Unanticipated Expenditures Exceed £4,000 Following Completion of Home Renovation Project
Unexpected Post-Renovation Costs: A Homeowner's Guide
Home renovation projects can often lead to unforeseen expenses in the aftermath of the construction. Ruth Emery, a homeowner from north London, recently completed a major renovation on her Edwardian terraced house, which included a loft conversion, new kitchen, and additional bedroom and bathroom. However, she found herself encountering unexpected costs totaling over £4,000 in the post-renovation phase.
Here are the six main categories where Emery incurred unplanned expenses:
- Professional Cleaning: A professional cleaning service cost £390 to ensure a thorough clean of the house after the builders finished their work.
- Home Insurance: The increase in the house's square footage necessitated a change in the home insurance policy, resulting in an additional £85 in annual premiums.
- Replacement and Additional Furniture: Emery spent £2,859 on new furniture for her children's bedrooms, as well as a master bedroom wardrobe.
- Finishing Touches: Additional costs for loo brushes, hand soap, hand towels, a stair runner, curtains, and a lampshade amounted to £421.
- Extra Painting: The front door, which had been damaged during the renovation, will cost an estimated £300 to repaint.
- Bringing the Garden up to Scratch: Updates to the garden, such as purchasing a new garden table and replacing fence panels, totaled £315.
These charges served as a reminder for Emery to set up a fund for post-renovation expenses, ensuring that the home can feel cosy and complete while avoiding any financial headaches.
Homeowners planning renovation projects should be aware of potential hidden costs and take steps to account for them in their budgets. Factors such as electrical and plumbing upgrades, HVAC system updates, appliance replacement, mold and asbestos remediation, foundation repairs, labor costs, decorating, utility and structural work, and permit fees can all contribute to unexpected expenses. To manage these costs effectively, it's essential to create a comprehensive budget, hire professionals, and plan for contingencies.
- To avoid financial headaches caused by unexpected post-renovation costs, homeowners should consider setting aside a fund specifically for such expenses.
- Budgeting should include the total cost of finishing touches, such as curtains, lampshades, and other decorative items that can add up quickly, as well as unplanned repairs like painting a damaged front door or replacing fence panels.
