So you’re thinking this is the year for your bathroom makeover and you’re wondering what are some key considerations before taking on this project. Well you are on to a great investment in your home because it can be a great way to invest in and increase the enjoyment of your home as well as the value long term. It can even be a fun and definitely an engaging transformation to watch.
Less fun, but just as important, is finding the money for a renovation. So let’s start with what you should consider as a budget to do the work you have in mind.
What to Budget
From a recent survey, respondents who have done a makeover, budgeted from the minimum between $1,000 and $3,000, and the maximum of $25,000 or more.
- 69 percent kept their budgets under $10,000.
- Around 17 percent budgeted $10,000 to $20,000.
- Only 13 percent budgeted more than $20,000, with 9 percent investing more than $25,000.
Your budget will largely depend on the size and scope of your bathroom makeover, and a master bath always ranked with a higher budget than a bathroom that was not a master bath which makes total sense. In asking people about their goals.
- 63 percent chose to renovate so they could enjoy the space more, but improving the value of a home was a popular answer too, at 21 percent.
- Respondents in the 25 to 34-year-old range were most likely to renovate to add value (29 percent), nearly twice as many as respondents in the 35 to 44-year-old group (16 percent).
- 20 percent of 45 to 54-year-olds wanted to improve the value of their homes.
- 16 percent said their goal was improving the process of selling the home, and 17 percent of homeowners had other reasons for undertaking a renovation.
Sometimes a makeover is motivated by a particular issue which has been nagging the person or family. This is a list of common motivators we discovered:
- 41 percent simply wanted to update their master bathroom to bring it into the 21st
- 32 percent wanted more luxury and comfort.
- Other issues included making the bathroom easier to use, bringing it up to code, and repairing damage.
The most popular feature in a makeover has been the shower or bathtub area. According to the people we talked to, these features took up around half (48 percent) of their budgets.
The next most budgeted item was flooring which took up around 17 percent of budgets. Counters/ cabinets, along with paint and other decorating items, made up 14 and 10 percent respectively. Sinks, toilets, plumbing, and walls generally took less financial investment.
Now … to DIY or Not to DIY
The phrase “time is money” may come to mind for those of us who are busy and trying to do a makeover at the same time. Sure, you want to save, but you also want to get beautiful results without losing your peace of mind.
- A full 39 percent of the people we talked to went totally DIY.
- About the same number (40 percent) hired professionals to do all of the work.
- And then, 21 percent did the renovations themselves with some help from a professional.
Because of making a Budget, sticking to Your Budget Is most Likely
- 59 percent of people who budgeted over $25,000 went over that budget by more than $3,000.
- 10 percent went over by $1,000 to $3,000
- 3 percent went over their budgets by less than $1,000.
The key component in the makeover was budgeting well. The amount you choose will depend on your reasons for the makeover in your house. The next component in meeting your budget is to balance the cost of hiring professional help with the time it would take you to do the work yourself.
So get out your dream pictures, your pad to jot down pricing and then strategize what works best for your budget, the results you want and the time frame to make it happen.