Planning to update your bathroom soon? Excited to transform the space? There’s nothing like a beautiful remodeled bathroom to add pleasure and value to your home. In fact, remodeled bathrooms provide some of the highest resale returns in home improvement. Yet as fun as it is to browse fixtures and flooring for your updated bathroom, you also have to think about costs. Budgeting a bathroom remodel can be tricky, especially when there are certain amenities or features you want. To make the most of your project and avoid unexpected price hikes and delays, it’s vital to set a renovation budget.
What tips should you keep in mind for budgeting your bathroom remodel? How can you avoid the typical remodel budgeting mistakes? To help answer these questions, here’s a look at budgeting tips when you’re planning a bathroom remodel at home:
Know your bathroom.
The larger your bathroom, the more space there is to remodel — and potentially, the more money you’ll spend. When planning your budget, start with the specs of your space. Is it a half bath, a full bath, a master bath or the only bath in your home? Does it just need some cosmetic upgrades, or will there be major changes to plumbing or the footprint of the room? By starting with what you know about your remodeling costs, you’ll have a better estimate moving forward.
Know what’s appropriate for your home’s price range.
While most homeowners spend about $10,000 on a bathroom remodel, usually the total amount you spend corresponds to the total amount your home is worth. Keep in mind, these costs include everything from fixtures and cabinetry to flooring and windows. You essentially want to spend about 5 to 10 percent of the total value of your home when you’re thinking about a bathroom renovation budget. For example, if you’re home is worth $200,000, you’d want to limit your bathroom updates to be between $10,000 and $20,000.
Know what you want to change.
A bathroom remodel can be fairly inexpensive or costly, depending on what you want to change. Will you be adding square footage? This increases your costs. Will you be changing fixtures? This boosts spending, too. To set a realistic budget, take time to think about what your remodel will include. If you’re working with a contractor, he or she should provide a detailed estimate explaining all the costs and how they break down into your total bill. Examine this carefully and decide what upgrades you can or can’t afford. The better you can plan for and project your costs ahead of time, the easier it will be to stay on budget.
Know that you’ll pay for more than the products you pick.
Walk into your local home improvement store and look at countertop costs, and you may think your renovation won’t be too costly. Remember, however, you’ll also be paying for installation and other associated expenses. If you go with stone counters, for example, you’ll have to pay someone to cut and finish them. If you need new plumbing, there are the labor costs to consider.
Know what you can do yourself.
One of the most obvious and best ways to cut costs on a remodeling project is to do some of it yourself. Are you handy enough to do start the demolition or take on some tiling? Could you at least paint the space yourself to avoid paying a professional? Wherever you can DIY well, you can do wonders for your budget.
Know what to prioritize.
Another great way to save money on a remodeling project is by prioritizing. Maybe you can’t add every imaginable bathroom feature, but you can add the three that are most important to you. Perhaps you forgo a certain upscale feature in lieu of a midrange version you like just as much. Figure out what is most important to you and what will make the most difference in your bathroom — let that be the focus of your redesign.
Renovating a bathroom is an exciting decision filled with possibility. You can create the space you’ve always wanted, find more to enjoy about your home and increase resale value — all at the same time. To avoid getting in over your head when budgeting a bathroom remodel, however, you should always think carefully before starting the project. Use the six tips above to guide your planning efforts and help make your renovation a success.
Planning to update your bathroom soon?
Excited to transform the space? There’s nothing like a beautiful remodeled bathroom to add pleasure and value to your home.