ovator will discuss and/or provide an estimate for prior to renovation. Please remember, professionals still cannot see through walls and cannot allow for every possible scenario. There will be unknowns and associated extras and it is important to have a 5-15% contingency in a renovation budget for unknowns. Hazardous Materials – Asbestos was used as an additive to many building products, predominately between 1945- 1985, commonly used in plaster, drywall mud, flooring underlayment, fire resistant materials and tile flooring. A professional will allow for sampling and testing for asbestos and can provide an estimate in advance of the renova- tion for hazardous material removal, which should always include air sampling when completed to ensure your home is safe when the project is complete. Water Damage – This can be challenging for any contrac- tor to see before removal of wall or floor coverings and can range from minor to significant rot and mould. A profes- sional will know how to handle this type of situation and will typically charge based on time (an established labour rate in the contract) and materials, which will include a rea- sonable mark-up. This is known as a time & materials contract and can be easily tracked and protect both the client and the renovator. Hazardous Wiring / Plumbing not to Code / Struc- ture Damaged or Improperly Constructed – These are three items that are commonly exposed during renova- tion projects. Perhaps the original home was not built by a professional or a handy-person attempted an addition or renovation. This is often the cause of the above noted hidden unknowns, but once they are exposed they must be addressed by a professional to address the past mistakes and make the home safe for the client. I hope you have found the above information helpful, please remember the best way to protect against unknowns is to hire a professional and do a thorough review / inspection of your home before renovations. Ask lots of questions so you can identify areas of potential uncertainty and manage that risk by getting detailed estimates.
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MAY 2018 • SPOTLIGHT ON BUSINESS MAGAZINE
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