Renovating your home is not an easy process – there are going to be tons of things that will incur a lot of charge. So it’s best that you start saving now to have enough when your keys are finally handed over. However, most people do not always remember to set aside a separate contingency fund that might come in handy if your project runs a bump on the road. This fund is around 10-20% of the total cost, and is set aside for unexpected expenses that you might face during the renovation process. Here are 5 reasons you need to have a contingency renovation fund!
1. Unexpected dismantling
If you’re going to be altering your existing floor plan to add more panache into your home interior designs, then chances are that you might have to invest a little extra in the dismantling or face some unexpected structural changes. Sometime, these changes are minor, but other times, they can cost you a pretty penny.
2. Post renovation costs
If your entire renovation goes according to the allocated budget, then it’s all well and good – but have you thought about the post-renovation clean-up and other costs? Who’s going to sweep away the debris? Who’s going to get rid of all that sawdust from the carpentry? Who’s going to take care of the left-over materials? This is another one of those unexpected costs you need to be prepared for.
3. Fixing mistakes
Chances are, that you’re going to face several hiccups during the entire renovation process. It’s takes a lot of time and effort, and sometime, live construction work can end up causing mistakes. Your selected paint might be delivered in a different color, or the tiles might go out of stock. Such times call for unexpected changes, for which you need to be monetarily prepared for.
4. Change of plans
Other times, what you thought might look good in your home may end up looking not so pretty in reality when you’re conducting a site survey in the process of construction. During such times, you might want to halt the ongoing work and go for some changes. This change of plans can definitely cost you extra, which you need to be prepared for.
5. Unexpected damages
Whether it’s a scratched up floor or a messed up door architrave, you’ll need to prepared to dish out some extra money because practical work like renovation always comes with its set-backs. Even when everything is going well, you’ll need a contingency plan to keep everything in order.