If you are seriously thinking about moving forward with a home renovation project, the two primary factors that may be holding you back are the cost of the project and the time required to complete the work. Without firm quotes for the specific work that you desire for your home, it is easy to imagine a worst-case scenario for this project. However, after you get more information about what it takes to renovate your home from our experienced professionals at Alair Homes Edmonton, you may be excited to learn that the project is more affordable and faster to complete than what you have imagined.
Reviewing Your Finances
You could get a quote for the exact plans that you have in mind, and you could try to manipulate your finances to come up with the cash that you need. A better idea, however, may be to initially determine how much money is available for this project. Then, you can customize your home improvement plans to specifically correspond to your available funds. While you should determine how much cash you can come up with through your various banking and investment accounts, you also can explore some of the many financing options available to you. Speaking with a lending representative about a cash-out refinance loan is a wonderful idea. Alternatives include a HELOC and a home equity loan. All of these options allow you to use home equity to pay for at least part of your home improvement project.
Creating a Renovation Plan
Once you determine what your budget is to renovate your home in Edmonton, you can request quotes from trusted home contractors to get a better idea about how far your money will go. You may need to request multiple quotes for various types of work and for different qualities of materials before you finalize your specific home improvement plans. Remember to pay attention to timing and to the possibility that your family will need to relocate for a short period of time during the process.
Comparing the Estimates
After you have at least a few estimates in your hand from several established home improvement contractors, you are ready to formally analyze and compare the options. Ensure that the quotes are similar with regards the scope of the project and the quality of materials so that you can make an easy and accurate comparison. When making a comparison, consider if they are in line with average costs. A standard kitchen improvement project can run between $25,000 and $50,000 or more depending on the finishes and features as well as the size of the room. A typical bathroom project could range between $10,000 and $25,000 based on similar factors. Some variation is to be expected, but you may want to dig deeper if your own estimates fall far outside of these ranges.
The concept of permanently relocating elsewhere sounds undesirable to many people. The good news is that a home renovation project may be attainable and realistic for many homeowners to consider. A great initial step to take is to contact Alair Homes Edmonton to get to know more about the specific steps required for your home improvement plans.