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Thanks to high demand, inflation, and labor and material shortages, home repairs costs are rising. Last year, the average household spent $3,018 on maintenance costs and $2,321 on emergency repairs, according to Angi’s State of Home Spending Report. Homeowners in states that experience extreme weather spend even more.

The most common home repairs include the usual suspects: electrical, plumbing, HVAC, water damage, and termite damage. Keep reading to learn more about these issues and the cost of repair or replacement, so you can be prepared when reality bites.

Estimated Costs of the Most Common Home Repairs

Low-cost preventive measures — like cleaning your gutters or using storm windows — can help keep common home repair costs down. But when a pipe bursts and floods the bathroom, you can be on the hook for thousands of dollars. By evaluating your home’s weak spots, you can plan ahead and include certain repairs in your budget.

Below is a roundup of the most common home repairs and their cost.

Recommended: How To Pay for Emergency Home Repairs

Foundation Repair

Foundation damage affects houses when the weather swells the water table and contracts with drought. These kinds of shifts put the foundation at risk, and the extra moisture potentially makes the wood support beams an enticing target for termites. Since the foundation is the footprint of your home, repairs can be complicated and expensive. Foundation damage is also a common home repair needed after home inspection and can cost north of $10,000.

Average cost of foundation repair: $2,000–$7,500; up to $25,000

Electrical Issues

While DIY home repairs are fun to watch on before-and-after shows, electrical issues and wiring are best left to professional electricians. After all, mistakes can lead to electrocution or fire. Depending on what kind of electrical issues you’re facing, your bill could be anywhere between a few hundred to thousands of dollars.

Average cost of electrical repairs: $100–$400 for minor work; $2,500 for electrical panel replacement

Roof Repair

When there’s a problem with your roof, you need to fix it fast — or risk eventual water damage to your home’s interior. Key signs of roof damage are ceiling stains, leaks, and missing shingles. If you suspect something is wrong with your roof, call an expert right away, and be prepared to pay thousands of dollars for repairs.

Recommended: How to Get Your Personal Loan Approved

Average cost of roof repairs: $950; $8,000 for full roof replacement

Repair or Replace a Water Heater

Due to mineral buildup and the routine breakdown of components, water heaters do not last forever. Depending on how extensive the repairs your water heater requires, you can be on the hook for a new unit entirely. And if you’ve ever taken a cold shower in the middle of winter, you know this is one repair that is essential to your quality of life.

Average cost of water heater repairs: $600; $1,700 to replace

Water Damage

Water damage is fairly common. It can result from the smallest crack in an old pipe or an unusually strong storm. Water damage restoration can involve replacing wallboard, flooring, ceilings, and more — and ensuring that no mold spores are left behind to spread once the repairs are complete. Two important factors influencing price are the square footage affected and the type of water.

Average cost to fix water damage: $2,600

Smarter Ways to Get a Car Loan

Repair Pipes or Install New Pipes

Fixing older pipes is the kind of home repair often needed after a home inspection. Dated construction materials with a known problem in their manufacturing, ancient septic or sewage drain systems, and simple failures caused by the passage of time can all come into play. And because pipes run behind walls and underground, repair costs often include patching up interior holes and dug-up yards.

Average cost to install pipes: $600–$1,600 per fixture; $5,000 for a new sewer line

Septic System Repair

Replacing a septic system is far from glamorous work. Good plumbers deal with sewage on a regular basis, but it’s not their favorite home repair task. Expect to pay a premium for someone to do the dirty work of repairing your waste lines.

Average cost to repair a septic system: $1,750; $6,000 for new installation

Heating or Air Conditioning Repair or Installation

Whether running on gas, oil, or electric, a new heating or cooling unit is a costly but worthwhile investment, one that should last you 12 to 15 years. In the middle of a summer heatwave or winter coldsnap, this is one costly repair that you won’t want to put off until it fails completely.

The financial savings from having a newer, more energy-efficient AC unit are often worth the cost of replacement. Having the peace of mind that your family will remain comfortable in extreme conditions is also something to consider.

