What are the risks of renovating your home

Home renovation is an exciting experience, but there is a lot to consider when you are revitalizing your home. There are associated health risks that need to be dealt with correctly or else they can pose danger to your family. Beside this there are insurance essentials to take care of. If you have a pear-shaped house renovating it can be one of the most expensive and distressing experiences of your life. The best way to approach for renovating your house is to be aware of all the associated risks.

Health risks

If you are considering to renovating an older house, you need to be extra vigilant. Because it might have been constructed with injurious materials. Most of the materials that are used in building houses are composed of pollutants that are associated with various health complications. These problems often go unnoticed when renovating houses and the harmful construction materials may lead to critical health problems, even death in some cases.

Sometimes house owners are responsible providing a safe environment for working. If they failed to do so, it could break health and safety laws resulting in penalties as well as possible prosecution.

Damage or theft risks

When homeowners are responsible for managing the renovation project they need to be extra watchful and proactive. As they have to buy and arrange all the related materials. Hire the tradesmen and also coordinate the schedule for construction. The most important thing of all is that the owner will have the responsibility of organizing the insurance.

This includes getting contract works insurance, which is also known as builders or construction risk insurance. This type of insurance covers the risks associated with the building work. This includes risks such as theft, accidental damage, fire, subsidence and damage caused due to storms and other natural disasters. It is always best to contact your insurance company beforehand in order to sort out the insurance essentials.

But generally the owner of the house is liable for insuring the project, even if he/she have hired a constructor to look after the entire job. This is usually because the work is being carried on an existing building.

Financial risk and the cost of repairing imperfections

Selecting the right contractor is one of the most important for a successful house makeover. Moreover, there are associated financial risks also because it takes a huge amount of money for renovating a house. It is a smart idea to check the references while choosing a builder and signing a written contract consisting an agreed payment schedule. Make sure to restrict paying advance money as much as possible in your agreement. And, most importantly, make sure to know to what guarantees the builder can offer you.

One of the best things you can do to protect yourself against the financial risk is to have an independently-insured builders guarantees in place. It will cover the following things:

  • Completing the whole job at the agreed price.
  • If work has not been commenced on time, you can have your money back.
  • Repairing any potential defects for 10 years after the project completion.

They will also increase the overall value of your house. And, if you decide to sell it, your potential buyers will be assured about the repairs of any possible problem that may occur later.

A successful house renovation is a quite rewarding experience. However, if any problem occurs and is not dealt with properly, it can turn into a horror ordeal. Thus, it is wise to make a small upfront investment and get the correct insurance like an independently-insured builders guarantee. It will limit the possible risks and you to enjoy the renovation process as well as the outcome.

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