A bathroom renovation is a great way to refresh an important space in the home. Whether it’s the master bath, a powder room, or the only bathroom in the home, you want to get the design just right. You’ll have to spend both time and money to create a comfortable, stylish, and functional space. Here are some smart money saving tips and ideas to help you finance your bathroom remodel:
Find out how much
The first thing to do when seeking financing for a home renovation is to find out how much money you can borrow. It may be helpful to get an obligation free estimate from a contractor to get an idea of how much your project may cost. This will be based on the changes that you want to make, the items you want installed, and the costs of labor and materials.
Credit, loan or refinancing your mortgage
You have several options when it comes to financing. You can take out a personal line of credit, you can apply for a loan with a financial institution, or you can seek to refinance your mortgage. If you opt for a line of credit or a loan, take interest rates into consideration. Determine how long it may take you to pay off the remodel expenses. If you can pay it off quickly, you can avoid paying too much in interest.
Before going forward with a bathroom remodel, be sure to make a plan. Know how much money you can realistically spend, and have an idea of how much value the remodel can add to your home. If you go overboard with design features and elements, you can end up spending more than you should. Make a budget, choose the elements you want included, and then find the experts who can bring your vision to life.
Most property owners are happy to find that completing a kitchen or bathroom remodeling project is possible without going into debt or overspending. If you are planning such renovations, the following tips will help ensure that you enjoy satisfactory results:
Create an Itemized Budget. Begin your project by determining the exact amount you can comfortably spend on each room you plan to remodel. However, make sure you allow a little “wiggle room” for unexpected expenses.
Use Existing Plumbing. Some homeowners think that remodeling a kitchen or bathroom means that the room’s plumbing must be replaced as well, but this is not true. Very often, existing plumbing does not need to be touched, and refraining from replacing pipes that still function properly is a great way to save money.
Large Fixtures. Shopping around when purchasing major fixtures, which are also the most noticeable, is a great way to avoid overspending.
Accessories and Small Fixtures. To ensure you stay within your budget, replace only small fixtures and accessories that are noticeably worn or no longer properly function. Other people can rarely tell which fixtures are refurbished and which are brand-new.
Paint. Painting is a great way to save money on a bathroom or kitchen remodeling project. It is a more cost-effective way to breathe life into a drab room than purchasing expensive panels or tiles.
Lighting and Mirrors. Because lighting and mirrors are both functional and decorative, they are an important part of renovating a bathroom or kitchen. Fortunately, these are also items that can be purchased used and if in good condition, will offer virtually identical benefits to their newer counterparts.
Flooring. When installing bathroom or kitchen floors, consider linoleum or cork. Such materials are much cheaper than ceramic or wood tiles and in most cases, just as attractive. However, this option will depend on the condition of the floor’s underlying foundation, so check with your contractor to find out if this option is wise. Renovating a kitchen or bathroom is a great way to add both beauty and value to your dwelling and following the helpful tips mentioned above will almost certainly help make your remodel project a success.