You’ll want to avoid breaking the bank when you renovate your bathroom. It’s important you identify your financial limits right off the bat – this is why it’s necessary to set a budget to remodel a bathroom. A budget is the overall estimate of money you’ll need for a specific need or purpose – in this case, your bathroom remodeling project.
According to Remodeling magazine’s 2015 Cost vs.Value report, the average bathroom remodel cost is $16,724. This dollar amount will be a little higher or lower depending on your geographic location. It’s important you take the time to plan out your bathroom project’s budget – but don’t worry, this task doesn’t have to be as daunting as it seems. Setting a bathroom remodeling project budget can be simple when you follow these easy steps.
Bathroom Budget: Setting Goals
All of the steps in The Bath Haus’ Bathroom Remodeling Planning Guide up to now have been designed to get you thinking about what your wants and needs are for your bathroom project. Now, it’s important that you identify the differences between the wants and needs of your new bathroom remodel. A new countertop, disability access, or an entire facelift? Once you determine what changes need to be made, The Bath Haus recommends rating them from most important to least important. In doing this you will be able to figure out where to cut corners if all of your desires don’t quite fit into your budget.
Let’s Talk Money - Budget for Each Bathroom Area
You’ll need to set an overall amount you’re willing to pay for the overall bathroom remodel. Once you have this number, you’ll be able to break it down and personalize it for your renovation. If you want to be extensive with your budget you can allocate specific amounts of money to each area of your bathroom. You can decide how much you would like to spend on flooring, how much to spend on furniture and how much to spend on each of your listed items. This section is subject to change. You will be able to move money from your tile account into your countertop account if necessary. You might find a great deal on bathroom sinks and have some extra money to move to your lighting fixtures account. OR you may have fallen in love with a particular bathtub and decide that you will spend less on a new toilet in order to have that bathtub you just must have. The most important thing is your overall spending stays within the set budget for your bathroom remodel.
Follow Your Set Bathroom Budget
It’s important you stick to your budget. An easy way to make sure you’re doing this is to record your spending. You will want to keep track of every dollar you are spending. You want to track any labor costs you have already spent, any materials you have already bought and anything else you have already spent money on. Continue to do this throughout the entire bathroom project. When you do this there are no hidden surprises and you know exactly where all your money is being spent. You could find an online bathroom remodeling budget worksheet online to help you track expenses.
Plan for the Unexpected Remodeling Costs
Be prepared! You never know what might happen, so it’s important to have your money planned out from the beginning. Make sure you set a percentage of your bathroom remodeling budget aside – 10% to 15% – for unforeseen costs. The chances are good that nothing will go wrong, but be prepared if something does, will save you money AND stress. If nothing does go wrong, then you have extra money to spend on other areas of the bathroom remodel or put back in your pocket!
Look for Ways to Save on Your Bathroom Remodel
There are always ways to cut costs while renovating your bathroom, so don’t think the price you see on the tag is the one you have to pay. Whether you save money through do it yourself projects, buying supplies at building auctions or updating only the fixtures in your bathroom, will make a difference in your budget. Check out The Bath Haus’ money saving ideas for more ways to save during your bathroom remodel.