The bathroom makeover is certainly no rainy day fund project but at the same time it is not something you want to throw endless amounts of money at. Before settling down on any design specifics, set down your budget specifics. This will ensure you don’t break the bank while you still get the look you want.
In 2005, the average expensive bathroom renovation ran about $26,000, however you do not have to spend that much. It is merely a starting point so you understand the reality behind completely redoing a room of the house. Aside from this, take into account how much longer you expect to stay in the house. If it’s where you’re planning to grow old, spend the money on what is comfortable for the family. On the other hand, if you’ll only be there a little while longer, invest in things that will increase the value of the home.
The Additions and Cuts
Budgeting for the bathroom should also factor in labor. This single facet is generally about one third of the entire total. If this puts you over budget, start cutting out the unessential elements, such as towel heaters and more mirrors. Likewise, instead of replacing tubs and tile, simply have them reglazed.
Like all things dealing with money, you’ll want to have a cushion of extra money that goes specifically toward covering surprise costs. Plumbing alone can up the price tag by hundreds should issues be found as the walls and the floors are dismantled. This number should total in at around 10% of the entire budget. If you end up not needing it, you can either stick it back in the bank or use it to buy the extras you had to cut.
While you can always use cash, many financial advisors will throw in the fact that using a low-interest rate loan is better for your credit. Home equity loans are some of the most popular because they are tax deductible. Other choices include no-equity loans, FHA loans, refinancing or even personal loans. No matter which one you choose, make sure it is the one best suited to your current state of living.
With so much time invested in building this budget, it would be remiss of you to simply tuck it away in a desktop folder and never touch it again. Keep it out and active. Plug in the bills and costs as they come so you can track where the budget is to determine if it is on course, above or below. Knowing this will help you deal with issues that may arise. It’s much easier to spend a little extra to fix a minor thing knowing you’re below budget than skipping it because you’re assuming the worse. The cost will already be high, so there is no need to hide from it.Budgeting a bathroom makeover is a relatively easy process, albeit time consuming. Even still, it is a great way to guarantee you are getting what you want without having to declare bankruptcy.