When you come to the realization that your home no longer offers the most ideal living environment, you may be thinking about moving into a new home in the Victoria area. Moving is not ideal or practical, but it can result in you living in a more comfortable home that suits your current needs and that has a more appealing style. Before you make the final decision to relocate, spend a few minutes exploring the option to renovate your home. Through a renovation, you can dramatically improve your current home precisely to your specifications. There is no hassle or expense associated with moving, and you can stay in a home that is familiar to you. A common concern that many homeowners ask our team at Alair Homes Victoria about involves the price and timing to renovate. With a closer look, you may discover that renovating your existing home is a wonderful idea.
How to Pay for Your Home Improvements
If you are worried about how much it will cost to renovate your current home, you may be thrilled to learn that you actually may have money needed for the renovations. More than that, most of the money that you put into your home can result in a boost in property value. This is not a sunk expense, which is the case with moving expenses. Paying for home improvements most commonly involves the homeowner’s own funds, such as money in a savings account. It also may involve using home equity to pay for the renovations. If you contact a home loan representative about financing options, you can learn more about using a HELOC, a cash-out refinancing loan or a home equity loan to get potentially tens of thousands of dollars or more. This is money that comes from your home’s current equity.
How to Learn More About Timing and Cost
You may immediately feel more confident about the option to renovate your existing home when you realize that you actually do have cash available to do so. However, you may be concerned that your available budget is not enough to pay for the complete renovation that you have plans. Perhaps you are worried about the time required to complete the work. The best way to get accurate information about these concerns is to request estimates from reputable contractors in the Victoria area. Only request quotes from contracting firms that you have carefully vetted.
How to Determine If the Quotes Are Competitive
The concern about potentially overpaying for renovations is common, but it is seemingly difficult to determine if your quotes are fair or if you should continue to shop around. A great way to make a smart decision in this area is to learn about typical renovation costs. If you complete a smaller bathroom remodel, you may pay close to $10,000, and the project may take one or two weeks. A larger bathroom project that creates a spa-like experience could cost as much as $25,000, and it may require an additional week or two to complete. Kitchen renovations commonly cost between $25,000 and $55,000, but there is substantial variation to this.
With the knowledge that renovating your Victoria area home may not be as expensive or time-consuming as you originally thought, you may be excited to begin improving your home. Reach out to our professionals at Alair Homes Victoria to get personalized quotes for the work needed.