Remodeling your bathroom requires careful budgeting.
Creating a budget for your bathroom renovation is an important step before you begin any of the work. A remodeling budget keeps the project under control, preventing you from overspending or borrowing too much money. The bathroom budget also helps narrow down the selection process when you're picking the fixtures and other elements for the bathroom renovation. Take time to analyze your project so you can create an accurate budget before you start.
Instructions
1. Assess how long you plan to stay in your home. If you plan to live there indefinitely, you can focus on creating a bathroom you love. If you plan to stay only a few years, look at the improvements that will give you the best return on your investment. Spending significantly more on the project than you can recoup when you sell isn't worth it.
2. Assess your financial situation. Calculate how much money you have available for the project and determine how much you would feel comfortable borrowing. Be careful not to push your financial limits too far. A new bathroom isn't worth going into major debt that you can't afford.
3. Write a list of all the projects in the bathroom you want to complete. If you're planning a complete remodel, prioritize the items on the list. Mark the areas where you're willing to compromise. For example, if you want a granite countertop but can settle for a less-expensive manufactured countertop, note this as a potential budget saver.
4. Decide whether you will handle the labor yourself or need to hire a contractor. Doing the work yourself saves money, but might extend the time it takes to complete the project. Be honest with yourself about your home improvement skills. Add the cost of labor into the budget if you plan to hire out some or all of the work.
5. Take measurements of the bathroom. Use these measurements to get estimates for all of the items you plan to change in the bathroom. Note the material costs, figuring in extra for things such as floor tile to account for breakage. These initial estimates will help you decide divide your budget.
6. Compare the total of the estimates with the amount you have available for the project. If the total comes in higher than the available money, decide what you will cut from the budget. This might include leaving out some extra features or choosing cheaper materials.
7. Leave a cushion of around 10 percent in your budget. This will account for any unexpected expenses you incur.
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