For a first time home buyer, the main goal is to get a good house that suit their dream properties. Many, however, prefer getting older properties because they find it cheaper. Cheaper properties mean cheaper mortgage and cheaper downpayments. However, buyers must know that they might end up burning more of their money on renovations that will come with their new home project.

Expenses on Experts

Renovating a house requires assistance from experts, especially if the property is very old. They know the right procedures that improve home designs effectively and safely. People who want to renovate an old house they would purchase will ask help from the following experts.

Inspectors

Inspectors are the experts assessing a property's structural work. They will check if the property is structurally sound to hold new renovations and areas that need renovation. Sometimes, future buyers would also ask their services the house as part of loan application process.

Architects

Architects are experts in designing properties. They come up with plan for a property. Buyers describe the design they want for the house or ask for recommendations according to their preferred style. They can draw them or even create scale models depending on the property size to purchase or if the design is proposed for a commercial establishment. Architects usually charge expensive feeds, but their expertise guarantee superior design outcome.

Builders

Builders are the ones who will carry out the renovation according to the architect's design or as conceptualized by property owners. A new owner may need several people working on their home projects or even one person for smaller renovations.

Builders often have prices offered for materials. They can check out the plan then provide estimated material and labor costs for their clients.

Utility Experts

Renovating a house means new utility systems installation. The system should be placed according to the design for consistency. In getting old properties, owners should consider hiring these experts since there's a chance that their current utility systems are already outdated and may cause accidents. Potential hazards can be a ground for not getting FHA loan approval.

Expenses on Areas of the House to Renovate

Experts may have their own fees, but future owners must also take note of the actual costs of renovating specific parts of the house. Take note that renovating these areas may cost differently depending on the target design and new systems to install.

Bathroom

Bathrooms are among the expensive areas to renovate inside the house. Not only will it require additional bathroom fixtures, plumbing systems may also need replacements and reinstallation. Experts estimate that renovating a 6-square meter bathroom may costs around $9,000 to $12,000 depending on the types of fixtures and bath solutions to install. Modern bathroom solutions like glass doors, shower heads, and others can be costly.

Kitchen

Kitchen is also another expensive area to renovate. It would also need new plumbing systems and gas system installations if new appliances will be added. Lighting systems adorning the kitchen can also contribute to its overall price. Estimated cost for renovating an 8-square meter of kitchen can cost up to $16,000. This is understandable with the systems that should be install and the general market prices of kitchen solutions. Appliances like dishwashers, ovens, stove top ovens, and others are getting technological updates that make them more expensive than before.

Extra Room

One of the good things about adding a room is it can adjust according to the space available inside the house. A property owner can use divisions to add a new room even if the size is smaller. Others may want to take down an existing room's divisions to maximize space. The latter is a more expensive project with the amount of work and materials to get.

Prices in placing a new room vary. Adding a 12-square meter room can cost at least $18,000 depending on the solutions to place inside it. Some owners prefer tweaking the entire lighting system, while others may also want to add a master's bathroom.

Flooring

Flooring can be expensive or cheap depending on the entire floor size of the house, materials to use, and areas of the house that require new flooring. The cheapest estimated price for placing new flooring is around $4,000, but it may cost up to $12,000 depending on the area an material types.

New property owners would like to renovate old properties, which are cheaper. However, adding up all these costs should give them an idea about the monthly payments needed for their VA home loan plans to know if their decision can save them money or not.