• Concept to Completion Bedroom Addition


How to Plan a Budget for Your
Southern Maryland Home Remodel

Couple Planning Home Improvement Budget

So you’ve decided you’d like to remodel your home – improve your living space and lifestyle. This can be an exciting and a daunting project. You may know what you want, but do you know how much you can afford?

 

Follow this 4-step plan to find the answer.

Start with getting an idea of how much your dreams will cost. Starting with a bathroom remodel or a family-room addition, it could cost from $100 to $200+ per square foot. To get a better idea of the price/square foot, talk with a design pro or a remodeling/home improvement contractor.

Next, it’s time to determine how much money you have to spend.
After talking with a designer or home improvement contractor and getting an estimate of project costs, you’ll need to decide if you have the money or can borrow the money. Paying cash makes it very easy to make the decision to remodel. However, if you need to borrow or create a second mortgage, you will need to know how much your bank is willing to lend and what the impact will be on your monthly expenses.

Loan Options could include a cash-out refinance package, a home equity loan or a home equity line of credit (HELOC). A HELOC is borrowing against your home’s value which often results in paying a lower interest rate.

House Logic Information: 6 Ways to Pay for a Remodel When You Can’t Tap Home Equity Be sure to get quotes from reputable home improvement contractors.

Before soliciting a home improvement bid, you’ll need to know exactly what you want including countertops, cabinetry, fixtures, etc. Your goal should be to provide enough information to get a more accurate bid. If you’re asking for bids from more than one contractor, showing the same specs to each contractor should result in bids that you can easily compare and feel comfortable with your decision.

How to Find a Qualified Home Improvement Contractor
Get recommendations from trustworthy friends, family-members, neighbors or people in the trades. Be sure to check the references and work of those recommended.

When Chris Turner provides estimates/bids on home remodeling projects, he often suggests ways to improve the construction, the project, and how to save money.

Contact Chris Turner for a FREE estimate for your next home improvement project.