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Homes in April 2022 sold for a median price of almost $425,000, up 15.6% year over year, according to Redfin. With the rising cost, you might have decided you’re better off staying put and fixing up your home than buying a new one.
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No matter how small or large of a home renovation you undertake, plan for cost overruns. You could encounter a variety of problems during your remodel that will throw your budget out of whack. Here are 10 potentially pricey problems to prepare for.
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Building permits are required by your local government any time you undertake a home project that will build something new or remodel a building already on your property. The permits are intended to make sure you comply with the laws; depending on the scope of the project, a building inspector might make a site visit to sign off on the work.
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Before you start any work, or before a contractor hammers the first nail, check with your city or town to determine whether a permit is required. Not having one could cause problems for you down the road, and you want to make sure you properly budget for it. The Family Handyman website estimates a building permit can cost $50 for a very small project or as much as $2,000 for a major one.
Underestimating the Budget
The National Association of Home Builders said the price of supplies used in residential construction climbed 4.9% in the first four months of 2022, 19.2% year over year and 35.6% since the start of the pandemic. Even if you’re completing what you otherwise think might be a simple DIY project, you don’t want to underestimate the cost. If you do, you could wind up with interior walls that are only two-thirds painted or a floor that is three-fourth hardwoods and one-fourth dingy vinyl.
Trying to DIY a Job for Professionals
Ever heard the expression “the cheap comes out expensive”? That’s exactly what can happen when you attempt a DIY project meant for professionals, and you could cause more harm than good. Trying to repair a furnace, remove asbestos, fix a roof, perform some plumbing or electrical repairs, remove trees or do some carpentry tasks are among the …….