Average cost to fix a heating or air conditioning unit: $350 for AC repair; $4,500 for furnace installation

Mold Removal

Mold develops inside homes as a result of moisture and can lead to health problems. It’s potentially dangerous for all individuals, but especially for small children. If you discover mold in your home, you need to get it removed ASAP.

Removing minor mold growth can sometimes be achieved with a mold removal product, hot soapy water, or a bleach mixture. But if the growth is extensive, you’ll want to call in a professional.

Average cost of mold remediation: $2,350

Termite Damage

The problem with termites is that they literally eat your house. Figuratively, they can eat your money. According to Terminix, each year termites are responsible for $5 billion worth of damage in structures across the United States. An infestation can easily cause $3,000 of damage to your home.

The cost of treatment will depend on how long the pesky insects have been chewing away at your home’s structure. At the first sign of termite damage, you’ll want to call in a professional. It’s also wise to have a pest control expert take a look at your real estate before putting it on the market, to avert surprises at closing.

Average cost to repair termite damage: $575 for treatment; $3,000 to repair damage

Average Cost of Home Repairs

Even the experts say that trying to predict future home repairs is nigh impossible. However, there are several rules of thumb that can help homeowners:

•   The 1% Rule. Set aside at least 1% of your home’s value each year for maintenance and home-related emergencies. That means a $500,000 home requires $5K in savings annually or $416/month.

•   The Square Foot Rule. It makes sense that a larger home may cost more to maintain. Save $1 for every square foot of livable space each year. For instance, a 2,500-square-foot house requires a $2,500 repair budget or $208/month.

•   The 10% Rule. Budget an extra 10% of your monthly home expenses; that includes your mortgage, property taxes, and homeowners insurance. So a homeowner who has a $1,400 mortgage payment, $500 in prorated taxes, and $100 in prorated insurance should save $200/month.

If you’re still saving up when an emergency repair rears its head, you have options. You can borrow from friends and family, use a credit card or home equity line of credit (HELOC), or take out a personal loan. Home repairs and renovations are one of the most common uses of personal loans.

The Takeaway

It’s tough to predict the cost of home repairs. Different budgeting standards suggest putting aside 1% of your home’s value or $1 per square foot annually. Last year, the average household spent $3,018 on maintenance costs and $2,321 on emergency repairs — more in states experiencing extreme weather. Among the priciest home repairs are major foundation work (up to $7,500), roof replacement ($8,000), and new septic systems ($6,000).

Even expenses like fixing termite damage or replacing a broken water heater can all but consume your savings. Consider a SoFi Personal Loan to cover your repairs. Borrow from $5k to $100,000 at a low fixed rate, with no fees required. Our Personal Loan Calculator can show you how much you qualify for. And you can finally stop worrying about having to cut corners or postpone an important repair.

Compared with high-interest credit cards, a SoFi Personal Loan is simply better debt.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPL0622003

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Even in a hot real estate market, it’s possible to learn how to buy a house with no money down. The trick is, you need to know where to look.

Zero down home loans aren’t available everywhere and to every borrower, but if you do qualify and can find an area with a zero down mortgage, homeownership could be much more attainable.

Here’s exactly what you need to know about how to buy a house with no money down.

Can You Buy a House With No Money Down?

You can buy a house with no money down with certain loan programs in certain areas. There are more homeowner resources to help you buy a home than you may realize.

And first-time homebuyer qualifications can be more flexible than you know. Here’s where to look for and what to expect on a zero down mortgage.

💡 Recommended: Learn more about first-time home buyer programs.

How to Buy a House With No Money

Of all the things you need to buy a house, a down payment holds many buyers back.

But there are a few avenues you can take to buy a home with no money down.

•   Buy a home with a VA or USDA loan, which are no down payment mortgages

•   Receive assistance for your down payment or closing costs from a state or local program or a family member

•   Receive a lender credit

•   Ask for a seller concession

USDA Loan

A USDA loan requires no money down and is intended for buyers in rural areas. There are two ways the U.S. Department of Agriculture loans money:

•   single-family housing direct loans

•   single-family housing guaranteed program

The direct loans are issued by the USDA and come with a 33-year term for low- and very low-income households. (Very low-income applicants may stretch the repayment term to 38 years.)

