When it comes to remodeling, changing up the bathroom can provide a good return on investment. Not only does a bathroom renovation make the bathroom more useful to homeowners, but it can also make the home more attractive to future buyers. The return on investment for a bathroom remodel varies from market to market, but the average is around 60%. The key to getting the highest return on investment possible is by staying on budget. Most homeowners spend between $5,645 and $12,993 redoing their bathrooms. Here are three ways to stay on budget and to get the best return on investment possible.
Pick Fixtures First
Choosing bathroom fixtures may seem like something that is best left for the end of a renovation, but choosing them early on can actually save money. The first thing that should be considered is whether or not changes to the floor plan are necessary. Moving plumbing fixtures can be one of the more expensive parts of any bathroom renovation. Just moving one line of plumbing can cost between $605 and $780. There is also the price of the fixtures to consider as well as labor costs. With labor, the average cost of replacing a bathroom faucet is between $244 and $468. Choosing fixtures beforehand can help keep the budget in line.
Know The Neighborhood
One thing that homeowners should try to avoid is going too upscale with their renovation. Upscale fixtures, tile, and countertops can easily send a budget soaring. However, these upscale finishes may not actually add value to the home. One great way to check out the neighborhood is by looking at nearby homes that are for sale and ones that have recently sold. Homeowners should look at the bathrooms in these comparable homes. If upscale finishes and fixtures are not found in other home's bathrooms, then they may not be a good choice for a homeowner's bathroom renovation.
Contractor Versus Do-It-Yourself
One way to save money during a remodel is by doing as much work as possible without professional help. This can work well for those who have the know how. However, do-it-yourself projects can easily cost more money down the road if done improperly and without proper permitting. Hiring a contractor can be a better choice. A contractor can take up anywhere from 5% to 25% of the total cost of the project. However for many homeowners this is a better option.
Staying on budget during a bathroom renovation can be difficult. Three ways to do this include choosing bathroom and plumbing fixtures early on in the project, looking at homes in the neighborhood in order to prevent overspending on materials, and by hiring a contractor from a company like Gopher Plumbing Supply.