For every successful reno that goes off without a hitch, there are twice as many that go wrong. It happened to your cousin, a neighbor, and a friend of a friend. Their stories are enough to scare you off of making important upgrades to your home.
But they shouldn’t.
Let’s take a look at two ways a reno can go wrong. But don’t worry, it’s not all doom and gloom. Read on to uncover the possible solutions to your reno nightmares.
Reno Mistake #1: Something Breaks
Some renos involve tearing down walls, ripping up floors, or taking a sledgehammer to your shower wall. Depending on your plans, you’ll be expected to see your house in shambles before you build it back up again.
But some renos involve damage you weren’t expecting. Let’s say your contractor breaks a window that wasn’t involved in the reno. Or you drop the set of tiles meant for your kitchen’s new backsplash.
How you go about fixing it depends on who caused the damage.
Did you hire a contractor?
If you hired a licensed contractor who ends up damaging your property, you have a couple of options. Their license means they’re insured, so they can file a claim to have these damages covered. Alternatively, they may cover the costs out of pocket.
Are you to blame?
If it wasn’t a professional but you who broke the window, your options are less attractive. Look to your reno plans to see what you can cancel and relocate cash to cover the damage.
But if there isn’t anything to slash from your budget, you may Credit Fresh in an emergency. An online personal line of credit is fast and easy to get, so you won’t have to wait weeks to take on urgent repairs.
In many ways, an online personal line of credit acts like a mainstream bank line of credit. It’s a safety net for when things go wrong, and it can help build credit if you pay off your online personal line of credit on time.
Reno Mistake #2: You Run out of Money
Imagine getting three-quarters of the way through a reno only to realize you don’t have enough cash to finish. Now that would be a nightmare. But it could be a reality if you don’t plan properly.
While a line of credit is a great backup when things go wrong, don’t plan to use it whenever your budget needs a boost. The best solution to this issue is taking preventative steps to make sure it never happens in the first place.
Run through your budget often
Look at your budget from every side to make sure there aren’t any weak spots. Don’t include any vague calculations or estimated costs. You’ll want to know the exact price of labor, equipment, materials, and permits before you start any work.
You should also build a cushion into your budget. You don’t want every available penny to have a purpose. If something goes wrong, you won’t have any leftover cash to help cover the issue
Focus on the needs, not the wants
Frills are often the most fun parts of a reno, but they’re also usually the most expensive. If you’re worried about going over budget, strip your to-do list to the bare essentials.
Remove quartz countertops, a rainfall shower, and marble tiles from your budget. These are luxuries.
Instead, focus on structural tasks that you need to do to improve the safety or comfort of your home. Things like updating old electrical or repairing leaking plumbing should take precedence.
Things go wrong all the time. That’s a normal part of renovating — and life! What’s important is how you bounce back after something goes awry. Remember these tips in case your next reno doesn’t go as planned.
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