Look out for the hidden costs of DIY projects

The home renovation industry is booming — and that’s reflected in the cost of upgrading a home.

Home Guide says remodeling a kitchen costs $25,000 on average, and a bathroom renovation runs around $10,000. Though rates fluctuate depending on a host of variables, renovations can cost $15 to $60 per square foot, depending on the project.

The average homeowner wants to save as much money as possible when renovating their home. Many think doing much of the work is the easiest way to keep costs low. Some homeowners may not realize that DIY can be costly and a big hassle in the long run. The following are some hidden costs of DIY and renovating in general.

TimeDIY projects are a significant drain on free time. Homeowners taking the DIY route typically work on weekends or after work. Only some people can devote their undivided attention to a remodel like a contractor can. Time is a valuable resource that is not renewable.

Therefore, think of a DIY project in terms of what it would equal in lost wages. Because homeowners are not professionals, a DIY project may take double the time a contractor would take. It may be worth it to simply hire it out.

MistakesMany resources are available to help DIY enthusiasts work on a project, but there are still tricks and techniques learned after years on the job. DIYers may damage their homes by taking shortcuts or not understanding how to do a job properly. A plumbing mistake, for example, may lead to flooding that damages another room in the home. And such mistakes may not be covered by homeowners insurance policies.

FinesPermits are required for many home improvement projects. Forgetting to obtain permits or not realizing one may be necessary could subject you to hefty fines and force the job to be redone so it’s up to code. Professionals likely know the rules regarding permits and often include the cost of acquiring permits in an estimate.

RemediationOnly after opening up walls or removing floors can you discover issues you did not anticipate, such as termite damage or mold. These unforeseen factors can drive up the overall costs of a project.

DisposalRemoving old building materials or gutting a room is part of many renovations. Chances are this refuse cannot be left at the curb for trash pickup. As a DIYer, you may not factor in the costs of a dumpster or the time and money required to haul debris to a recycling or landfill center.

ToolsDIYers may have to purchase tools as they engage in new projects. These expenses can add up and negate the savings of doing some of the work yourself.