Any major remodeling project requires a substantial initial investment. Fortunately, if you choose the right home improvement project, it can provide a fairly high return on investment. Bathroom remodeling, for example, has an ROI between 70% and 80%.
Still, despite the high ROI, it is tough to come up with the initial capital to start a major home improvement project. One way to make this process a little easier is to budget for your bathroom remodel. Below you will find a step-by-step guide to budgeting for a bathroom remodeling project.
Crunch the Numbers: The national average for any bathroom remodel is between $16 and $52 thousand, according to Remodeling Magazine’s 2011-2012 Cost vs. Value report. To find out how much your project will run, compile a list of your wants and needs. Also, don’t forget to budget for labor, which usually accounts for approximately a third of a project’s cost. Then take a look at your personal finances. How does your desired bathroom compare to your current finances?
The National Association of the Remodeling Industry (NARI) offers a budgeting worksheet that makes this comparison easy to do.
Figure Out What You NEED: Does your budget need a bit of a trim? The first thing to do is cut the extras. Separate your “wants” from your “needs.”
Plan for the Unforeseen: Make sure your budget is not too tight. You need a little wiggle room for those unforeseen setbacks and last-minute changes. To cover these extra costs, we recommend setting aside 10 percent of whatever number has been budgeted for labor costs.
Staying on Budget: You have gone through all the work to form a budget; don’t forget about it once the project actually begins. Use your budget as a guide throughout the entire remodel.
Now that you know how to plan for a new bathroom, what are you waiting for? Break free of that boring bathroom and begin 2012 with a newly remodeled bathroom from York, Pennsylvania’s most trusted bathroom remodeler – C.C. Dietz!
Serving York, Pennsylvania since 1921, C.C. Dietz is one of the most respected names in the construction industry throughout York County. From new kitchens to remodeled bathrooms, to home additions and new homes, C.C. Dietz knows how to get the job done because we’ve been doing it for almost 100 years.
We are York County’s premiere building contractor!
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