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Can I be like Chip & Jojo? How to Financially Prepare for a Home Remodel

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Everyone loves Chip and Jojo and their show Fixer Upper. They’re cute, fun and they make the most gorgeous remodeled homes.

 

If you are in the market for a home, you may consider purchasing an older home to flip, just like Chip and Jojo — however, there are a number of things to estimate before you make this decision. If this is your first home, you must make sure you are financially prepared.

 

Here Are a Few Things You Need to Know:

 

– The standard cost of a kitchen can be expensive. The average renovation costs for a simple renovation with labor is between $15,000 and $25,000. Larger jobs easily run around $35,000 and

stressing over a home remodel

higher. It is not unusual to have kitchen renovation rack up a total cost of around $50,000.

 

– A simple bathroom renovation can run between $3,500 to $5,000 dollars when you add in labor costs. That’s for a 5×7 bathroom. If you want customized flooring and fixtures, you can expect to pay a lot more.

 

– Converting rooms or knocking down walls can add significant expenses to your budget as well. Once you factor in the cost of labor, new plaster and flooring, and haul fees, you could easily pay $5,000 or more.

 

– Many home renovation projects extend to the exterior of the home. If you are interested in painting the home a new color, resurfacing a pool, repaving the driveway or doing any major landscaping, you could be looking at over $30,000. You must consider square footage and a number of other elements.

 

The Truth About Remodeling

 

These are just a few things to consider when thinking about purchasing a home that will require an extensive remodel. Even when doing it yourself, there are certain things that may require the assistance of a professional. You must factor in time, materials and your schedule prior to starting these types of projects.

 

After considering how much the upgrades you desire may cost, there may be value in purchasing a new home that is already equipped with what you want. It is always a good idea to determine your needs to evaluate what would be the better option in the long run. You may find that the overall costs incurred when attempting to do a renovation may not be financially feasible.

 

It’s so much fun to watch Chip and Jojo create people’s dream homes, but it it’s more fun to do when watching from your brand new home! Leave the flipping to the professionals and the purchasing to professionals too. Call Smith Douglas Homes to find your dream home today — no demo day required!