15 Jul Budget, Value, and ROI: Bathroom Remodels that Sell
A remodeled bathroom can do a lot for your home and your financial position. It adds ROI (up to 70 percent) and makes your property more valuable (a lot of the value in your house is tied up in the bathroom and kitchen). But you need to budget carefully: The national average cost of remodeling a mid-sized bathroom is about $19,000. Homeowners with a plus-size bathroom may spend as much as $62,000 on upgrades. Whatever its size and scope, careful planning can help bring your project in on a budget looking great.
Make a budget
Getting the best value out of a renovated bathroom starts with setting a realistic budget. Factor in the cost of paying a contractor if you’re unable to do the work yourself. Typically, you’ll pay the contractor an overall price, which they’ll use to cover the cost of materials, labor, perhaps design costs, and more. If you’re paying in installments, make sure you’re able to meet those milestone payment dates. Lastly, always get at least three quotes from contractors and find out whether a deposit will be required.
If you’re going the DIY route, carefully assess your abilities in light of the work you’ll be doing. DIY doesn’t mean you’ll get off cheap, because you’ll need to invest in special tools and materials. As a general rule of thumb, electrical and plumbing work should be left to the professionals – too much can go wrong, and the consequences of screwing it up can devastate your budget. Structural changes, like tearing out a wall, aren’t great candidates for DIY work, and laying tile can be detailed and difficult work for someone who lacks experience.
Unexpected costs
Nothing will blow out a meticulously planned budget like unexpected costs. Beware the “tear-out” phase, because that’s usually when nasty surprises crop up. For instance, you could find mold and water damage behind wall coverings or in the subflooring, which will add unplanned costs to your project. Protect yourself against surprises by including at least an additional 10 percent to your budgeted costs.
Splurge a little
There are lots of high-impact costs associated with a bathroom remodel, but there are also a few less expensive items that are worth splurging on a little. Towels, washcloths, accessories and storage can give your new bathroom an aesthetic boost. You can save money on these items by taking advantage of a Crate and Barrel promo code and coupons.
Fixtures, furnishings, etc.
The top ROI bathroom fixtures and furnishings tend to change over time as tastes and preferences shift. For example, chrome has been the “go-to” fixture finish for a long time, but the classic and timeless appeal of copper gives remodelers more choice when it comes to your design aesthetic. Faucets made of nickel or brass also add a nice touch.
Storage space is often at a premium in the bathroom, a problem that leads to overloaded vanity space with stuff that could be stored if only you had a closet or cabinets. New cabinets generate ROI or, if you have the square footage, consider putting in a walk-in/reach-in closet. Note that the era of the double sink is giving way to single-sink configurations that allow for more counter space. As you plan and budget, bear in mind that extra space in the bathroom is always a good way to gain ROI.
Careful planning and budgeting lay the groundwork for a bathroom renovation that earns you the biggest bang for your remodeling buck. Saving money is always a good idea, but be careful about DIYing tasks that should be left to a professional contractor. Making sure it’s done right and looks great is the best way to ensure great return on investment.
Photos courtesy of Pixabay.com.