Across the Grey Bruce area, many local residents are living in homes that have an outdated undesirable look and that are no longer perfectly functional for the family’s needs. Living in this type of environment can be unpleasant and stressful, and you may be trying to decide if you should move into a new home or renovate your current space. In many cases, it is more affordable and convenient to remain in the home that you are familiar with and comfortable in rather than to relocate. A home renovation gives you the opportunity to update all aspects of the home to your specifications. Before you finalize your plans to renovate, you need more information about the cost and timing for renovating. At Alair Homes Grey Bruce, our experienced team of contractors is ready to answer all of your questions and to help you get started with your project.
The Availability of Funds
The scope of your home renovating project can be scaled up or down based on the budget that you have available to work with. For example, if funds are limited, you can choose more affordable materials or leave some areas untouched. Some Grey Bruce homeowners have enough cash on hand to pay for their entire renovation outright, but many will need to finance the project. There are many financing options to consider, but a common option is for homeowners to draw equity out of their property. This may be through a HELOC, a home equity loan or a cash-out refinance on the first lien. The loan process for this type of financing may take a couple of weeks, so you can get started with the application process soon. Your lender can tell you more about how much cash you may have available through your loan.
Contractor Estimates
After you know how much money you have available to work with, you can begin getting estimates from contractors so that you can piece together your project. Rather than choosing the most affordable contractor that you can find, pay attention to experience, skills and reputation. Remember that you only want the most qualified contractors working on your home. Contractors will also tell you about the time required to complete your project and if you will need to relocate for any period of time during the process.
Reasonable Expectations
Understanding more about the typical cost of a renovation can help you to determine if the estimates that you are receiving are reasonable. Remember that your estimates will vary based on the quality of materials that you plan to use. For example, a luxury bathroom project could cost as much as $25,000, and this includes renovating all materials in the space. This type of large project could take up to three weeks to complete. A general update to a bathroom may cost $10,000 or less, and it may only take one to two weeks. For a kitchen project, you can expect to pay between $26,000 to $58,000, but there is considerable variance to this based on the size of the kitchen and the materials selected.
Now that you know more about home renovating costs and timing in the Grey Bruce area, you may be eager to get more solid information. After contacting a lender about financing, you can reach out to our team at Alair Homes Grey Bruce. We will get to know more about your goals and will begin preparing an estimate for you.