Planning home remodeling projects is exciting. If you’re upgrading your own home or updating a rental property, you want to make sure you stay within the budget for your project. Bathroom remodeling is one of the most popular ways to update your home and add value. Here are some things to keep in mind to make sure your project stays within budget.
How Much Should You Spend?
If this is your first remodeling project for your home, you may be at a loss for how much you should plan to spend. Look at your home’s value for a starting point. The National Kitchen and Bath Association recommends budgeting 5-10% of your home’s value for a bathroom remodel project.
For example, if your home’s value is $300,000, you should budget $15,000-$30,000 for your bathroom remodel. You should plan to spend about twenty percent of your budget on labor costs. Depending on your project goals, think about what you will spend on flooring, cabinetry, fixtures, paint, and any design costs.
Knowing your home’s value will also prevent you from overspending on your remodel project. You want to make sure that your home’s value is similar to others in your neighborhood.
Make a Bathroom Remodeling Wish List
This may be your favorite part of your remodel. Think about the things that are most important for your bathroom project. A jumping-off point could be the reason you started a remodel in the first place. Maybe your cabinets are outdated and custom cabinetry is on the top of your list. If you’ve been dreaming of installing a steam shower, make sure it is a priority.
Planning your must-haves will help keep you closer to your budget. You may need to make compromises in other areas to get the items highest on your list. Work with your contractor to plan your dream bathroom while staying within budget.
Look Ahead to Potential Issues
Work with your contractor to identify possible issues with your remodel. If you are making major structural changes to your bathroom you may also need to work with an architect or engineer. Older homes may need significant updates if modern parts won’t work with an older system.
Homes built before the 1970s it may also have contaminant problems like lead or asbestos. Replacing these dangerous and outdated materials can be expensive. You may be required to replace them by law, though doing so is worth it for peace of mind and the safety of your family.
Plan for Longevity
Think about the value you’re adding to your home with your remodel project. One of the best things you can do to save costs is to plan for the future when you make changes to your home. Planning ahead to avoid future remodel projects can save you money.
If you are retired, consider adding safety and accessibility features to your bathroom remodel. You may not need them now, but they could be useful in the future, or for the next homeowners. Think about technology as well. Smart features in homes are becoming more and more popular, but technology can become quickly outdated. If you include these kinds of features, make sure that they are easily upgraded to the most recent version.
Set Money Aside for Unexpected Costs
Before you start your bathroom remodel, you should plan for the unexpected. Despite best efforts, sometimes unexpected costs can arise from a remodel project. To stay on schedule and stay within your budget, plan to save some of your budget for unexpected costs. Look at your total remodel budget and add at least an additional 10% to cover these costs.
Choose Materials That Are in Budget
Another thing you can do to save money on your remodel project and stay within budget is to choose materials within your budget. Italian marble is beautiful, but importing a specific material should not consume the majority of your remodel budget. Share your vision with your contractor and designer, and they can help you find comparable materials for a lower cost.
A big way to save on material costs is to shop close to home. Local vendors can often supply any needed materials for your remodel project. Buying your materials from local vendors will save on shipping costs. You can also feel good about investing your money back in your community.
Limit Modifications During the Process
Changing your mind about your remodel is expected and normal. You may even need to make changes based on problems that arise during the project. However, making lots of changes can add costs to your remodel project. It’s best to make any modifications early so that they don’t impact the timeline and budget of your project.
Budget It Right the First Time
Planning a bathroom remodeling project can be equally exciting and overwhelming. An experienced contractor at Seven Valley Home Renovations will provide expert guidance and help you make decisions every step of the way. We can help you plan your dream bathroom within budget.