When you purchased your Collingwood home, you may have loved almost everything about it. While you may have grown emotionally attached to the home because of the many memories that you have had in it, you may now feel that its layout is impractical for your needs and that the style is no longer desirable. Moving into a new home is one solution for dealing with this problem. However, relocating costs a fortune and is very stressful. Through a renovation, you could stay in your current home and improve the many things that you currently do not love about it. Exploring the option to renovate your home in greater detail is a smart idea, and our experienced and hardworking team at Alair Homes Collingwood is available to answer all of your questions about the process.
Finding Financing for Your Home Improvements
One of the first questions homeowners ask when they are seriously thinking about renovating is if they can afford it. The cost of a renovation project varies considerably based on the size of your project, the type of work that you need done, the materials that you prefer to use and more. Because there are so many variations, a better idea is to determine the amount of funds that you have available to work with. If you do not want to use your available cash reserves or if you do not have enough cash available, consider applying for a loan against your home’s equity. When you talk to a mortgage representative, you can ask about the possibility of applying for a HELOC, a cash-out refinance loan or a home equity loan.
Getting Specific Quotes for Your Project
After you find financing for your upcoming renovation project, you need to know just how far your money can go to update your Collingwood home. You can begin exploring this in detail by requesting quotes from reputable contractors for the work that you desire. You can dream big now, and you can always tone down the scope of your project or the quality of your materials if you realize that the quotes are too expensive. By getting quotes, you can also determine how long it will take for a team of contractors to get the job done for you.
Determining If Your Quotes Are Fair
Because many Collingwood homeowners who are interested in renovating are new to the process, a common concern is about being overcharged. The cost of your project plays a direct role in the new equity and property value figures after the work is completed. Overpaying can have a devastating impact on your finances, and understanding what some average costs are can help you to make smart decisions about your project. Renovating a smaller bathroom may cost approximately $10,000 and take a week or two to complete. Creating a spa-like environment in a larger bathroom could cost $25,000 or more and take three weeks or longer to complete. Renovating a kitchen could take between one to two months in many cases and could cost between $25,000 and $55,000 or more.
The decision to renovate your Collingwood home is not a matter to take lightly. If you are ready to get more information about your plans for your home, contact Alair Homes Collingwood today.