Desperate to remodel that dated bathroom you promised yourself you would spruce up once you got the funds? Before you begin demolition, start by figuring out your bathroom remodeling budget. Then you can get the bathroom of your dreams without breaking the bank.
Figure Out What You Can Afford to Spend
The first number you will want to determine is how much you can afford to spend on your bathroom remodel. Are you just saving up a couple hundred dollars to do some minor touch-ups, or are you taking out a loan to do a major renovation?
Figure Out What You Should Spend
While the amount you can afford to spend is most pertinent to your current finances, the amount you should spend is very important in terms of resale value. If you hope to recoup a good portion of your costs when you sell, you will want to be careful not to pour more money in the bathroom than you will get back. Research real estate in your area to see what amount will give you the best return on your investment.
Factor in the Cost of Labor and Surprises
Once you determine the amount you want to spend, it is time to figure out how you will spend it. Start by factoring in the cost of labor and add a cushion for the surprises that inevitably pop up during home remodels. Factor in the cost of supplies, like nails and caulk. While these items are inexpensive, they can add up quickly. Your general contractor can help you figure out what amount of your budget will actually go towards the bigger items you pick out.
Prioritize What is Most Important to You
Unless your funds are limitless, you may not get everything you want in your bathroom remodel. Prioritize what items are the most important to you. Then you can place a greater portion of your budget towards the pieces you want to splurge on and a smaller portion of your budget towards those items you don’t mind getting for less.
Find Ways to Keep the Costs Down
If you find your budget doesn’t quite cover everything you want, look for ways to cut costs. Maybe you can do some of the smaller work, such as painting, yourself. Perhaps you could find a replacement sink on Craigslist instead of buying one new. Be creative.
Communicate with Your General Contractor
Make sure you keep in contact with your general contractor so you will always be up-to-date on the remodel. Keep tabs on how much money has been spent and if the project is staying within budget. Talk about your options if any surprises come up during the renovation. Let your contractor help you stay within budget while making decisions that make the most sense for the long term.
Having your bathroom remodeled can be fun and exciting, but it can also be expensive and stressful as well. While you can never anticipate every surprise that will pop up during a remodel, by budgeting effectively, you will help ensure everything goes as smoothly as possible.