Planning Your Bathroom Remodel Budget

Posted on Thursday, December 29th, 2011

Expert contractors and bathroom designers will help you get the most out of your bathroom budget. You might think it would be cheaper to DIY, but this is one job where there is a high likelihood that you will waste more of your time and money than if you just hired a professional from the start.

If your plan is to turn a master bath into a mini spa retreat, but the mere mention of money makes you anxious, don’t fret. Figuring out the financials for a bathroom remodel doesn’t have to be a stressful experience. We’ve outlined the steps you need to take to keep your finances in line.

A general rule of thumb is that you need to view home improvements as an investment, especially if you plan on living in a home for less than 5 years from the time of installation. If you plan on living there longer, you can spend more for your own personal comfort.

Crunch Numbers

The average cost for a bathroom remodel is roughly $26,000, but the amount can vary dramatically between homeowners. In order to figure out your own number, you will need to know how much you can spend. Some websites offer calculators to help find an approximate amount, but remember, they are using very rough estimates. There are thousands of variables that can effect the price so none of them are very accurate.

Plan For Extra

When it comes to plumbing, there can be all sorts of budget-busting surprises lurking behind the walls and floors of a home. It’s wise to set about 10% of the total cost aside for problems that might arise.

Cash or Loan

Whatever the type of financing, make sure to shop around for the best rate. Even if cash is in hand, oftentimes borrowing at a low-interest rate makes more financial sense than pulling your money out of an investment account that’s yielding a higher rate of return.

Sticking To The Plan

Once the financials have been finalized, don’t tuck the budget away in a file. By using your budget as a tool, you will be less likely to make decisions that don’t add value to your home. Keeping your remodel within a reasonable range will also make you more happy with the end result. There is nothing like spending just the right amount to get exactly what you need.

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