If you have been thinking about moving out of your home in West Toronto and into a newer and more stylish home that meets your needs, you are not alone. However, you may love your neighborhood, and you may have an emotional attachment to your home. The good news is that you can update your current home through a renovation to achieve all of the goals that you have. Before you embark on this project, it is important to get to know more about the timeline and estimated cost to renovate your home. When you reach out to our contracting team at Alair Homes West Toronto, you can get the information needed to firm up your renovating plans.
Defining Your Budget
Before you begin heavily researching the cost to install new floors, update your kitchen and more, you should accurately determine the amount of money that you have available to work with. Your budget may be derived entirely off of funds available in your bank account today, or you may need to borrow most or all of the money needed. One of the more common ways for homeowners to finance this type of large improvement project is to use a HELOC, a home equity loan or a cash-out refinance loan to access equity. You may have tens of thousands of dollars or more of equity available to you. Researching the financing options by speaking with a lender will give you a better idea about the amount of money available to you.
Firming Up the Cost
When you have a firm idea about the budget you are working with, you can confidently speak with contractors about your plans, request quotes and pull together a smart plan for your project. As you request quotes, remember that the quality of the materials will directly affect the estimates. When reviewing estimates, pay attention to the materials quoted. If you need to make an estimate more affordable, simply opt for a more affordable material. Avoid automatically selecting a contractor with the lowest cost. Quality trumps cost when renovating your home. After all, the workmanship and materials will affect the style of your home and its value.
After taking a closer look at some of the written estimates that you receive, you may be wondering if the estimates are too high or too low. Your only frame of reference may be based on assumptions rather than actual factors. Understanding national average figures is a great way to determine if the estimates that you have received are fair. Keep in mind that a typical bathroom project could take between one to three weeks and may cost between $10,000 and $26,000 depending on size, materials and other factors. The range for kitchen renovations spans between $26,000 and $58,000, and this project may take one to two months in many cases.
A home renovation is an excellent way to improve the functionality and the style of your home, and it saves you from the stress and hassle of relocating to a new West Toronto home. If you are ready to see an improvement in your home, the first step to take is to reach out to our contractors at Alair Homes West Toronto for information about the process, timing and cost.