Home improvement projects are almost always a fantastic investment. Bathroom remodeling and renovating your home will very frequently increase your property value, and these projects don’t need to have huge price tags in order to provide you with a great return-on-investment (ROI).
Bathroom remodeling projects can be very rewarding, and you don’t have to spend more than you can afford in order to be totally satisfied with the results. At Skyline Innovations, Inc., our professional Chicagoland remodeling contractors can work with you directly to design bathroom renovations that will be a great fit for your home, your tastes, and your budget.
No matter what size of budget you’re working with, you can create a great bathroom renovation project for your Chicagoland home. With careful planning and creative design, you can create the perfect bathroom remodeling project for your home and your family.
Here are a few tips to help you budget your bathroom remodeling project and get the most out of your investment:
Decide What You Can and Should Spend
The average cost of an upscale bathroom remodeling project is $26,000, but of course, individual projects can have much lower costs than that, and the amount that individual homeowners spend varies greatly. The amount that you’re wiling and able to spend on a bathroom remodeling project depends on a number of factors, including:
- Your personal finances
- Your home’s location
- Surrounding properties
- The purpose of your remodeling project
Take a realistic look at how much you and should spend on this project. Surrounding properties and the neighborhood that you live in can limit your ROI, so be sure to take that into account when you’re planning your budget. Before you begin planning any of the design of your project, determine a realistic limit for your budget.
Determine the Purpose of the Project
Before you start to plan your bathroom remodeling project, make sure that you have specific goals outlines. Ask whether you’re looking to get a great ROI out of this project or you’re more interested in creating a comfortable and attractive bathroom for yourself. The easiest way to answer this question is to ask how long you’re planning on staying in your Chicagoland home:
- If you’re planning to stay in your home for less than five years, your focus should be on the ROI this project will bring you when you sell your home.
- If it’s more than five years, focus less on ROI and more on creating a bathroom you and your family will enjoy.
Keep in mind that smaller bathroom renovations often yield higher returns on investment than larger remodeling projects.
Cut Costs Where You Can
If you’re working with a smaller budget, begin your design and budgeting process by picking out the essentials of Chicagoland bathroom remodeling project, then see how much you’re able to spend on more additions. You may sacrifice a luxurious new vanity to make sure that you have quality flooring, but in the end, it’s these more essential features that you’ll value the most. If you need to cut costs, start with any amenities that aren’t totally necessary.
Don’t forget to account to account for the cost of labor during this step, which is usually around 1/3 of the overall cost of the project.
Leave Room for Unexpected Problems and Expenses
Our Chicagoland remodeling contractors recommend that you reserve about 10% of your budget for unexpected problems. There’s nothing worse than encountering budget-busting problems with your plumbing after the projects begins, so it’s important to leave yourself some wiggle room. If any of that 10% is leftover at the end of the project, you can use it for some of the amenities that you cut out when you were reducing the cost of project.