Tuesday, May 27, 2014
Planning a renovation project entails careful budgeting to curb your expenses. One of the most expensive renovations to take on at home, the bathroom, involves plumbing repairs and necessities, as well as expensive materials and finishes. Here’s how to minimize your expenses…
Prioritize necessities over luxury
Before you start your bathroom renovation, determine what you need and want to change in your current bathroom. Make it a point to differentiate which add-ons that are necessities and which those that are luxuries you can do without.
Create a list of these repairs and added features according to priority. This way you’ll know which items to include, in case your budget can’t cover everything.
Consider less costly layouts
Avoid rearranging the fixture layout in your bathroom, unless the current layout is inefficient or doesn’t maximize space. Relocating plumbing lines and walls in the bathroom can be expensive. To minimize costs, choose a bathroom layout that can still utilize the same plumbing lines.
Estimate the overall cost
Once you’ve settled on a bathroom layout and which things you want to change in your bathroom, you can now create a cost estimate of your renovation project. Include everything in your cost estimate - from bathroom fixtures, lighting, flooring, tiles, countertops, cabinets, and even furniture and labor costs. You should ask for bids from several contractors and quotations from several suppliers as this will give you a better idea of how much the project could cost.
When creating your cost estimate, don’t leave anything out, so you won’t be surprised by unexpected costs later on.
Set a budget and contingency fund
Check your finances to determine how much you can and are willing to shell out for the project. Set a realistic budget according to your scope of work. Renovation projects can be tricky. You may encounter repair problems or changes in design along the way. This could result in the renovation going over budget. Set a ten to 20 percent contingency fund to help you deal with any unforeseen eventualities.