The guaranteed program is run through approved lenders with a 30-year fixed rate for low- to moderate-income households.

The USDA eligibility site shows eligible areas and income limits.

VA Loan

A loan guaranteed by the U.S. Department of Veterans Affairs is a zero down payment mortgage with low interest rates for qualified veterans, active-duty service members, certain reservists and National Guard members, and surviving spouses of those who died in the line of duty or as a result of a service-related injury. Most borrowers pay a one-time funding fee, which can be rolled into the loan.

Lenders can be more flexible with credit scores, mortgage amounts, and debt-to-income ratios.

💡 What credit score do you need for a VA loan?

Down Payment and Closing Cost Assistance Programs

Many city and state agencies offer different mortgage types and down payment assistance to buyers, especially low- to moderate-income homebuyers, first-time homebuyers, veterans, and people buying in federally targeted areas.

The terms vary. Sometimes the assistance for a down payment is in the form of a second mortgage that is repaid over time. Other terms include deferred payments that are only due if the property is sold, loans that are forgivable if the property is occupied by an owner for a specified amount of time, and even grants.

HUD, the U.S. Department of Housing and Urban Development, steers homebuyers to city, state, and nonprofit programs that offer down payment assistance.

Down Payment Gift From a Family Member

A down payment gift from a family member can also help you buy a house with no money down. The main thing to remember about a down payment gift from a family member is that the money must be properly documented with a gift letter. Your lender will likely provide a template to make sure you have all the crucial elements included.

Lender Credits

Lender credits are what you get when you agree to pay a higher interest rate in return for some money that the lender contributes toward your closing costs. The more lender credits you receive, the higher your rate will be. With some lenders, you can cover your closing costs entirely with lender credits. This is a common practice when refinancing a loan.

Seller Concessions

One strategy real estate agents have used is to ask for a credit from the seller, to be contributed toward the buyer’s closing costs. Making an offer above asking price in tandem with the seller concessions makes this option more palatable for sellers in a competitive housing market.

💡 Need more help? Head to the Home Loan Help Center

The Takeaway

Learning how to buy houses with no money takes some research, but could be well worth your time. With a VA or USDA loan, down payment assistance, gift money, or lender credits, it is possible to obtain a no money down mortgage.

Qualifying first-time buyers can still catch a break with a conventional mortgage loan from SoFi by putting just 3% down.

SoFi offers fixed-rate loans and a team of mortgage loan officers to answer all your mortgage questions.

Get pre-qualified for a home loan in minutes.

FAQ

Can cash gifts be used as a down payment?

Yes, but certain rules must be followed for the gift to be documented by the lender, usually in the form of a gift letter.

Are there any homebuyer grants?

Sometimes. They’re usually reserved for first-time buyers, veterans, or people buying homes in federally targeted areas. You might start a search for assistance with your state housing finance agency or HUD and then look for city and county programs.

What are down payment assistance programs?

Down payment assistance programs help homebuyers afford down payments and sometimes closing costs as well. This is done in the form of grants and loans and can vary by location.

What credit score do I need to buy a house with no money down?

For a zero down mortgage backed by the USDA or VA, lenders are advised to look at a borrower’s situation case by case. Approved USDA loan lenders usually require a minimum credit score of 640, though the department itself doesn’t have a credit score requirement.

Most VA loan lenders will want to see a credit score above 620, but again, the VA does not have a minimum credit score. Applicants may qualify with a score below 620 when debt, income, and the ability to shoulder future mortgage payments are given a close look.

Down payment assistance programs often require a minimum credit score of 620.

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Photo credit: iStock/Paperkites

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOHL0222007

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Large trees, even landmark ones, sometimes have to be removed when they’re dead or dying. How much it costs to cut down a tree varies depending on where you live, the tree’s health and condition, height and diameter, accessibility, and other factors. But a typical homeowner can expect to pay $750 per tree on average, or $10–$14 a foot.

