Do you spend your days watching home remodeling shows? There are dozens of popular shows, each with its own style and approach — not to mention an entire network, HGTV. Add in YouTube and the possibilities for your kitchen and bathrooms are endless. If you’re a DIY type, you may be able to make your remodeling dollars stretch, but most people who’ve started a kitchen or bathroom remodel appreciate professional help.
Think in cost per square foot, not total
First things first: start thinking like a developer or contractor. While the total cost of your kitchen and bathroom remodel is important, you’ll want to fit your project into cost-per-square-foot ranges. According to HomeAdvisor, the average kitchen remodel costs $150 per square foot. So, if your kitchen is 200 square feet, the total project will cost $30,000 — on average. You can get prices as low as $75 per square foot, but this comes at a cost: the materials will be of lower quality, and workmanship may also suffer.
According to HomeGuide, bathroom remodeling costs start at a slightly higher per-square-foot cost of $120 and go up to $275 per square foot. Bathrooms are usually about a third of the size of the average kitchen. So, you could start a bathroom remodeling project for $5,000 and of course, spend more if you’re creating a bath oasis together with your master bedroom. An average bathroom of 40 square feet, with a cost of $200 per square foot would be an $8,000 bathroom renovation — mid-range for average project costs according to HomeAdvisor.
How can you get the look and performance you want for the right price?
First, if you’re getting a new bathroom or kitchen designed and built, consider working with a contractor who provides the design and builds services directly through their company. Don’t make the mistake of going around to get “bids” and choosing the most affordable. That will seldom produce the quality you want, and the prices won’t be much less than a full-service remodeling business that specializes in kitchens and baths. Settle on a price for the total job.
Use a cash-out refinance or a home equity line of credit (HELOC)
Once you have an idea of what you want your kitchen or bathroom remodel to be, and a general idea of the price, you can pay for it using the equity in your home. You may even be able to refinance your 30-year fixed-rate home mortgage and get extra money to pay for your remodeling project. Another alternative is the home equity line of credit (HELOC) or home equity loan (HEL). While you may find companies that offer independent financing for your kitchen or bathroom remodeling project, your interest rates on these mortgage-based products will always be superior. If you’re tired of your old kitchen or bathroom, why not investigate how you can change it today?
Plus my work w contractors – I’m doing work for contracting software companies right now.