Recently, I bought my second home (my first home to purchase solo). Now it’s time to start my home remodel adventure! I tend to rush projects that require time and planning, and I’m determined not to do that with my house. I want to remodel the entire thing as efficiently, safely, and economically as possible. This means a lot of research, and that’s the first step!
I had an inspection done on the house before I bought it and was delighted to find there was little to be done on it. Aside from a bad roof, most of the issues are cosmetic. I got the house for a steal, too! I bought it for $43,000 and if I budget well, I hope to pay it off in 10 years. Now, before I make my list of improvements, there are a few things I need to know. First, I need to research my house, the location, and the projects I’ll be undertaking. I bought a home in a developing part of town. There’s a lot of crime, but this means opportunities for grants and assistance with the development. The house is 1,086 square feet with two bedrooms and one bathroom. I like the size. It’s just perfect for me!
Next, I’m going to make a list of every project I plan on doing so as to budget properly. I plan on securing a construction loan to fund the project. Normally, I discourage taking out loans, but since I’m good at money management and paying off debts, I’d rather have the funds available than to stretch out this project by paying as I can afford it. Here’s a list of what I hope to accomplish and its estimated costs:
1.) Replace/repair the roof – $6,000 to $10,000
2.) Replace all the windows – $4,000 to $6,000
3.) Install/repair hardwood floors – $800 to $1,000
4.) Paint every room – $500 to $1,000
5.) Replace light fixtures – $200 to $400
6.) Gut and repair bathroom – $1000 to $2000
7.) Replace back door – $500 to $700
8.) Install a privacy fence – $2,000 to $3,000
9.) Landscaping – $500 to $800
10.) New back patio – $1,000 to $2,000
Grand total: $20,000 to $30,000 (also rounded up)
These estimates are based on what I’ve read online and in accordance with my house’s square footage. I tried to overestimate most. These numbers might be way off, so I guess we’ll see. Now that I have a rough estimate for a budget, I can start researching the best way to do each project and find some contractors. My goal is to hire friends and local contractors rather than pay a big company. The next thing I need to do is secure a small construction loan. Let’s get this party started!