Working with a Budget
According to the 2014 Cost vs. Value Report released by Remodeling magazine, a typical bathroom remodel can set you back $14,000 to $19,000 ($16,128 on average), depending on where you live. A minor kitchen remodel, on the other hand, costs $18,856 on average. Your total project costs may go below or beyond that range, but these figures should give you an idea of how much you need to be ready to shell out.
As a general rule, you should expect to spend around 25% of your home’s value when remodeling a kitchen and between 12% and 15% when updating a bathroom.
Compromise Is Key
Just because you have to put a limit on your spending doesn’t mean that you’ll have to make do with subpar results. On the contrary, knowing that your budget has reasonable limits gives you more power over the project because it forces you to fine-tune every decision.
Remember: You do NOT have to cut corners! Yes, you’ll have to compromise on some of those nice-to-haves, but doing so will leave you room for a few splurges that’ll give your kitchen or bathroom an extra punch.
Shop Around
You’ll be surprised at the sheer number of options available to you when it comes to materials, fixtures, and even contractors. Shop around to make sure you’re getting the best deals on everything. You’ll likely be working with a professional, but that doesn’t mean you can’t give your input during the materials selection process.
Most contractors do have their preferred suppliers, but the best ones will take your suggestions into account. Don’t hesitate to talk to them about your ideas. Keep in mind, however, that contractors are usually better placed than you to score affordable deals thanks to their existing network of suppliers and business associates.
The contractor you choose can make or break your kitchen or bathroom remodel, so it is important that you find the right one. In the final part of our blog series, we’ll clue you in on the different ways by which you can find reliable remodeling contractors. We’ll also talk about the things you need to avoid to make your search easier and your decision better informed.