Budgeting for a bathroom remodel can be difficult. There is a large range of costs which need to be considered for any renovation based on many aspects, from materials to design to scope of work. That’s why, here at Springs Home Improvement, we offer free phone consultations so we can get a better idea of your remodel wants, needs, and budget.
No matter how significant of a financial investment you’re making, it’s important to always keep your dream bathroom remodel in mind to make sure you get the best outcome possible. That’s why it’s important to plan and budget in advance. Expect a master bathroom remodel to cost between 10 to 15% of your home’s value, and a hall or guest bath remodel between 5 and 10%. And there are up-front design fees to consider as well.
Of course, other factors can arise and complicate those numbers too. No matter what kind of bathroom you’re remodeling, you’ll want to plan carefully so you can budget properly. Our tips below will prepare you to do just that.
Establish Your Needs and Whys
Before starting a bathroom remodel, it’s important to establish the right balance between your aesthetics and beauty and the ever important function and use. When you first bought or built your home, maybe you didn’t think you’d ever need to worry about budgeting for a bathroom remodel.
However, as we spend more time in our homes, we start to notice pain points and dislikes; we wish that things functioned differently, in a way that bettered our lives. When we start to feel these frustrations, it’s perfect timing to start thinking about your personal needs and establishing the reasons behind your remodel. By thinking about this, you’ll be able to determine your desired style, scope of work, and the functions you want to have in your remodeled bathroom.
It’s also important to consider how long you’ll be staying in your home. If you’re planning on selling, it’s important to remember that your remodel should serve you for now, but also appeal to potential buyers. On the other hand, if you’re planning on staying in your home, it pays to design a space you’ll be happy with. You deserve to have the home of your dreams. It’s most beneficial to design a space that you’ll be happy with for years to come.
Know Your Budget
Once you’ve established your needs, the next step of budgeting for your bathroom remodel is to actually know your budget! Knowing how much you can afford is vital. Design, fixtures, and hardware options will be dictated as much by your budget as by your taste. Be realistic about what you can spend.
If you’re dealing with a home equity loan, credit cards, or any other outside sources, be sure to take into account the cost not only of the remodel, but also of the money borrowed. If you’re looking for financing, Springs Home Improvement is happy to have a partnership with Hearth. No matter your financing sources, you may find it helpful to talk to your financial advisor or accountant in addition to talking to your local remodeler at this stage.
Once you’ve established your budget, don’t start picking things out just yet. When budgeting for a bathroom remodel, or any remodel, it’s important to set aside a cushion of 20% in case you decide on last-minute changes or encounter cost overruns because of unforeseen circumstances that can come up throughout your renovation. During our design phase, we invest significant time in examining the possibilities and impact of the remodel on adjoining areas, like flooring, lighting, paint, or trim work to ensure the scope of work meets your desired outcome and budget. You may not need the extra funds, but it’s better to have the backup and not need it than to need it and not have it.
Double-Check Your Costs
Now that you’ve got a handle on your needs and what you can afford, put it all down on paper or enter the data in a spreadsheet. You can cross-check to make sure you haven’t missed anything, and also double-check your math against your budget.
When budgeting for a bathroom remodel, it’s important to list all of the possibilities so your new bathroom is exactly what you want. Most people who have regrets following a remodel have them because they went without something they wanted due to worries about budget caused by a failure to plan. But even a list and numbers scrawled on a legal pad is better than nothing. Gathering everything in one place helps you identify things you may have overlooked.
Find Your Contractor
Now that you’ve taken all the key areas into account, speak to the friendly and knowledgeable team here at Springs Home Improvement. We will start off right with a bathroom remodeling consultation where we’ll go over your wants and needs, review your budget, and identify things you may have forgotten. Our goal is to keep you on time and on budget.
If we’re a good fit for each other, we’ll start with a design and development phase to accurately visualize every aspect of your project. We’ll also provide a written fixed bid at the end of this process. If you’re curious about what we can do for you, we encourage you to reach out. Springs Home Improvement has created exceptional bathrooms for hundreds of your neighbors. Let us help you next.
