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How to Budget for Your Dream Bathroom Remodeling Project

Bathroom remodeling enhances the value of your home, although it requires a decent initial investment. A total bathroom renovation, including new fixtures, plumbing alterations, flooring and furniture, will cost between $10,000 and $15,000 depending on the size and scope of the project. Find out how to budget for your dream bathroom reno and improve your lifestyle this year.

How To Control the Costs

The details of your renovation dictate the costs. Be sure to spend a decent amount of time planning your remodeling project, getting those tiny details hammered down while giving the important elements priority.

Many home improvement projects go over budget due to a lack of planning. Removals often uncover significant (and expensive) problems. Do you know what's behind that vanity? Are you certain that the floor joists are solid and the subfloor can handle marble tiles? As you design the new bathroom, inspect the existing space closely to make sure your plans will work and installation will move smoothly.

Make note of any sagging sections in the floor, as well as moldy corners and musty odors. Think about how the age of your home, and find out whether the existing plumbing will work with the fixtures you have in mind (your plumbing supply store can often help with this).

Scheduling also affects the budget. Can you stretch the project out over time, capturing good deals on the materials and completing portions of the project yourself? Rush jobs often cost more, and incorporating some DIY elements should help to shave the budget down.

Get Expert Advice ASAP

Some people hesitate to call in the professionals, worried that contractor involvement will drive the costs up. Most renovation companies provide free estimates and will help you with the initial design phase for a reasonable charge. Consider the value of their experience and advice.

Free estimates allow you to form a budget, based on the designs and plans you discuss with contractors. Although this figure may change over time, it costs nothing to have a contractor submit their bid for your consideration. Use that information to compare, budget, redesign and prioritize.

You can get a fair amount of information from contractors before signing the contract. But remember that their time is valuable. Talk with contractors you are seriously considering and always be open and honest. Reputable companies will offer you design advice and tips that should save you money and provide better value for your renovation investment.

Make Lists

Lists help at every stage of this project. Start with a list of priorities, noting which elements need to be in the new bathroom, which ones you would like to include and which ones are expendable.

Once you have this list made, mark down the prices of each element, including the materials and installation cost. Then reevaluate the priority list to better reflect your budget.

Let's assume you want to design a Japanese-inspired bathroom. You'll need modern bathroom furniture in natural tones, with natural stone flooring and Asian accessories. It would be ideal to install a traditional wooden tub with a river rock border, but that unique feature will put a major dent in your bathroom remodeling budget. Consider other alternatives, such as an attractive freestanding bath with river rocks used around the room for dècor. You may opt to splurge on unique items like this in order to capture your desired atmosphere, but a list helps you to ensure those features fit the budget.

Any structural changes or repairs need to be given top priority. Resist the urge to hide problems behind drywall, tiling and bathtub surrounds; you'll only have to tear them out later to complete the repairs. Spend the money now to ensure your bathroom remains in peak shape.

Some things can be put off until later, allowing you to allocate expenses over time. Final stages like vanity handles, bathroom dècor, window treatments and even linens can be covered later on, when these items go on sale or you find the ideal pieces for a good price. Others must be completed from the outset for practical purposes. Make a note of any elements you could put off, and arrange your priority list accordingly.

Consider Your Financing Options

No matter when you begin your bathroom renovation project, you'll need some cash to get the ball rolling. Financing options provide varying rates of interest, which ultimately affect your budget.

Common forms of financing for home improvement projects include:

  • Cash and Savings - this is often the cheapest financing option, and allows for a smoother schedule when all of the cash is available up front. Sometimes using cash limits design - you may be less likely to make expensive changes if your bank balance is limited and you're not planning to use credit.
  • Home Equity Loan - a wise option for many homeowners, home equity loans provide low interest financing secured by the value of your home. Since professional bathroom renovations improve property value, using a home equity loan tends to be an affordable option.
  • Retail Store Charge Cards - these cards often provide rewards for purchasing certain items or making larger purchases, which can be ideal for your bathroom renovation. Building material retailers also provide money-saving deals like no-interest-for-six-months, saving you even more.
  • Credit Cards and Line of Credit - these high interest options provide decent flexibility, as long as the limit surpasses the overall budget for your project. Plan to pay down this type of financing as soon as possible to avoid escalating interest costs.

Try to keep track of your receipts for this home improvement project, particularly if you are completing some DIY elements. This provides accountability for the financing and helps you to reconcile the balance at any given time.

Learning how to budget for your dream bathroom remodeling project allows for better control of this important home improvement. Control the costs and get expert advice from the beginning, making a list of priorities and choosing the optimum financing arrangement for your situation. Your dream bathroom is closer than you think, and setting a budget helps you get one step closer.

Posted by: diana
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