Are you thinking of remodeling a bathroom, and live in the Chicago area? Creating a budget for a bathroom remodel might be cause for alarm. According to Home Advisor, the average cost of a bathroom renovation for Chicago is around $9,230. Just thinking about the cost of your bathroom remodel can be scary and stressful. However, with some careful planning, you might be able to come up with ways to save money and eliminate some stress in the process.
Before budgeting, understand the kinds of costs that come with remodeling your bathroom. Generally, contractors charge for labor, material, and potential mistakes made along the way. Therefore, when budgeting, make sure you include a cushion—account for any unplanned mistakes. Some recommend setting aside anywhere from 10% to 20% of your total budget. Research the general costs of remodels in your area while considering the value of your home and how long you are planning to stay there. Steven Moore of Budget Bath USA recommends spending 5% to 10% of your home’s value on your bathroom remodel. It is similarly important not to spend too little on your remodel. You wouldn’t want to budget for a $5,000 remodel only to find you have water damage or the job was done poorly.
Next, figure out how much you can reasonably spend on the project and where you will be getting that money from. Will you be taking out loans or pulling money from your personal savings? If you have planned out your budget only to find that you will be unable to afford the remodel, look for costs you might be able to cut down on. Don’t settle for cheap and less durable materials as this might end up costing you more money in the long term. Instead, look at the parts of your budget that are not completely necessary. Heated floors or a heated mirror, for instance, might be great ideas but aren’t essential and if your budget runs too high, these might be things to cut. Consider areas of your remodel in which you can save some money. Skylights are great ways to flood your bathroom with natural light and decrease some lighting installation costs. Painting your bathroom instead of having the contractors do it might take up some of your time but save you some money in labor costs. Another money-saving option is instructing contractors to only relocate fixtures if necessary. There are many of ways to cut back on your budget without actually risking any future issues or decreasing the functionality of your bathroom.
In closing, it is important while budgeting to include room for unexpected mistakes. Include luxuries if you can afford them but cut back on them if you can’t. When the remodel is underway, carefully track all of the expenses so that you can ensure you are staying within your budget. Planning a remodel doesn’t have to be stressful. Planning for and considering any potential problems will help you alleviate financial stress if you run into any obstacles along the way. Creating a successful budget will help you make important decisions and make your remodeling project run more smoothly!