Remodeling a home is a necessary project to take on to transform the property and increase its functionality in different rooms. You likely have a long list of wants or needs but are finding it challenging to calculate how much it will cost. When you’re ready to start your remodel project, there are a few facts to understand regarding the price tag and the timeframe of the project.
Timeframe and Cost for a Bathroom
Each remodel project differs with how long it will take to complete due to multiple factors that should be taken into account. The average time to remodel a bathroom is two to three weeks. Many of the upgrades that are performed include installing new ceramic tiles, replacing old bathroom fixtures, building custom cabinets, and installing a new toilet and bathtub.
Most bathrooms cost $25,000 to remodel, but the price fluctuates depending on the type of contractor that you hire and the amount of work that you want to be performed.
Remodeling a Kitchen
Kitchens are one of the main rooms of the home that are remodeled because they’re where people spend the most time. You can expect your team of subcontractors to complete the project in eight to 12 weeks, depending on what you envision and the size of the room. You may want to install a new kitchen island, paint the cabinets, replace the lighting, and install new floors. Adding more storage and a backsplash are also additional upgrades that are included in most kitchen remodel projects.
Redesigning your kitchen will cost an average of $58,000, depending on the types of materials that are installed and the changes that you want to make.
Replacing the Roof
Replacing the roof is an additional task to leave to professionals to increase the amount of protection that is provided on your residential property. If you plan to replace the roof with new asphalt shingles, you can expect it to take approximately one week until it’s completed.
Asphalt shingles are one of the most common and affordable roofing materials to use and cost an average of $7,500 with the installation.
Determining Your Budget
There are many factors to consider when deciding how much you want to spend to remodel your home. You also need to determine how much money you already have to spend on the project and how much you’ll need to borrow. You’ll also need to determine if the loan that you obtain will fit within your monthly budget and can be afforded long-term until it’s paid in full.
You’ll also need to decide which type of loan to obtain and can choose from a home equity line of credit, a home equity loan, and a cash-out refinance. A home equity line of credit is the most common option for homeowners and will allow you to obtain a lower interest rate while deducting the interest from your taxes.
Remodeling different parts of your home will not only increase the value of the property but will allow you to enjoy the setting long-term. You’ll save money remodeling the house and performing specific changes instead of moving to a new house, making it worth the cost to invest in your property and make it fit your specific needs.