Many Aurora homeowners have passing dreams about renovating their home from time to time. However, as your home becomes more outdated and less practical for your needs over the years, your need to improve your home becomes more pressing and even necessary. You may even think about throwing in the towel and moving to a nicer, newer home. Renovating your current space is an excellent alternative to relocating to a new home. It can improve property value, style and more. Before you seriously consider moving forward with a renovation, you understandably need to conduct ample research so that you can determine if this is a reasonable project to move forward with. Through a consultation with our home contractor team at Alair Homes Aurora, you can get all of the information that you need to make an informed decision.
Creating a Budget for Your Project
The first thing that you need to know before you actively start planning your project relates to your budget for the work that you want done to your home. Your budget may be comprised of your personal funds, such as from a savings or investment account. It may also be comprised of money that you pull out from your home’s equity. Accessing your equity is possible if you apply for a home equity loan, a cash-out refinance or a home equity line of credit. If you are ready to learn more about the cash that you can pull out of your home, consulting with a lending representative is a smart idea.
Learning About the Cost and Time Requirements
When you know that you have an adequate amount of funds available to complete your renovation project, you may be eager to get the ball rolling. However, you first need to find the right contractors to hire. While you need to review the credentials and experience of contractors, you also need to compare written estimates to determine which contractors have the best pricing and timeline. Some homeowners may realize that their dreams of a renovated home are larger than their available budget. If this is the case, consider opting for more affordable materials or downsizing the scope of your project.
Reviewing Typical Costs and Timing
Some homeowners think that the quotes they have received are amazing, but they learn after the work has been completed that they were overcharged. This is never a pleasant realization, and it may be avoided if you have a realistic expectation about average costs and timing. Understand that substantial variation in quotes is possible, and it may be based on the size of the project, the quality of materials and other various factors. To give you a ballpark idea, a mid-range kitchen remodel project may take a month to complete and may cost approximately $25,000. A more luxurious kitchen project may take twice as long and may cost $58,000 or more. Renovating a bathroom could cost between $10,000 and $25,000 or more and may take between one to three weeks to complete.
Getting accurate information upfront from a trusted home contractor is important, and you can count on our team at Alair Homes Aurora to give you straightforward and helpful information. Now is the time to seek more information about the possibility of renovating your home.