You’ve probably seen those DIY home shows where someone begins a remodeling project only to find out that the electric wasn’t up to code. While the homeowners may feel discouraged for a minute, the re-modeler rides to the rescue and gets them back on track. All of this happens in an hour-long show.
Challenges with outdated plumbing and electricity are all-too real, but they aren’t resolved in 60 minutes. In the real world, these issues can cause weeks of delays and thousands of dollars in added costs. The sad fact is that most older homes will have some kind of issue with plumbing or electrical that must be updated. It’s important to know this truth before you take on a remodeling project.
The cost to update the electric can vary based on the size but expect to put in several thousands of dollars. Replumbing the entire house can cost $6000 if everything must be replaced. You also have to get permits and use licensed contractors, which you may not have figured into your budget.
Along with the costs for the actual plumbing or electrical work, you must consider that you will need to tear out the walls to run the new system. When you update the electrical, you may think about adding an HVAC system to increase the appeal of the house to buyers. This could set you back another $10,000 or $12,000.
Getting a permit to update the plumbing or electric can be quite a hassle. If you have a contractor, you’ll want them to pull the permit. If you are the one to pull it, you’ll be responsible for ensuring all work is up to code, which isn’t something the average homeowner knows.
It can take some time for the city to approve the permit. In some cases, they may require an inspection after the work is completed. All these steps add to your timeline for the project to be finished.
If you’re planning to update the property to sell it, sometimes the challenges just aren’t worth it. You can find a cash buyer who will take the property as-is, allowing you to sell without dealing with outdated plumbing and electricity or the challenges of renovation.