Stress and home renovation projects are two things that go hand-in-hand. Often, stress is caused by going over budget. Dealing with a budget can be a challenge, but it can also be rewarding. Learning where to pinch pennies and where to splurge a little can help when dealing with a budget.
Create an Actual Budget
The homeowner may know how much money they can spend on the bathroom, but they may not have created an actual budget for that money. Take time to divide the money up appropriately: new tile, flooring, a vanity, sink or light fixtures. Be sure to set aside a portion of the money for unexpected expenses, as anything could go wrong in a bathroom money. Also, don’t be afraid to set aside a small portion of ‘fun’ money for new paint or bathroom accessories.
Prioritize
Speaking of a budget, it’s important to prioritize items. Is the bathtub worn and in desperate need of replacement, whereas the toilet could probably wait another few years? Take note of where the money really needs to go.
This list of priorities should also be reflected in the budget. If a new bathtub is the main priority, this should be the main chunk of the budget. If there are no specific areas, or several areas that need improvement, be sure to split things up accordingly in the budget. Budgeting prioritizes will help smooth out the entire process.
Invest Real Time
On a budget, the terms ‘sweat equity’ often come into play. Be sure to put actual time and effort into planning and remodeling the bathroom, as a well planned bathroom will help resale value. Think through every little detail to ensure it works in the space. Take time to design a layout and stick to it, because every little change means more money spent and potentially unexpected costs.
Reuse
Reusing goes hand-in-hand with prioritizing. If the toilet can make it a few more uses, then reuse it rather than trashing it. Reusing certain fixtures can help reduce the overall cost of remodeling a bathroom. Often, there are areas of the bathroom that don’t need a ton of work, thus freeing up money for other areas where updating is desperately needed.
Shop Around
It is vital to shop around when remodeling any space in the home. Look at competitor’s prices on the same products, check out sales, look for coupons, all of this can help cut down on costs. Bathrooms are notoriously expensive, so it’s important to cut costs where possible to ensure staying on budget without sacrificing too many wants, needs or overall quality.
Staying on a budget is possible with a bathroom remodel, but it does take effort. Never embark on any remodeling project without doing some research. In the end, a little research could save a great deal of money.
About the Author: Buford Wadell is a full-time writer with a passion for home improvements, pet care, and personal finance. He enjoys helping those with poor credit figure out ways to obtain bad credit loans so that they can better their futures and move on with a clear financial slate.