Ultimately, it’s better to spend the money upfront than risk a tree falling and causing injury or damage. Keep reading to find out what tree removal costs, all it entails, and the complications that may drive up your price.

Average Tree Removal Cost

Removing a tree can range from $385 to $1,070, according to LawnStarter.com , a site that matches consumers with landscapers. Small trees up to 30 feet or so cost $400–$500 on average. Medium trees, up to 60 feet, cost $500–$900. And large trees can cost $1,000–$2,000. Fallen trees are significantly cheaper to remove: just $85 to $300.

If you have multiple trees to remove, the cost can really add up. While many people throw it on a credit card, more and more homeowners are turning to fixed-rate personal loans to cover unexpected bills. SoFi personal loans are unsecured, meaning there’s no collateral required, and getting approved for a personal loan takes just one minute.

Cost of Tree Removal by Type

The type of tree you have can give you an indication of how much it’ll cost to cut down. That’s because of each variety’s predictable height and the hardness of its wood. Cost figures below are based on typical mature tree height.

Type	Average Cost
Small fruit tree	$450
Palm	$725
Oak	$775
Pine	$925
Maple	$1,150

Recommended: Typical Landscaping Costs

Factors That Affect Tree Removal Cost

The cost of tree removal typically includes cutting down the tree and cutting it into pieces. How complicated this is — how big, how old, how many limbs — affects the price. The cost of hauling away all these pieces may or may not be included in your cost.

To find the right contractor, you may want to call multiple tree removal services and compare quotes on the project. Make sure to ask what exactly their price includes and what extra services or fees may come up. By the way, tree trimming and pruning is a separate service from tree removal.

Some factors that can affect your tree removal quote are:

The Tree

Obviously, the tree itself is a major factor. Informing the arborist of the type and age of your tree, as noted above, will give them a good idea of its height and diameter and the number of branches.

The accessibility of the tree is also extremely important. A big tree on a small lot surrounded by buildings and power lines is a much more complex undertaking than a big tree in an open field.

Debris Removal

Homeowners have a few options when it comes to debris removal: hauling, chipping, or splitting. With hauling, the removal company should take the felled tree off-site. That cost may include hauling away only the bulk of the tree. If you need additional limbs and debris removed from your yard, you may have to pay more. You may also have to pay extra for tree trunk removal, depending on how big it is, though the company should cut it into smaller pieces.

Some companies can run debris through a chipper, so you can use it as mulch in your garden. It can actually be cheaper to have limbs chipped instead of hauling them away. Or, if you have a fireplace or wood stove, the company can split the logs so you can use them as firewood.

Stump Removal

Stump removal and stump grinding are not typically included in the tree removal price either. That means you may be left with the stump of the tree in your yard, unless you pay extra or negotiate the stump’s inclusion in the quote. Stump removal costs $60–$350, or around $2–$3 per inch of diameter.

Recommended: Top Home Improvements That Increase Your Home’s Value

How to Determine If a Tree Should Be Removed

The biggest danger unhealthy trees pose is falling — onto people, homes, cars, or power lines. But even a healthy tree may need to be removed if it’s growing too close to a house or electrical wires. If you’re considering putting your home on the market, removing a threatening tree can give potential buyers (and their home inspectors) one less thing to worry about.

According to the Arbor Day Foundation, these are the telltale signs you might have to remove a tree:

•   Dead or dying branches

•   Signs of infection (discolored leaves or bark; visible pests or fungus)

•   Root defects

•   Rotted or hollow trunk

•   Trunk that’s leaning or appears unstable

Generally, the first step is to hire an arborist to give you an opinion on your tree’s health. Some conditions may be unsightly but not necessarily damaging to the tree. And many cities require an arborist’s evaluation before you’re allowed to remove a tree.

How Much Does DIY Tree Removal Cost?

DIY tree removal is an option in some cases, but it can be difficult and even dangerous. If you don’t have all the needed skills and tools, then you shouldn’t try to remove a tree yourself. Cutting down even a small fruit tree may cost a homeowner $425, while a pro might charge $150–$385.

