81% of Americans would prioritize a bathroom remodel over any other home renovation project.
This comes as no surprise though. The bathroom is indeed a sanctuary. That aside, an upgraded bathroom could increase the value of your home.
Unfortunately, a bathroom renovation can get expensive. If you go about the process the wrong way, you will end up overspending, without necessarily accomplishing your vision.
A proper bathroom remodel budget can save you from this trouble. How do you prepare one?
Here is a complete guide.
Determine What You Want
Start by figuring out the direction of the remodel.
Some remodels result from the need to have some repairs done, while others stem from the need to improve a bathroom’s aesthetic and comfort value.
At times, you want to have repairs done but then sneak in some improvements here and there. Either way, you have to be clear about what you want.
Depending on what you’re looking for, here are some estimates to guide you.
A simple Update
A simple bathroom update entails changing a few things to freshen up your bathroom’s look.
Some of the things that can be done in an update include:
• Vanity update
• A new sink or countertop
• Window treatments
• Refinish your bathtub
• Light fixtures
This will set you back between $200-$5,000.
A minor remodel is slightly more involving than an upgrade. Typically, these entail:
• Replacing flooring
• Erecting walls
• Moving fixtures
• Installing a new faucet, sink, shower or bathtub
• Installing supply lines, drain pipes or other electrical works
The average cost for this kind of work is between $5,000-15,000.
A major remodel will leave you with an entirely different bathroom from what you started out with.
Some of the works to be done include:
• A new fixture and cabinet layout
• Removing or adding doorways
• Moving or removing and reinstalling the bathtub
• Redoing electrical and plumbing work
• Upgrading finishes
• Adding windows and skylights
A remodel of this magnitude will set you back upwards of $15,000.
Right off the bat, this gives you an idea of what a manageable undertaking for you is.
Something else you need to figure out is whether there are tasks you are able to handle by yourself.
While DIY knocks some labor fees off of your total budget, it is not something to rush into.
If you take up tasks you cannot adequately handle, they will take much longer to complete and you can get hurt in the process.
Similarly, you risk doing some damage to your bathroom. This will need to be fixed by a professional.
With this in mind, only pick DIY tasks that you are absolutely confident you can handle. Leave the more complicated tasks to a reputable general remodeling contractor.
Tally up the amount you will save up and document this figure as well.
Add up the Figures
With the remodel estimates, what you want to be done and the DIY tasks in mind, you can move on to the next step.
By the end of this step, you should have a dollar figure of how much you will spend on the remodel.
The two key considerations to look at are your finances and the ROI.
Look at your finances and determine the amount of money you can reasonably spend on the project.
You can either choose to postpone it if your finances are in bad shape, reduce its scale to fit in with your finances or go all out and get exactly what you want.
Return on Investment
There are two ways to think about this.
If you will be in the house for less than five years, you should view this as an improvement in investment. This means the project should increase the value of the home when you sell it.
If you intend to live here for ten years plus, or consider it to be your forever home, then you want to focus the specific changes on what will make your family more comfortable.
If you are going for an improvement in investment, consider how significantly the changes will increase your home’s value. Compare this value with the value of homes in the neighborhood.
At times, this can be important in helping you determine whether to scale back. If the figure goes beyond the typical cost of homes in your neighborhood, it might be a hard sell.
Itemize Everything in Your Bathroom Remodel Budget
A budget should be practical and actionable.
Prepare a spreadsheet whether computerized or handwritten. The point of this is to help you track your budget as you move along.
Having the figures in black and white helps you visualize your entire remodel.
It also helps you see the effects of any changes you make on your overall financial plan.
If anything, this will help you stay on track and avoid making expensive amendments midway.
Have a Contingency Fund
Home improvement projects always carry a level of unpredictability. This unpredictability makes it likelier to go over budget than not.
It is therefore wise to have a contingency fund to take care of this. The rule of thumb is to set aside an additional 20% of your total budget for this. However, the goal is to have this money intact after the remodel.
Think of it like insurance: if you need it, then you have it, if you don’t, even better.
These tips will help you create a reasonable bathroom remodel budget. But you must stick to it
Before you embark on the project, be sure to look for creative bathroom ideas on a budget and remember to negotiate on the labor fees.
Also, allow yourself enough time to shop for fittings and fixtures slowly as well. Consider buying materials from one supplier so as to take advantage of discounts offered to bulk shoppers.
Ready for a new bathroom? At Acme home interiors, we do more than contractual work: we make dreams come true.
Contact us and let us in on your vision; we will make it a reality.
Schedule A Free Consultation Today
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