Knowing the Cost of Home Renovation
Based on the 2008-2009 report published by Remodelling Magazine, the national average for a mid-range bathroom addition is about £24,206 with 36.5 percent of the cost recouped. Meanwhile, the determined amount for a bathroom remodel is £10,106, 74.6 percent of which is regained by the homeowner. In order to avoid over-improving for the area, check with local realtors on market trends and similar properties.
There are two main reasons why bathrooms are improved–to raise a home’s value and to improve liveability. For instance, if the plumbing in the area is not functional or has serious problems, fixing or upgrading it is a necessity. On the other hand, if the bathing area is merely shabby and outdated, redecorating or remodelling is merely a choice.
Some of the chief expenses in bathroom remodel projects include cabinets and counter tops, plumbing, drywall and tiling, as well as contractors’ time and labour. Usually, professional help will also be needed in the areas of plumbing and electrical work. However, decorating, wall treatments and even flooring are within the range of many homeowners’ abilities and can save considerable amounts of money.
Finally, there are some types of renovation work that can be financed along with the purchase of the home. Still, the best way to pay for a home improvement project is to use the money that has been saved up. In the case of sudden unplanned needs for repairs, financing sources can come from home equity lines of credit with low interest rates and special bank financing offers. Finally, try to avoid using credit cards unless a quick pay-off is possible.