Bathroom Remodeling: At What Cost?
Tuesday, May 30, 2017
Bathroom and kitchen remodeling are the most popular major home improvement projects in the U.S., mainly because - as every realtor will tell you - kitchens and bathrooms sell houses. To get the most out of your bathroom remodel you need to carefully plan everything, Choices for materials, timelines and contractors are all critical and even seemingly trivial factors can throw your renovation into a maelstrom of complications and frustration if you haven’t taken the time to go through all your options with care.
First and foremost, you need to determine your budget. While on the face of it this seems like a simple decision, remodeling costs can vary greatly and there are a great many factors that must be well thought-out to work out the absolute most that you are willing to spend on your renovation. The following are a few of the most important considerations when determining your budget.
Return on Investment (ROI) – If you are planning on selling in the near future this is going to be a significant factor for you so it is important to assess your expectations regarding ROI up front. To make certain that your investment is appropriate for your current market, avoid over-improvement. If your home’s current value is $250,000.00 plan on spending $12,500.00 or under to keep your investment at no more than 5% of your home’s value. Otherwise you may get a bathroom that you love but that will not pay for itself in ROI. One way to keep costs down is to utilize mid-grade materials as those will yield the highest returns without taking you way over the average price of a bathroom renovation.
Finance – Have you been putting aside money in a savings account that you can use? If not, you’re going to have to get a loan to cover costs and that can be tricky. You’ll need to start searching out what kind of loan, percentage rates, etc. Work all that out before you start or you could find yourself in a real financial bind as your project progresses.
Needs vs. Wants -- Start by thinking about your ideal bathroom and what that would look like. Pull ideas off Pinterest, from magazines, books or consult with a designer for ideas. Then, sit down with your designer/architect and have them help you visualize the finished project. You may find that the things that you desire are at odds with the things that are essential. Do you need mainly cosmetic changes – new fixtures, cabinets, counter tops? Or, do you require an expansion, moving walls and relocating plumbing and fixtures? Keeping your original layout will be far less expensive but if a growing family demands more room then you need to keep that mind. Be sure to prioritize intelligently and be flexible when it comes to the amount you spend on fixtures, etc. or you could end up with a beautiful disaster.
Professionals – Last but by no means least, you must factor in the cost of labor. Few and far between are the people who can DIY an entire bathroom remodel. Hiring a licensed and reputable pro, someone that you can feel comfortable working with, is paramount to making sure that you get a quality result. Take your time, ask the important questions (i.e. building permits, etc.) ask for and talk to references and trust your gut. Think of this as partnership between the two of you, and make sure that you educate yourself about what is and isn’t a fair price before hiring anyone.
At Midwest Property Pros, we not only stand behind our superior craftsmanship, but we pride ourselves on partnering with our clients to give them the very best remodeling result AND experience. Our design services are always free, as is our onsite consultation. We promise that we will give you the most accurate estimate for your bathroom renovation cost, so contact us today!
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