Am I financially prepared for a renovation?

An architect can help identify the liabilities, if any, of your current home. By identifying liabilities early in the project, you can financially prepare yourself for areas that may require funds beyond those initially anticipated. Sometimes, however, problems are hidden, and are uncovered only after the renovation has commenced. Perhaps, during demolition, it’s discovered that the existing wood wall studs in your home are spaced on 4’-0” centers and the design calls for the addition of a second story. The existing wall construction will not adequately support the load incurred by the second story addition, as initially expected. Labor and materials are now required beyond the scope of the general contractor’s bid. Having a modest contingency fund in addition to your base project budget allows you to be prepared for an event such as this.