If you do try to do it yourself, consider the costs below:

Safety glasses	$13
Work gloves	$14
Felling wedges	$24/pack of 6
Hard hat	$28
Hearing protection	$25
Chainsaw chaps	$71
Steel toe work boots	$100
Chainsaw	$150
Total	$425

The Takeaway

Homeowners can expect to pay $750 per tree on average, or $10–$14 a foot. Your price will vary depending on the size and condition of the tree, its accessibility, and what you want to do with the debris and stump. The first step is to hire an arborist to evaluate your tree and make an informed recommendation about how to manage any risk. Whatever you do, attempting DIY tree removal is usually a bad idea.

SoFi offers personal loans with no origination or prepayment fees, and competitive fixed interest rates. If you are facing a major landscaping expense and cash is tight, you can check personal loan interest rates now to see what you qualify for.

SoFi’s Personal Loan was named NerdWallet’s 2022 winner for Best Online Personal Loan overall.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOPL0722010

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A bathroom remodel is one of the most challenging projects you can take on in your home. Bathroom remodel costs range from modest cosmetic updates ($3k) to full gut renos ($30k), with the national average coming in at $11k.

Your bathroom budget will greatly depend on the purpose of your remodel. Whatever you have in mind, these 10 steps can help you plan appropriately, anticipate problems, and ensure you end up with a room you love.

Why Homeowners Remodel Bathrooms

There are several potential reasons behind a homeowner’s decision to remodel a bathroom. For some people, it might be a combination of reasons.

Updating the Look

Happy with the layout of your current bathroom and feel it just needs a refresh? Focus your attention on material selection, and perhaps add new cabinetry or plumbing fixtures. You can find lots of ingenious ideas online for how to make a small bathroom look bigger.

You’ll still want to pay attention to the age of your home and the remodels done by previous homeowners. After all, laying new tile over a foundation rife with mold or making do with an outdated electrical system is inviting big problems down the road.

It’s best to tackle essential updates first. If your budget doesn’t allow for a full reno, you might want to hold off until you have the money to do the job right.

Recommended: 32 Inexpensive Ways to Refresh Your Home

Resale Value

If you’re updating your bathroom in preparation for selling your home, think about what potential buyers might look for. While it’s impossible to anticipate what one random buyer might want in a new home, you can research your local real estate market to learn what appeals to the majority of homeowners.

You also can find out the resale value of bathroom remodels by using SoFi’s Home Project Value Estimator.

Better Functionality and More Storage

Perhaps you’ve always hated how the door hits the vanity as it swings open. Or you’re tired of stacking toilet paper on the toilet tank and seeing makeup on the counter. Maybe you never use the bathtub and long for a large shower stall, or wish for two sinks instead of one to expedite the family’s morning rush. Or it’s possible your bathroom is a dark, moist cave, crying out for natural light and better ventilation.

This level of bathroom remodel will likely have you gutting the entire space, possibly rearranging the fixtures and rerouting plumbing. Not only will your bathroom be brand new in that case, it could be higher end, too.

Here are the 10 steps to take while planning your perfect bathroom remodel.

1. Determine What Your Bathroom Remodel Should Achieve

When embarking on any project that requires a good chunk of time and cash, you want to determine what the overall goal is for your bathroom remodel. Is it to expand the existing space? To add a shower or a tub? To improve your home’s value? Or to update a vintage bathroom to one that is more modern in design and functionality?

All of these answers will factor into your design and budget. Other considerations to make when planning a bathroom remodel include:

•   How many people will use the room?

•   How much time do you spend in the bathroom in the morning, afternoon, and evening?

•   What’s your routine — how does your current space hinder it, and how could a new space improve it?

•   Do you just want something that’s easy to clean? Or do you want to improve the look for resale?

2. Research and Budget

Before you get too far with planning, it’s good to know how much bathroom you can afford. Even if you have a ballpark figure in mind, you’ll want to understand how much a full bathroom remodel is going to cost in the end.

A bathroom remodel typically costs between $3,000 and $30,000, with $11,000 the national average. Before proceeding with your dream plans, first think about whether you’re after a basic update, a mid- to upper-range remodel, or a deluxe spa getaway. Factor in a cushion of 20% for unforeseen costs.

