How to Plan a Budget for Your Bathroom Remodeling Project
Here's a little-known fact: You don’t need to spend more than you can afford to remodel your bathroom. At Nu-Age Remodeling, our Nashville bathroom remodeling contractors can help you get the most out of a budget of any size.
Home improvement is nearly always a great investment. Remodeling or adding on to your home can raise its resale value significantly and immediately. But these projects don't need to have a high cost in order to be a great improvement.
If you’re looking for a bathroom remodel that will improve your home and the time you spend there, but you'd like to hang onto some of your money, don’t worry. Here are a few tips to help you plan the bathroom remodeling budget for a remodeling project.
Assess What You Can Spend—And What You Should Spend
Upscale bathroom remodeling projects cost around $26,000. Of course, however, the actual amount spent by individual homeowners will vary significantly. The amount that you are able to spend and the amount that is wise to spend depends on your financial situation, your home, and your family’s lifestyle. Take a thorough look at your financial situation and figure out how much you can realistically spend.
It's also wise to consider how much longer you plan on living in your home:
- If it’s five years or less, then your main consideration should be the return on your investment that you ll receive when you sale your home.
- On the other hand, if you plan on staying in your home for a longer period, you’ll want to look at the comfort and enjoyment that you and your family will get out of the new space.
Cut Costs Where You Can
If you need to cut costs, start with any amenities that would be nice, but aren’t necessary. If you’re working with a smaller budget, figure out what essentials your project needs, and see how much more room you have for any more add-ons.
When you're looking at the costs, don't forget to factor in labor, which usually accounts for around 1/3 of the full cost of the project.
Leave Yourself Some Wiggle Room
With bathroom remodeling projects, you need to be wary of unexpected problems. Once you’ve gotten ready to redo flooring and install new fixtures, you may start to find there are some plumbing problems that you had no idea were there. These can ruin your budget, so it’s wise to make sure you’ve left some room in your budget for any unexpected problems that may crop up.
Our Nashville bathroom remodeling contractors recommend you have around 10% of your budget reserved for unexpected problems. If at the end of the job you haven’t had to spend it, you can look at adding on a few of the more luxurious features that you cut out over budget concerns in the beginning.