The day you choose to renovate your home is an exciting one. It marks the start of a new beginning with your home, giving you a chance to refresh your space.
Eventually, you’ll transform your kitchen or bedroom into something that suits your style perfectly. But it won’t always be smooth sailing. Sometimes, disaster strikes. DIY homeowners and professional contractors can run into unexpected issues hiding behind tile and drywall.
The Experts Recommend Planning for These Disasters in Advance
There’s no guarantee your project will go wrong, but there is a good chance you could run into something unexpected. Even the pros realize the odds aren’t in their favor. They always recommend adding an extra 25 percent to your cost estimates.
If you think the job will take $5,000, you should aim to save $6,250 to include a 25 percent cushion. That extra $1,250 serves as a backup should anything go wrong, so you don’t have to halt the renovations.
Unfortunately, some issues can cost more than your cushion allows. Many homeowners feel safer having a line of credit available, so they can tap into this limit in an emergency. This way, you can make unexpected repairs to urgent issues without waiting to save more.
Finding a line of credit online is easier when you research options in your state. For example, if you call Arkansas home, you’ll want to type this into your search: Arkansas line of credit. This will direct you towards financial institutions licensed to lend in your state, so you may safely borrow money online in Arkansas, if approved.
Be Prepared for These Common Setbacks
While a 25 percent cushion is broad advice that applies to most projects, knowing what you could face helps you be better prepared. You can increase your cushion as needed to reflect the following setbacks.
1. Previous Renovations
If you live in a century or historical home, the biggest threat to your next renovation is a past renovation. There’s no guarantee the previous homeowners or contractors did a good job.
You can never know if the previous homeowners knew what they were doing, followed the right building codes, or got the appropriate permits — whether they worked 5, 25, or 50 years ago. If you inherited shoddy work, you might have to take time and money to undo their mistakes.
2. Out-of-Code Electrical
Arkansas’ safety standards regulating household electrical work are some of the most important rules in renovations. Old, out-of-code electrical is a safety hazard for anyone who handles it. It’s also a ticking time bomb, as incorrectly wired electrical can cause a fire.
Rewiring a house is expensive, with HomeGuide estimating between $2,000 and $9,000.
3. Hazardous Materials
If you pull down drywall to reveal asbestos insulation, you’re in for a big bill in your future. While asbestos insulation was the standard before the 1970s, it’s currently banned as a toxic material today.
It can cause mesothelioma, lung cancer, and chronic respiratory conditions if you disturb it and breathe it in.
Many states, including Arkansas, have laws regulating how you handle asbestos in the middle of a renovation. You’ll need to hire a professional team of asbestos removal technicians, which can cost as much as $30,000 to rehab an entire house!
Bottom Line:
Home renovations may come with a few surprises. Knowing what other DIY homeowners and contractors run into can help you prepare for the worst. Keep these issues in mind to prep your budget properly.
