Remodel Your Bathroom
Apply for a home equity loan or line to pay for bathroom remodeling
It's one of the most frequented rooms in your home. But, if your current bathroom isn't meeting your needs or desperately needs renovating, it's time to research bathroom remodeling options. While it may be a relatively small space in your house, it can be one of the most costly to remodel due to all the fixtures and appliances packed in there on top of systems like plumbing and electrical. That's why a home equity loan or line of credit can come in handy in helping you finance this remodeling project.
1. Research bathroom remodeling designs
First, compile a list of must-have renovations as well as those that would be nice to have but not necessary. For example, replacing a cracked bathtub may take precedence over installing luxury items such as separate "his" and "her" vanities. This list will help you determine how much you plan on spending and how involved the work will be.
2. Plan your bathroom remodeling budget
While the national average for a bathroom remodeling project is between $15,000 and $18,000, more luxurious updates can easily cost twice as much. Consider how much longer you plan to live in your current home, as well as which updates are necessary and which can be cut. Remember to build in a cushion for extra expenses that may arise during the project, such as issues with plumbing or electricity.
3. Secure a home remodel loan
Home equity loans and lines of credit are good choices when it comes to financing your project. These options for financing a remodel allow you to borrow against the equity in your home. With a home equity loan, you'll borrow a single amount that must be paid back monthly over the loan term, for example 20 years.
Home equity lines of credit (HELOCs) are similar to a credit card, but with lower interest rates than a credit card. You can draw whatever amount you need on the line of credit up to the maximum amount outlined in the HELOC terms. During the initial draw period, typically 10 years, you are only required to make interest payments on the portion of the line you use. After the draw period you will be required to make principal and interest payments on the remaining balance over the 15 year repayment period.
4. DIY or hire a contractor to remodel your bathroom?
You should also determine if you want and are able to remodel your bathroom yourself or if you need to hire a contractor. For the do-it-yourself types, you may want to tackle surface-related projects on your own. But when it comes to plumbing and other more advanced bathroom remodeling projects, you may want to consider hiring a professional. Keep in mind part of your budget will go toward labor when working with contractors and professionals.
Apply for a home remodel loan or line of credit from Citizens Bank
When you're ready to start your home improvements, speak with a Citizens Bank Home Loan Advisor to discuss loan options, or begin the home equity application process by completing a quick form online today and a Home Loan Advisor will contact you.