To keep costs down, avoid moving the existing plumbing and wiring. Some homeowners focus on just a shower remodel, which can run from $1,100 to $5,500. To get a sense of how much it would cost to update your home use our Home Improvement Cost Calculator.

Recommended: How to Pay for Emergency Home Repairs

3. Hire a Designer Who Loves Bathroom Remodels

Given the complexity of rerouting plumbing, laying tile and flooring, and installing vanities and toilets, you may need to hire a few different professionals to get the job done:

•   Interior designer, to reimagine the space and source materials

•   Architect, to handle structural changes

•   Plumber

•   Electrician

•   Tile installer

•   General contractor, to manage them all

What exactly will all these folks be doing, besides spending your money? We’ll walk you through it.

First, a professional interior designer will think of things a homeowner will not. For instance: which way the cabinet doors open, if there’s room for a washer/dryer, how a skylight could brighten the space, or ways to rearrange the room in a creative way that maximizes both functionality and efficiency.

On the other hand, if you know what you want and where to find the products you need — and you have at least some DIY experience — then you might take on the design process yourself.

A general contractor will hire and supervise the various subcontractors, and keep the project on schedule and on budget. If you’re very comfortable tackling the demolition, construction, and installation, you may not need a general contractor. Just remember that once you start exposing layers of old work, a straightforward update can devolve into something more complex.

For major structural changes, you’ll want to hire an architect, and consider bringing in an experienced plumber and electrician, too. In some places, it’s required by law.

While you’re keeping an eye on the budget, don’t forget about your valuable time. Even with DIY experience, a bathroom remodel can take homeowners several times as long as a professional to complete — and your results may not be up to your high standards.

Don’t hesitate to bring in hired help as needed. To keep your budget on track, you can still agree to take on simpler tasks like demo and painting.

4. Refine Your Bathroom Remodel Plan

If your dream bathroom doesn’t seem as though it could ever fit in the space you have, think about what’s on the other side of the bathroom walls. Can you steal square footage from an adjacent closet, adjoining bedroom, or underused hallway? Is it possible to punch out an exterior wall to add square footage?

Other options to consider: whether you want the toilet out in the open or housed in its own private water closet, and what kind of special storage you need — for hair tools, makeup, and other everyday essentials?

Choosing the style of bathroom you want can also be complicated. You may love the look of the industrial-style bathroom in your favorite restaurant, but will it look right in your Craftsman bungalow? Designers recommend that you look to the rest of your house for inspiration or consult resources like Pinterest for ideas.

5. Approve Your Bathroom Remodel Design

Next you’ll consult with your interior designer and/or architect to review preliminary floor plans and sketches. These will show how the room’s components — shower, vanity, any cabinetry — fit in the space.

At this point, you’ll focus on the big picture: where the major elements go and the functionality of the space. Don’t worry about the finishing touches like colors and materials. These drawings and scope of work will be used to interview contractors and solicit estimates.

Once the measurements are nailed down, you’ll know how many square feet of tile you’ll have to order or how big of a marble slab you’ll want for the countertop. You or your designer can use this information to start shopping around for the best price on materials.

6. Choose Your Bathroom Materials, Finishes, and Colors

Now it’s time to research materials, so you’ll have a basic knowledge of what you need and how much it will cost. Marble may look great, but it’s not stain-resistant and so is a pain to maintain.

Maybe you want to look at easy-to-clean options. Or perhaps you didn’t know that wood can indeed work for countertops in bathrooms if properly treated. Or you weren’t aware of the vast stone possibilities that could work with your design.

7. Work on Design Development and Construction Documents

At this stage, you should be actively reviewing the floor plan, elevations, tile layout, and any other relevant drawings associated with your project. More planning on the front end of the project means fewer mistakes will arise later in the process.

You’ll also want to be kept up to speed on everything that goes into your project: what materials will be used and how they will be laid out. If something in construction drawings isn’t specified — such as general tile layout or how you want trim pieces in your shower niche to look — chances are your tile installer will make a decision on the spot, especially if you’re not around on the install day.

