Ways To Set and Stick To Your Bathroom Remodel Budget – The National Kitchen and Bath Association (NKBA) estimates that the average cost to remodel a master bathroom is $16,000.
Remodeling your bathroom is no small undertaking, and you certainly don’t want to spend too much when you’re already spending thousands. Here are some tips on how you can set a budget for your bathroom remodel and how you can stick to it.
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The first step to planning and budgeting for your bathroom remodel is research – a lot of research. Before you make any decisions, you want to learn as much as you can about your options.
For a complete redo, you’ll want to research everything from flooring to faucets to toilet bowls. Getting a feel for what’s on the market will help you make smart choices that will help you save.
2. Your Budget
How much money do you have to spend on this project? The answer to that question will depend on nothing but how much of your savings you’re comfortable spending.
Consider, however, that kitchen remodels should cost between 5 and 10 percent of the value of your home. If you plan on selling your home in the near future, you might want to spend more conservatively in order to recoup more of your investment.
If you plan on staying for a while, spend what you’d like. Keep in mind, however, that you’ll have time to make more expensive upgrades later if you can’t afford them now.
3. Preparing for the Unexpected
The truth is that most bathroom remodels end up costing more than you budgeted for. It’s rare to complete a project on-budget. There will always be unexpected costs along the way.
The best thing you can do is prepare adjust your budget. Take what you’re willing to spend, and make your budget 25% less than that. This will give you some breathing room to account for unexpected costs.
4. Breaking It Down
Before spending anything, break down your budget into smaller components based on the recommendations of the NKBA.
The NKBA estimates percentages of the total cost that individual aspects of the remodel will cost, so start by getting your figures based on this: 20% of your budget for labor; 16% for cabinets and hardware; 15% for fixtures, 14% for faucets and plumbing; 7% for countertops; 9% for floors; 5% for walls and ceiling; 5% for lighting and ventilation; 4% for windows and doors; 4% for designing; and 1% for other miscellaneous items.
5. Reducing Costs
There are ways to save money on your bathroom remodeling and avoid drastically overspending. For one thing, plan as much as you can in advance, and do not make sudden changes.
Sudden changes always end up costing more, so review your plans carefully before you begin to execute them. Also, determine what parts of the remodeling are your biggest priorities.
Spend a little more in those areas, but do not let yourself overspend in others. Small costs can add up big. No matter how much you’re tempted, don’t splurge on something like cabinet hardware.