Who doesn’t want to do a Phoenix bathroom remodeling project that puts a spa in your home or turns your space into a private retreat? But, this kind of remodeling often conjures up images of dollar signs. A master bath remodel doesn’t need to be beyond your reach. With proper planning, you can stretch your budget to accommodate your new space.
First, you need to know how much a typical Phoenix bathroom remodeling will cost. Depending on the extent of your amenities, you can expect to pay upwards of $25,000. But, the final figure varies greatly among different homeowner priorities. If you have limited funds, you need to make sure your desires are in-line with what you have to spend.
The second step is to carefully consider your future. In other words, how long do you expect to stay in your home? If the answer to this question is a couple years, does it make sense to make a substantial investment now? Plus, you won’t get the years of enjoyment an upscale Phoenix bathroom remodeling would provide.
Time Makes a Difference
Many industry professionals offer this advice: If you expect to stay in your home for less than five years, you should focus on improvement. You’ll want to only invest in those projects that will help sell your home and provide the best return on investment.
In addition, you need to compare what your Phoenix bathroom remodeling project will cost versus what homes in your neighborhood are selling for. If your improvement will push your home price above the other homes in your neighborhood, you may need to rethink your project.
However, if you expect to stay in your home for over five years, you should focus on lifestyle amenities. What will make you and your family most comfortable and enjoy your space to the fullest extent?
Cost Components of Phoenix Bathroom Remodeling
Another area where homeowners tend to underestimate costs is in labor. The labor part of a remodeling project is typically one-third of the overall cost. You won’t be able to cut much of the labor cost unless you eliminate elements of your project. Remember, you need an experienced contractor to get a quality end result, so don’t skimp on this part of your budget.
If you need to cut your budget, look at your project plan to see if any of the extras can be eliminated without significantly impacting the enjoyment of your finished bathroom. For example, if you’d like a steam shower, but don’t have room in your budget to fund the entire project, you may want to go without that feature. Think carefully about how much you’ll use each feature you’re integrating into an upscale Phoenix bathroom remodeling.
Plan for the Unexpected
Any remodeling project can turn up unexpected issues. A Phoenix bathroom remodeling can be especially tricky since you’re dealing with plumbing. Once your contractor starts tearing out ceilings and walls, you need to be prepared for surprises. Many industry experts recommend you put aside 10 percent of your budget for any unplanned expenses or changes in your project.
Financing Your Project and Staying on Budget
A home equity loan is one of the most popular ways to pay for your Phoenix bathroom remodeling. An attractive feature of this type of loan is its potential to be tax deductible. You may also consider refinancing your mortgage, or taking out a personal loan from a financial institution or your retirement account. You might also be able to borrow against a life insurance policy or use your existing savings.
Regardless of which source you use for funding, you want to make sure it makes financial sense. And, you need to shop around for the best rate if you’re taking out a loan. If interest rates are low, you need to evaluate whether using your cash or taking out a loan is the better choice.
The key to staying on budget is to make sure you formally track all expenses throughout your Phoenix bathroom remodeling. Use a computer spreadsheet or even a piece of paper. Just make sure to track actual spending against your budgeted amounts. If anything goes off-track, you’ll need to make adjustments.