How to Budget for a Bathroom Remodel
The bathroom is one of the most valuable rooms in the home. If you’ve ever had too many people to share or been to a party at a home where the bathroom was or not functioning well, you know how a private experience in the restroom can affect your entire enjoyment of a place.
For this reason, properly outfitted and functional bathrooms are a large priority for homeowners. When it comes to buying or selling a home, bathrooms are scrutinized and inspected with zeal.
Are your bathrooms up to modern standards and appealing to your family or future buyers?
Republic West Remodeling has joined forces with Habitat Renovations to create a more comprehensive interior design team that can bring the most out of your bathroom. If you have an outdated, non-functional space that you desperately want to make modern and fresh, our designers and contractors can make it happen. Here’s how to set a budget for a bathroom remodel.
Bathroom Renovation Figures & Stats
Bathroom upgrades are well worth the investment. A quality remodel can enhance the value of your home and make it more appealing to future buyers or and your family. Bathroom renovations also have one of the best returns on investment rates in home improvement at 70%.
In addition, great bathrooms are in demand. Home buyers will reject a home with too few or outdated bathrooms. These days, buyers typically want at least 2 bathrooms, so a bathroom addition is great for house flippers who buy outdated 1-bedroom homes. By making a budget for remodeling a bathroom, you can increase the appeal and convenience of their home with this valuable addition.
Know What to Expect
According to HomeAdvisor, the national average budget for a bathroom remodel is around $10,000. It is an extremely generalized figure since bathrooms come in many sizes and have different remodeling needs. Depending on the bathroom’s size, configuration and whether it needs a major or minor remodel, the project may cost more than $20,000.
In truth, you can go as basic or as luxurious as your budget allows. You will want to think about what type of shower or tub makes sense, how many sinks and what kinds of finishes and fixtures you will like and wear well. There is a limitless supply of modern and traditional options to make the space, the storage and the experience fit your lifestyle.
Also, consider the fact that having contractors in your house is also a time investment. Most bathroom remodelers can finish the job faster than doing it yourself. If you have big dreams and want to make them real, this is your chance.
At Republic West Remodeling, designers can work with you to make a plan that fulfills your needs with an honest price quote. We provide you with a beautiful 3D rendering of the space. Before we begin work, the numbers will be laid out so there are no surprises. If an amazing bathroom is your dream, now’s the time to see just how far your budget can go. If financing is in order, rest assured that you are investing in your home, as bathroom renovations have a good return on investment.
How to Budget
Financial experts often advise homeowners to spend no more than 10-20% of their home’s value on improving one room. This is to make sure they are getting the best return on their investment. However, if you want luxury upgrades, don’t let this figure stop you. But if you’re looking for a ballpark figure to save up for, that is a fair estimate.
When it comes to budgeting, you can go one of two routes: save up money to pay cash for the improvements or use financing. As you decide on how to pay, investigate details like interest rates and the amount of the monthly payments to ensure long-term affordability.
Overall, paying cash is the best deal because you’re not contending with interest rates that make the project cost more over time. However, if you need to make the renovations quickly safety purposes (such as Susan and Salil’s exploded glass shower), definitely fix them before they risk your own safety.
Bathroom Remodeling in Scottsdale
Learn more about how much to budget for a bathroom remodel and its benefits by contacting us today for a complimentary consultation.