HOW MUCH DOES A HOME REMODELING COST?
If your house can handle a renovation, the next thing you need to find out is the cost of a home remodeling.
You may need to obtain three thorough estimates from professionals. Depending on the scope of the renovation, you might get bids from architects, designers, general contractors, and structural engineers. It is vital to outline the extent of work in writing to every contractor to compare proposals accurately.
By looking at their bids, you can start exploring whether it is financially feasible to shoulder the costs. Can you afford to pay cash for the project without tapping your emergency fund or retirement savings? If you can, go ahead. You may consider getting a financing such as home equity loan. It takes a good credit, steady employment, and sufficient home equity to qualify for a loan.
Such loans have fixed interest rates. It is higher than current interest rates on a first mortgage but lower than current rates on other types of borrowing. Normally, the interest is tax deductible if itemized. However, you can lose your home if you default on your obligation.
Another factor to look at is the current economic climate. When the economy is booming, more homeowners have the cash to hire professionals to do the work, and the increase in demand fuels prices, meaning it can take you longer to finish the project. Conversely, contracts may thirst for work, with better availability and lower rates.
In case the renovation cost is out of budget but you do not really want to move? Here are some tips to improve your house at minimal cost.
- Paint - A new paint will cover the scrape marks and dings on your walls. If you want to change its color, might as well.
- Get new hardware - Change all the switch plates, knobs, and handles to recreate the feel of your home and furniture. This is especially dramatic if you are eyeing cheap, builder-grade materials for better ones that make your space more personalized, or updating outdated items with modern ones.
- Replace window coverings - You can find many nice-looking yet affordably blinds, shades, or shutters from online sellers. All you have to do is to show the measurements and they will teach you how to install it. If you know how to use a tape measure and a drill, you can do this hack yourself.
- Install trim - Make your abode more spacious and elegant by installing new door trim, window, crown molding, and baseboards. You can either do it yourself or hire professionals to do the work.
- Tap a professional cleaning service - These people will clean things you didn't know were dirty because you are used to seeing those, and clean filthy things but didn’t know how to do so. Having a clean home can make a huge difference.
What is the Standard Moving Cost?
Starting Your Own Small Business: Choosing What You Want to Sell
Retirement Planning: Allocating Money for Retirement
Do I Need to Move Out or Renovate My House?
Buying a Home: Obtaining a Homeowners Insurance
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