Page 9 - Hawaii Renovation - May 7, 2023

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TIPS FOR NAVIGATING
HIDDEN COSTS
MAY 7, 2023
HAWAII RENOVATION 9
ABY CAROLINE WRIGHT
s Graham Builders vice president of operations, Ryan Graham has seen
many situations in which hidden construction costs catch homeown- ers completely off-guard, delaying projects and sometimes derailing them completely.
“Building or renovating a house involves more than just the obvious costs, like materials and labor,” he says. “It’s really important to account for all po- tential expenses before diving in.”
Permitting and fees: Obtaining permits and paying fees for design, engineering, surveys and utilities can add up quickly.
TIP: Ask your builder for a list of pre-construction fees. Experi- enced builders can anticipate them and provide a rough estimate of their total.
FYI: “Graham Builders pro- vides each client with a detailed list of fees, relative to the scope of work, that they will incur prior to any design or construc- tion,” Graham says.
Rental property/storage: If you’re planning a major remodel or new build, you’ll probably need to include the cost of a rental home in your budget.
“Some homeowners want to stay in their homes during major remodels, not realizing how chal- lenging that can be,” says Graham. “If you’re doing a kitchen or bath remodel, how will you cook and clean for your family?”
TIP: Graham recommends dis- cussing your plans with your con- tractor before starting your proj- ect. Research storage facilities for
furnishings you won’t need. Start looking for rental properties early, at least six months before your proj- ect begins, and obtain a construc- tion schedule from your builder to determine the length of your lease.
FYI: Graham Builders works with realtors who have experience assisting clients with short-term rentals.
Unexpected costs/hidden de- fects: During remodels or additions, hidden issues like water and termite damage, antiquated wiring and cor- roded plumbing could add signifi- cant costs to your project.
“Some repairs require multiple trades,” Graham says. “For ex- ample, replacing old electrical wir- ing requires drywall removal and replacement, light fixture replace- ment and painting.”
TIP: Create a contingency fund that’s not part of your total con- struction budget. Ask your contrac- tor about potential hidden costs and a reasonable amount for the fund, relative to the age and condition of your home, and the scope of work.
FYI: As standard practice, the Graham Builders team always care- fully inspects and accounts for the condition of each home it remodels, and advises clients of appropriate contingency allowances for poten- tial hidden defects.
Financing costs: Financing for
a new construction project often comes with additional costs like closing costs, origination fees and appraisal fees.
TIP: Explore your financing op- tions. Find a mortgage broker who will provide multiple lending op- tions.
FYI: Graham Builders works with a mortgage broker that pro- vides financing for its clients.
“It’s essential to consider all the potential hidden costs before starting your project to ensure that there are no surprises along the way,” concludes Graham. “An experienced firm that anticipates these costs on your behalf can save you thousands of dollars in the long run.”
Honolulu design/build company Graham Builders is the recipient of the Better Business Bureau of Hawaii Torch Award for ethics in small business. Learn more about the basics of home remodeling and rebuilding at Graham Build- ers’ free Building Your Home for Life seminar from 9 to 11 a.m. on June 3. For information and regis- tration, visit grahambuilders.com or call 808-593-2808.
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