The Hidden Cost Everyone Forgets To Budget For In A Renovation

Budgeting for and funding a home renovation is a demanding task, with many moving parts, uncertainties, and assumptions thrown into the mix. Considering this, you want to plan it well and be as thorough as possible. However, there's a hidden cost everyone forgets to budget for in a renovation: home inspection fees. And you might have to shell out anywhere between $300 and $500 for an initial examination. Although, keep in mind that a specialized assessment will cost you more. Basically, you must set aside a few hundred dollars for getting your abode inspected, or risk your budget going off the rails mid-renovation.

While not completely necessary (unless you're buying a property before remodeling it), having your house inspected by professionals will help you understand whether there are any serious issues plaguing it. To illustrate, building a covered porch will increase your exterior's aesthetic appeal. But not having it examined for structural problems can prove costly down the line. After all, you don't know whether your current structure can handle the added weight. Similarly, if you want to add the most-wanted features in your bathroom to boost your home's value, it'll serve you to have the room inspected for mold and mildew before you start to avoid project delays later on. Following the same logic, have your plumbing checked for leaks and electrical wire for incorrect or frayed connections prior to revamping your place, or the hidden renovation cost here can blow your budget. To avoid this from happening, it's always better to set aside a few hundred dollars for inspection even if you're tempted to forgo this extra step.

If you want to get a regular home inspection done, the earlier estimate (of $300 to $500) holds true. However, the more exact figure will depend on your location. To elaborate, New Yorkers and residents of Philadelphia can expect to pay about $450, whereas individuals living in Miami will have to pay about $300. Additionally, the size of your home will also affect the inspection fees you'll have to bear. If your space spans less than 1,000 square feet, expect to pay between $200 and $250. The fees will go up as the square footage goes up, with houses spanning 2,000 to 2,500 square feet costing $275 to $400. That being said, some contractors charge a flat fee for their services, so don't forget to inquire beforehand. Plus, if your home is on the older side, you'll have to spend more money. It's because there's a higher chance of them flouting current code requirements and demanding more time as well as effort.

But if you already have an inkling of what's ailing your residence, you want to hire specialized home inspectors to understand the extent of damage. For example, if you think there's something wrong with the plumbing, having a pro make a house call can cost up to $575. More serious problems, like foundation-related issues will run a bill of approximately $600, while mold will cost about $660 and asbestos can force you to spend about $490. In a similar vein, HVAC, electrical, chimney, radon, and tree inspection might put you back by $300, $340, $450, $250, and $450, respectively.