How to Budget for a Bathroom Renovation and Stick to It
The average mid-range bathroom renovation costs around $20,000 while an upscale luxury bathroom renovation can cost $60,000 or more.
It’s not uncommon for the final price tag to be a little–or a lot–higher than what homeowners were planning for.
Ultimately, making a budget for your bathroom renovation requires that you’re both realistic with your desires and prepared for the unexpected.
Read on for our guide to planning a bathroom renovation budget and how to stick to it.
Know Your Maximum
Before you get into the nitty-gritty of your renovation plans, you need to know what you can afford. Don’t just think about your ideal cost. Think about the absolute most you can spend without breaking the bank.
Once you know your maximum, create a budget that comes about 20-30% below it to give yourself some wiggle room.
Know Your Must-Have’s
Of course, you may want beautiful tiling and custom-made cabinets. Before you set your heart on these details, make a list of must-haves that begin with actual necessities. For example, having a shower that suits your physical needs is more important than aesthetic components.
Once you’ve calculated the costs of your must-haves and any hired help you may require to install them, then you can reassess the amount you can spend on the items in your nice-to-have list.
Consider the internet your best ally in a bathroom renovation. Perhaps a certain style of cabinet or a particular kind of tile caught your eye. Chances are, you can find a cheaper alternative that has a similar look and function to the pieces you see in a magazine or on the floor of a major retailer.
That being said, don’t ignore the reviews. Cutting corners only works if the items you’re purchasing are durable. Otherwise, you’ll find yourself dishing out more money in the near future to replace broken or worn pieces.
Even when you’re hiring contractors you can look for companies that will work with your budget. For example, some contractors will offer financing plans that will lighten your immediate financial burden.
Know What You Can DIY
Going the DIY route can be a great way to save money on contractors, but you need to be realistic with your own abilities. Don’t take on large projects with little know-how or you may cause structural damage that will cost more to fix than you would have spent on a contractor from the get-go.
Budget for the Unexpected
Remember that 20-30% of your maximum budget that we told you to set aside? That isn’t necessarily money you’ll save in the end.
As you start tearing out old fixtures and flooring, you may find some nasty stuff that you really can’t ignore. For example, many of the kinds of molds that grow in the damp corners of bathrooms are hazardous to your health. You probably weren’t planning on hiring a mold removal expert, but now you don’t have much of a choice.
Get Quotes for Your Bathroom Renovation
Until you start talking to contractors about their prices, you’re not going to have a strong grasp on the amount of money you’ll be paying for your bathroom renovation. Remember that you’re not paying for a shower, tub, toilet, or sink alone. You’re also paying for the labor required to install them.
We take your budget seriously and offer a free quote before you’re obligated to work with us. Get your free quote today!