detailed quote from several contractors before you proceed.
If you're thinking about buying or selling, it's worth thinking about curb appeal. House painters can freshen up the exterior's aesthetic to give the place a facelift, but that can only do so much if there are structural issues with a property. If you're viewing a freshly painted property, the building inspection becomes even more important to ensure the paint job isn't hiding bigger issues.
Avoiding Cost Blow-Outs
One of the biggest issues people run into is a lack of detailed plans or low-balling the budget, underestimating costs, and not building enough contingency budget into the costs. Some issues are unknown until the work begins, and then the full picture becomes clearer, so you need to leave room in your budget to accommodate surprises.
A contingency fund should contain anywhere between five and 20% of the total budget, which should be determined based on the type of repairs or renovations you plan to carry out. If you work with experienced professionals, they will be able to provide more accurate quotes.
