When calculating costs, estimating budgets, and obtaining financing, you will do well to expect to pay 20% more for your remodel than your best estimate. First, the scope of your project may change during the course of the project. Second, the cost of materials can increase between the time you price them and the time they are purchased. Third, a sub-contractor may charge more than the general contractor expected (based on previous experience). Fourth, something could involve more work than anticipated or something could go wrong. For example, your inspection of the area in which a new bathroom will be built might have indicated no mold or pest problems. When the contractor begins work, it is possible to discover mold under the current flooring material. Fifth, you could discover a defect in some item needed for the project that requires a delay in the work. No one can always foresee every possible problem and plan for it, so to save yourself the stress of surpassing your budget and not having the financial resources readily available, have sufficient funds available to pay 20% more than your best construction estimate.


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