Decided to stay in your home? As the homebuying season slows, more homeowners are taking a critical look at their own home. If your home needs updating, you can get the updates you crave even if you don’t have the funds available now. A cash-out home improvement refinance at today’s incredible rates, can add value to your home. That being said, before you borrow, you need to know how much is needed for your project. Check out the national average range of different home improvements, but make sure you also get a quote from someone who offers that service.
Most home improvements will range in price based on your homes size, features, age and location. That price can change, sometimes drastically, when your project calls for additional work. For instance, a family member badly needed a new roof and had set aside funds for the roof. When the roofer came out to have a second look prior to doing the job, the whole project was delayed by the need for an asbestos crew to come out and remove the old shingles. New awareness of the existing circumstances meant more coordination and delays. So, don’t take the chart as an exact price, but more as a guide. Then see HomeRefiNetwork.com to get your loan approval before the demolition begins. Get a few quotes on your specific projects and make your budget and your decisions.
New Roof: while it is true that as asphalt roof replacement can be as low as $5,000 to $8,000 on a simple ranch style home, it can run as high as $9,000 to $15,000 for a more difficult installation or premium materials. This is meant to give you a starting point. You really need to get a quote on your roof, from a roofing professional, unless you plan to do the work yourself.
New Driveway: In the US, an average cost to replace the driveway is $6,500 to $8,500. (It will vary depending on size, curve of driveway or other unique features, and whether an old driveway needs to be torn out. The quality of the new driveway materials makes a huge different in the price, so figure out how much you can spend and what you want.
Kitchen Remodel: $20,000 to $50,000 is the national average spent on a Kitchen remodel. Keep in mind that if your home is only valued at $100,000, spending half its value on remodeling the kitchen may not translate into a similar increase in home value. There are different ways to cut that cost. You can Refinishing existing kitchen cabinets for $2500 to $7,000 instead of replacing the cabinets. Add the new appliances and you may be able to keep the remodel under $10,000. But new countertops will push the kitchen remodel cost back up. If you are changing lights, backsplashes, flowing, plumbing and electric work, you need to expect the range from $25,000 to $50,000 to be realistic.
Bath Remodel: shop carefully, as a total remodel of your bath can run anywhere from $3000 to $20,000. The National average falls just under $10,000 to have your bath remodeled.
New Flooring: Average cost to install flooring in the US is around $3,000. This is not for an entire home and there are so many variables to this. So once again, keep in mind that the flooring you want, removal of old flooring and the cure of any issues hidden by the old flooring can also add to the price tag. In fact, if you want to redo your entire home, the cost could easily exceed $10,000.
Paint the House: Painting a home’s exterior in the US can run from $1,500 to $3,000 for a single story 2500 square foot home in one color. If you paint your own home, you are likely to spend a few hundred dollars on the project, and if you are experienced at using a paint sprayer, the project can be completed in a day. Painting the indoors is much more DIY friendly and is a great way to refresh the home.
If you need to refinance to cover the cost of a new roof, you may be able to keep your payment reasonable and prevent home damage. Other improvements such as a new driveway may be postponed so you can save up. You decide, then come to HomeRefiNetwork.com for a licensed experienced mortgage professional who can give you options.