When your home is no longer as functional or as stylish as you would like it to be, you may find yourself debating between relocating to a new home or renovating your current home. In many cases, a renovation makes more sense. It allows you to stay in the home that you are comfortable living in. It can have a wonderful impact on property value, and it may be more cost-effective than moving. However, before you make a final decision about the best option for your needs and budget, you need to know how much time and money it will take to renovate your Huntsville area home. Our team at Alair Homes Huntsville is eager to help you explore the option to renovate in greater detail.

Finding Money to Renovate

You may be wondering how much money you need to come up with to renovate your home, but the first question to ask is how much money is available. Many local residents will use some of their personal funds to renovate, but many will also need extra money from a loan to create the home of their dreams through renovating. Your home’s equity is a smart source of collateral for a loan, and you can access this equity through a cash-out refinance, a home equity line of credit or a home equity loan. When you speak with a lending representative, you can learn more about the budget that you have available for a renovation by accessing your equity.

Photo by Alair Homes HuntsvilleBrowse kitchen photos

 

Preparing for Your Project

By learning how much money is available to you through your own funds and through financing, you can better determine how much of your home can be renovated and the quality of materials that can be used for the renovation. In order to better define your specific home updating plans, you will need to request quotes from contractors and learn more about the cost of different materials that may look great in your renovated home. While your inclination may be to choose the contractor with the most affordable labor rates, keep in mind that experience and quality are more important factors than cost when it comes to improving your home.

Exploring the Fairness of Your Quotes

After receiving a few quotes from contractors, you may question how fair or competitive they are. Should you jump on the offer in front of you, or should you continue to shop around? To gauge how competitive the estimates are, consider that a typical bathroom updating project may cost approximately $10,000, and creating a spa-like bathroom in your home could cost more than $25,000. To renovate a kitchen using nicer or higher-end finishes, you may spend $58,000 or more. If the quotes that you have received are fair and are unfortunately too expensive for your budget, you can scale down your plans or choose more affordable materials.

Renovating your Huntsville home gives you the incredible opportunity to change your current home to meet your needs and to dress up its look at the same time. If you have decided to renovate your home soon or if you are simply exploring some of the options available to you, contact our team at Alair Homes Huntsville. We are ready to provide you with an estimate for your project.