This stage will also involve pulling permits. If you’re working with a knowledgeable contractor, they will likely take this on. Many are skilled at navigating the process with contacts they’ve made at the local planning office. If you’re doing much of the work yourself, you’ll need to brush up on what permits you’ll need, and where and how to submit drawings for approval.

8. Get Estimates From Contractors

It’s a common process to get three separate estimates from licensed contractors for each home remodel project in which you bring in professional help. If you’re already working with a designer, he or she may know skilled contractors or can help you interview professionals to make sure they’re right for the job.

It helps to know about what goes into a contractor’s bid. Don’t let the highest bid scare you, and don’t immediately jump on the lowest bid.

9. Plan for Installation and Prepare for Bathroom Demo

In an ideal world, you will have every last detail planned and every material picked out and ordered before construction starts. The last thing you want is to get halfway through your remodel and have to tell your construction crew to take a two-week break while you wait for that back-ordered marble to arrive from Italy.

You’ll want to nail down the nuts and bolts of how construction will flow and where supplies will be stored. You’ll need a dry space inside for most materials, so you’ll need to decide where you’re going to keep displaced furniture and household items while construction is underway. Can you make space in your garage or on the side of your house?

Other questions to consider:

•   Are you prepared for the disruption?

•   What time will the workers be there, and will someone be on-site to answer questions and oversee the construction?

•   Will it affect your work schedule or any trips planned?

•   Where will you shower during construction?

•   Do you have an alternate place to stay should the inconvenience of not having a bathroom become too much?

•   Who in your family will be available should a construction question come up?

•   Think about how long the crew will be there and if the materials will arrive in time.

Any last-minute decisions need to take top priority to ensure a smooth-running bathroom remodel that stays on budget and on time.

10. Make a Post-Completion Punch List

The National Kitchen & Bath Association recommends that you keep all receipts, contracts, warranties, and product information for every major purchase so that you understand how to care for and maintain the materials.

Nevertheless, it’s highly likely that something with your bathroom remodel will go wrong. Maybe you overlooked something, materials arrived broken or scratched or not at all, there’s a dent in the wall, or the caulk was too messy.

Now is the time to make a list of these things, either in an informal email or more formal document with your contractor. Get it into the hands of the person responsible for correcting the mistakes and include a date by which the fixes and finish work should be completed.

It’s normal for a contractor to return several times to address any post-project concerns, so try not to worry. Everyone makes little mistakes in a big, complicated project like a bathroom remodel. Just hold off making your final payment until the problems are fixed.

The Takeaway

Bathroom remodel costs can vary widely from $3k to $30k, with the average about $11k for a full bathroom. Most of your money will be going to labor (typically $50–$70/hour) rather than materials. To keep costs down, take the time to plan meticulously and get multiple bids from contractors.

Need a way to finance your new bathroom remodel? Check out SoFi unsecured Personal Loans. Compared to a home equity line of credit (HELOC), which may only cover a handful of projects, a SoFi Personal Loan of up to $100,000 allows you to use the money for whatever your dream bathroom demands.

Get prequalified online for a SoFi personal loan with no fees required and no obligation.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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You’re ready to buy a house, and you need financing. There are two main options: direct lenders and mortgage brokers.

Which should you shop for a mortgage with? If you have credit issues or other needs, considering a broker’s array of options would make sense. If your financial health is solid and you want to save time and money, applying with a direct lender could be a good course of action.

In any case, it’s smart to get a few quotes and compare offers for the same type of loan and term.

What Is a Mortgage Broker?

A mortgage broker is a middleman between the mortgage seeker and lenders, including banks, credit unions, and private mortgage companies.

With a single application, a broker will provide you with access to different types of mortgage loans and, if you choose one, will walk you through underwriting.

Mortgage brokers are licensed and regulated. You’ll want to ensure that any broker you’re interested in working with is credentialed by checking the Nationwide Multistate Licensing System & Registry consumer access site. You can also check platforms like the Better Business Bureau and Yelp to see what past clients say.

