Most homeowners have several questions about home renovations including how much it will cost them, the duration, and problematic areas that they should watch out for. However, according to a survey conducted by houzz.com a renovation project will not only increase the comfort of your home but also raise its value. The duration a home renovation project takes can range from days if you are planning to repaint to several months for a major home remodeling project.
When it comes to any house renovation project. The simple part is determining what you want to be changed. The other part which is the most difficult part is estimating how much you can afford to invest in the renovation project.
Steps on how to decide how much to invest in your home remodeling project
Approximate the costs: Most contractors estimate that a major upgrade will run from $100 to $200 or more per square foot. Therefore, it is important to have a remodeling contractor or a home design professional in your corner to help you calculate how much you need.
Calculate how much you will spend: The next question after you have zeroed in on your home remodel project is if you have enough money to begin the project. If you plan on paying cash then that is an easy answer. However, if you are planning to borrow money from your bank contact them and inquire how much they can lend you and how much the bank loan will add to the monthly expenses.
You can choose from three types of basic loan options including;
-A home equity loan
-A cash-out refinance
-A HELOC (Home Equity Line Of Credit)
Most homeowners who are planning to remodel their homes often choose the HELOC. The home equity line of credit is secured by the equity of your home and this means that you will get a lower interest rate than other financing options. You can also deduct the interests from your tax.
Get estimates from contractors: Before you start getting bids begin by determining what type of renovation you want to be done. You will be sure that all contractors will be quoting prices for the same items if you specify these information upfront. To locate the right contractor check online sites that have peer reviews of potential contractors similar to Alair Homes, ask for their recent renovation projects, and get references from friends.
How long does a home remodel take?
A home renovation involves workers walking through your home, dust, and noisy tools. Therefore, it is important to know how long your remodeling project will take.
Renovating your bathroom: The estimated cost of this project is $25,000 and it takes two to three weeks. This project involves converting your bathroom into a spa, installing new ceramic tiles, replacing your old toilet, and updating all your bathroom plumbing fixtures.
Kitchen renovation: A complete kitchen renovation will cost you an average of $58,000 and it will take approximately eight to twelve weeks to complete it. A complete kitchen remodel involves installing a kitchen island, replacing your old appliances with new ones, changing the floor, adding the lighting, and replacing the old kitchen cabinets. A kitchen upgrade will cost much less. The national median of this project is $26,000 and it will take approximately one to two weeks.
Replacing your roof with asphalt shingles: This project will cost you a maximum of $7,500 and will take a span of not more than one week. Your contractor will remove and also replace the shingles and moisture barriers.
In a survey conducted in the year 2015, it was discovered that renovating a home is more affordable than selling and buying another home. Therefore, deciding to renovate your home is the best decision you will ever make.