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Remodeling Companies » Articles » Bathroom Remodeling Budget
How to Budget a Bathroom Remodeling Project
Entrust your bathroom remodeling project only to expert contractors and bathroom designers. This, of course, means that you need to budget wisely. Here are some easy steps to carry out your financial planning for the remodeling.
Spend money on the bathroom remodel depending on the number of years that you plan to spend in your home. If the time span is five years or less, look at it as an investment. Your property’s resale value will definitely increase. But if you are going to stay in the house for a longer period of time, it is important to look at the comfort that you and your family value.
When you are budgeting, keep the essentials and the non-essentials in mind. Don’t forget to add the labor cost for the contractors. You can always cut out the extras to bring down the budget, for example small luxuries like a towel warmer or a steam shower.
Once the plumbing work starts in the bathroom, there is always a possibility that some extra repairs will come up. Since plumbing problems cannot be ignored, bear in mind that this will naturally increase your cost. Keep some money aside, so that if such problems do arise, you will not be taken by surprise. Also, leave room for some last-minute changes.
It may be a good solution to borrow money at low-interest rate to finance bathroom remodeling instead of using your own savings. Work out different options like loans from life insurance policies or no-equity loans, before you begin the project.
Follow the expenditure as the bathroom remodel advances. You can know at every point how much is still available to you for extras, so that you might even be able to accommodate some of the expensive orders which you had cut out of the budget earlier.
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