A bathroom remodel is a big investment, but it’s also a worthwhile investment. Not only will a good remodel add to the value of your home, but it will also add to the enjoyment of your home. Whether you’re remodeling your master bath to create an oasis for yourself, or you’re renovating the guest bath to create an impressive place for your guests, you’ll want to keep the following budgeting tips in mind.
Budget About 5% to 10% of Your Home’s Value
For example, if you have a $200,000 home, then your bathroom remodel in Phoenix should run from about $10,000 to $20,000. This is just a guideline to help you estimate how much to budget.
However, this rule of thumb really only applies to those with low to mid-priced homes. If you have a high-priced home, then it doesn’t make much sense to drop six figures on a bathroom remodel in Phoenix.
Put As Much Cash Down as Possible
Loan origination and interest fees can add quite a bit of money to your home renovation. That’s why you’ll want to pay in cash if at all possible, or at least put down as much cash as you can afford. If you need to take out a loan, shop around. Start with your local bank to see about a home equity loan and compare that to other rates offered by other financial institutions. Avoid using credit cards, as these generally have the highest interest rates.
Prepare for Unexpected Expenses
No matter how carefully you budget for bathroom remodeling in Phoenix, unexpected expenses can pop up. For example, if your contractor finds faulty plumbing after he’s pulled up the floor or perhaps he finds rotted drywall, then you’ll have to take care of those problems before he can move forward with your project.
Hire a Reputable Contractor and Designer
Some home renovators have on-staff designers to help you plan your remodel. A good designer and contractor are important because both of them can help you save money.
For example, if you’re working on a budget, an experienced designer will help you plan a bathroom with the same footprint, which will save a lot of money since you don’t need to move the plumbing.