If you’re in the market to renovate your bathroom but are looking for some insight into the costs and process, look no further. Continue reading to learn more about the hidden costs of a bathroom renovation.
To begin a budget you’re going to want to do your due diligence and research the potential price it may amount to. The average cost of a bathroom renovation is over $10,000. This is no small sum of money for the average homeowner. The good news is that renovating a bathroom can increase the value of your home by a considerable amount. When choosing to tackle any type of renovation, your first step is to create a budget that fits your finances. When budgeting, make sure to set aside some funds for any hidden costs that you will inevitably encounter.
Regardless of your budget, you’re going to need a way to pay for this project with room to cover additional expenses if need be. Utilizing an equity home loan could be beneficial in this instance as it allows you to use your home’s equity to pay for your renovation. Using a home equity loan (HEL) toward home improvement is also tax deductible so it works in your favor to use it towards a project such as this.
Now that your budget is in place, it’s time to start renovating. Below is a list of some hidden costs you may run into when remodeling, and how to combat them.
If you’re planning on doing anything other than cosmetic upgrades in your bathroom, you’re most likely going to need the correct permits. As a rule of thumb, if you’re planning on changing any plumbing, electrical, or anything structural, a permit is required. Make sure that you research when you need a permit so that you do not run into any trouble down the road. Check into your city’s local government to apply and pay for any permits that you’ll need to complete your project.
You never know what you’re going to find when you start tearing down walls. Mold and water damage are common problems that can add an unexpected strain on your budget. The average cost to remedy a mold problem in a bathroom is around $1,000. You will not be able to avoid any current water damage or mold in your home; however, you can avoid it in the future. Enlist the help of a professional when dealing with anything related to plumbing. This will ensure that any water stays where it belongs, and doesn’t cause any damage later.
One thing that you may not have planned on paying for is the disposal of any old materials or fixtures. Disposing of an old toilet and bathtub could cost you around $200 depending on the cost of labor, disposal, and the location you’re in. Add this to the cost of removing and disposing of drywall, a sink, and any flooring and you could break your budget. A great way to cut down on costs during this process is to donate any materials that you can.
If you’re planning on adding or upgrading any electrical fixtures in your bathroom, you’ll want to make sure to hire a professional. A professional electrician can cost between $65 and $90 per hour, and this is not the place to cut corners. To keep electrical costs low, try keeping existing outlets and lighting fixtures where they currently are if you can.
A major cost when renovating a bathroom is choosing to change your plumbing footprint. Relocating a shower, tub, or toilet can add thousands of dollars to your budget that you may not have expected. If you’re looking to save some money, consider leaving the plumbing where it is currently and only upgrading your fixtures instead. This gives your bathroom the wow factor without the price tag and you won’t need to hire an experienced plumber to come in and do it for you.
Don’t forget about the smaller costs once you’re done with the hard stuff like putting money into the decor and visual staples within the space. You’re going to want to make your vision a reality, so paint the walls with a color that speaks to you and add some decor. Once you’ve chosen a color, check out some DIY tips and inspiration to use around the house to make your painting and renovation experience smoother while on a budget. Pick out new items to include in your bathroom that you didn’t have the chance to have in your previous space but be sure to view the price tag before having your heart set on them. Now is the time to really make the space your own and update it how you see fit.
Remodeling your bathroom is a big project where a lot of unforeseen issues can arise. Having a budget in place will guide you through the process and allow you to know where your should prioritize your spending. Make sure that you plan ahead for the unknown, and you will have a stress-free experience.