Did you know that Americans spent around $420 billion on home improvement projects in 2020? While you might want to jump in and start gutting your home, it’s always smart to set a budget first. After all, you don’t want your project’s scope to grow too much.
Keep reading to learn how to create a bathroom remodel budget that you’ll stick to!
Determine the Right Bathroom Renovations
When you create a budget for bathroom remodel projects, determine what level suits your neighborhood. If you’re in a modest starter home, for instance, you might not want to pour money into an expensive remodel. Spending $10,000 on a complete gutting when your home is under $200,000 doesn’t make a lot of sense.
It may be better to repaint walls and cabinetry for an inexpensive update. Or you might want to go with a prefabricated vanity as opposed to a custom option. But if you’re in an area with skyrocketing home values, it could pay off to go with marble countertops and high-end finishes.
The cost of a bathroom remodel may vary depending on the contractor you ask. And even though it might be tempting to go with the cheapest quote, it’s always smarter to compare a few offers. You should go with an experienced contractor with good referrals.
Ask for an itemized description of the labor and materials costs. If you find a contractor with the right level of experience and timeline, you may be able to prioritize your bathroom updates. In other words, don’t veto a good contractor if the price seems steep.
This might mean forgoing the fanciest tile in favor of a moderately-priced option. You also could take on some of the easier installation processes yourself. And you could try negotiating with a contractor if you have another offer.
Find Places to Trim Costs
You can pare down your bathroom remodel cost by taking on some parts of the renovation yourself. The bathroom remodel ideas you pursue may offer some easy places to do this, too.
For instance, you may be able to repaint your existing wood cabinetry and swap out the hardware for a quick and inexpensive update. If you’re comfortable installing tile, you can add a fresh new backsplash. Or, for an even cheaper option, go with a peel-and-stick backsplash that you can change out in a year with minimal mess.
Plan for Unexpected Costs
Remodeling a bathroom rarely goes without some unintended extra expenses. You may rip out a sink only to discover that some of your pipes are corroded and need to be replaced. Or you may run into leaks or rotting wood around window frames in your shower.
When you’re building a bathroom remodel budget, leave some cushion. You may spend a few hundred dollars — or more — to deal with rising materials costs or plumbing problems.
Create a Bathroom Remodel Budget
When you establish a bathroom remodel budget, you give yourself some boundaries to prevent overspending. Determine what a reasonable remodel should look like given the cost of your home. And then compare quotes from contractors and consider taking on some remodeling duties yourself to save money.
If you’re looking for more tips to guide your next renovation project, come back for new articles!