A bathroom remodeling, on average, costs about $9,275. However, this cost can shoot up to as much as $20,000 if you do not budget for everything carefully. Here are a few tips that should help you budget for your remodeling efficiently.
Do Some Research
Before you begin your bathroom remodel, make sure you do your homework. Go through magazines, attend local home improvement trade shows, and talk to various professionals. From this research, come up with a wish list. You will then need to revise your list according to the prices of the items you picked.
Set Aside an Emergency Fund
During a remodeling, you may face all sorts of surprises. For instance, you may discover that the pipes are too worn out or that there is excessive water damage lurking behind the floors and walls. To avoid finding yourself in financial turmoil, ensure that there is money for mid-project revisions.
Most experts will recommend that you have at least 10 percent of what you have set aside for your remodeling. Even if you do not need to use the financial cushion, it means you will have money for fluffy towels and other luxuries that you desire.
Find a Payment Option that Works for You
A home equity loan is one of the most affordable methods to foot the bill for a remodeling. This method is popular because it is tax deductible. There are other options such as FHA loans, no-equity loans, refinancing, personal loans, borrowing against life insurance, and your savings.
Whatever type of financing option you settle on, ensure that you choose one that offers the lowest rates. Sometimes, it could even make more sense to borrow at a low-interest rate than pulling money out of an investment, which is yielding a high rate of return.
Negotiate the Rates
When you find a remodeling expert, ensure you ask them for a lower rate. Most remodeling experts will give you a lower rate if you ask for it.
If you're thinking of doing a bathroom remodeling project, contact the team at West County Renovations today.