How much money up front is needed when remodeling a home?
Question:I would expect it to cost b/w 60 and 70 thousand.
Answers:
The money that you will need up front will be used to pay for your architect or interior designer. Are you planning on demolishing any exterior walls or any load bearing interior walls? If you answered yes to those questions, you will need the services of an architect and possibly, an engineer. No one can draw plans to modify the exterior of a home other than a licensed architect. I reiterate, NO ONE. I would highly advise you too seek out the services of a licensed architect.
Depending on the scope of your remodel, the costs will vary. If you are remodeling a kitchen or bathroom, or adding an adding a bathroom, your costs will be higher. The rule for remodeling a kitchen is to spend between 10 and 20 percent of the value of the home. If you are including a kitchen, I would recommend you spend 15 percent. However, do not over remodel the home unless you are planning on making a long term investment. So yes, if you are planning on including a kitchen or bathroom, you remodel would possibly cost $60,000 or more.
The best way to figure out your costs would be for you to plan out your remodel and have all of the necessary plans drawn up and then submit those plans to a few different contractors. After you receive their bid estimates, decide on the contractor that you like the most and take that bid with you to your lending institution. From there you will know how much of a loan to take out. Plan to take a loan for more than the bid is, however. You will want to factor in a small budget overage.
Find a qualified contractor first. They will give you an idea of how much you will need down and how long the project will take.
Go to http://www.businessbusinesscontractors.c... and click on any of the remodeling links to find local remodeling contractors that can give you that professional advise.
i would say whatever your think double it and double the time to do it! that way your definitely in the clear!!
I assume you will be taking out a loan?
You will need about 20% up front to get a good rate and reasonable payment.
If you need more remodeling ideas or home improvement tips you might try visiting http://best-home-improvement-projects.co...
Good Luck,
Tom
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