Brokers are compensated by the borrower or lender. Borrower fees typically range from 1% to 2% of the total loan amount. Lender commissions may range from 0.50% to 2.75% of the total loan amount, but lenders usually pass the costs on to borrowers by building them into the loan.

How to Find a Mortgage Broker

You could ask your current lending institution, friends, family members, or real estate agent for a referral to a mortgage broker.

After checking licensing, you may interview more than one broker before deciding on one. You might want to ask about their fees, lenders they work with, and experience.

What Is a Direct Lender?

In the mortgage broker vs. lender dichotomy, a direct lender is the bank, credit union, or mortgage company that originates, processes, and funds mortgages.

Mortgage loan officers, processors, and underwriters work for the company. Loan originators usually work on commission.

A loan officer may offer a mortgage at various price points, from a loan with discount points for a lower rate to a no-closing-cost loan, which is when the lender agrees to pay the closing costs in exchange for a higher interest rate.

Recommended: First-Time Home Buying Guide

How to Find a Direct Lender

Most people have a relationship with a bank or credit union, which they might want to expand on by getting a mortgage quote. Then there are myriad online mortgage lenders.

Pulling up the day’s mortgage rates online will conjure a list of direct lenders advertising their rates.

What Are the Pros of Working With a Mortgage Broker?

Because they are able to offer a variety of quotes from different sources, brokers can be useful if you’re looking to easily compare mortgage options.

They may offer specialized loans.

Loan brokers set their own profit margins, so negotiating could be easier.

A broker could be useful if you have concerns like a fair or bad credit score or student loan debt.

What Are the Cons of Working With a Mortgage Broker?

Brokers may have preferred lenders that don’t necessarily offer the best interest rate. And some lenders won’t work with brokers at all.

If paid by lender commission, a broker could be tempted to steer a borrower to a more expensive loan.

Brokers’ loans may take longer to close.

Broker fees tend to be higher, but that could be because the mortgages offered are sometimes more complex. And mortgage brokers may charge borrowers directly (the fee of 1% to 2% of the total loan amount).

What Are the Pros of Working With a Direct Lender?

By working with a direct lender, you’ll skip the broker fees, and you may get a better rate with lower closing costs (although both lenders and brokers can offer “rebate pricing” — a higher interest rate in exchange for lower up-front costs).

A direct lender typically does all the loan processing, underwriting, and closing in-house.

You may be able to negotiate underwriting or origination fees.

What Are the Cons of Working With a Direct Lender?

Comparing rates and terms on your own from a sample of lenders takes time.

You’re limited to the loan programs of the institutions where you decide to shop.

What Works for My Situation?

You’ve probably toyed with at least one home affordability calculator and gotten pre-approved for a loan.

Once you’ve found a home and your offer has been accepted, it’s decision time on a lender. You are not required to stay with the lender you used for pre-approval.

If you have a sparse credit history, subpar credit, or other challenges, a mortgage broker might be able to find a loan program that’s a good fit.

But if you have solid credit, a strong income, and assets, you may be able to save time and money by working with a direct lender.

What about rates? In weighing mortgage broker vs. bank, there might be no difference to speak of. The rate you’re offered depends more on your qualifications than on the lender.

The mortgage loan process can seem mysterious, and a broker or a loan officer at a direct lender can act as a loan seeker’s guide.

That guide should be willing to answer all of your mortgage questions, including those about points, fees, mortgage insurance, and the closing timetable.

You’ll receive loan estimates after applying. When comparing mortgage offers, it’s important to look at more than the interest rate. Be sure to compare APRs.

Look at the fees in the “loan costs” section, and compare closing costs.

The Takeaway

If you’re in the market for a mortgage, you might think the choice comes down to mortgage broker vs. direct lender. But you may get loan quotes from both and compare them. It’s called shopping, and a home is a rather important purchase.

You might find that the fixed-rate mortgage loans from SoFi stand up to the competition nicely.

Finance a primary home, second home, or investment property. Live large with a jumbo loan.

Get a personalized rate quote in a few clicks.

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SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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