Remodelling your home is expensive – we all know that. However, few of us consider all of the cost involved when budgeting a renovation. Here are some of the hidden expenses and how you can combat them.
Dealing with plumbing and electrics
Most remodelling can’t be done without having to fiddle with pipes of electrical wiring. Because this can be risky work, it almost always requires hiring a professional. This can severely push the price up of a construction or conversion project. However, there are some ways that you can lower these costs.
Where possible you should try to avoid moving fixtures such as sinks, ovens, white goods and bathtubs. You won’t then have to relocate gas and water piping. When it comes to electrics, there are many cost-efficient ways of getting around aspects such as lighting. For example, track lighting will cost a lot less to install than spot lighting due to less wiring needed.
Meeting legal standards
Environmental laws, health and safety requirements and planning permission regulations can sometimes result in having to tweak a project to make room for extra features. This can be expensive. For example, a loft conversion that is classed as a liveable space may require raising the roof to meet legal requirements, as well as possibly adding a staircase. You’ll then have to get planning permission, which could push the cost up more. Sites such as renovate.com.au/ offer more information on these rules and regulations.
Getting rid of the rubble
Renovations create a lot of mess, which will need to be disposed of. This may require hiring a skip if you’re not using professionals that already supply one. It can often be worth shopping around for such service as prices can vary. Some companies such as dirtcheaprubbishremoval.com.au/ may offer a more affordable service for those on a tight budget. In some cases, you may be able to take the waste to a dump yourself, but be careful as some materials could damage certain vehicles.
Powering your renovation
A lot of people aren’t prepared for the energy costs that a renovation can result in. Power tools may churn up a lot of electricity. Some contractors may take along a portable generator rather than using your electricity, but this is a rarity. Consider these higher bills when getting work done to your home.
Paying off a personal loan
Few people will have the funds to afford a home improvement. Many may take out a loan to cover the costs. However, you should be aware of the high interest rates that could come with such a loan. Certain lenders such as societyone.com.au/ offer specialist low interest home improvement loans which could be a great help. However, these may require a clean credit score. Whilst many high interest loans are open to people with low credit ratings, you shouldn’t be sucked into these as you could end up paying as much as an extra 50% in the long run.