How to set your bathroom renovation budget
Whether your bathroom needs a simple facelift or a complete remodel, there’s no way to avoid thinking about costs. But where do you start? From plumbing to tiling, electrical to fixtures, everything comes with a price tag. To help you nail down a number for what your new bathroom will cost you, here’s our guide on how to set your bathroom renovation budget.
Start with a ballpark
Although you won’t likely know the exact cost of your bathroom renovation until after it’s done, you can start with a ballpark budget and lock in firmer costs from there. Although costs may vary depending on where you live, what you want and what you need to do, most people spend between $16,000 and $20,000. While you might be able to do a minor renovation for under $10,000, you may also need to spend over $20,000 for what you want.
When guess-timating your budget, keep in mind what you’re looking to achieve. Happy with a simple refresh with no major changes to layout or fittings? You can expect your budget to be on the lower end. Have your heart set on a one-of-a kind, hand-crafted artisan sink, bespoke bath and floor-to-ceiling European tiles? Be sure to think higher, not lower.
Do a rough breakdown of costs
Once you’ve got an idea of total cost, think about where that money will be going. Breakdown your budget into key areas of your project. As a rough guide, expect to spend 40% of your budget on fixtures, 35% on tiling, 20% on plumbing and the last 5% on electricals. If you’ve fallen in love with a designer clawfoot bath or custom feature tiles that might blow your costs out, you might need to adjust your budget expectations.
Your budget is now starting to take shape. You know how you want your new bathroom to look, what materials and labour you might need, and you have a rough idea of how much of your total budget will go where. So, it’s time to get quotes. Use these quotes to compare against your cost breakdown. They should show if you were on the money or way off with your cost expectations. Also, be sure to get quotes from more than one supplier. Prices may also vary considerably between suppliers, so make sure you’re clear on their differences. Are they quoting for the same quality goods? Are there conditions or limitations on what they’ve quoted? Decide what you do and don’t want as well as what you’re willing to spend your money on, then revise your budget as needed.
Know the market
Remember that prices change. Your neighbour may have paid $12,000 for their bathroom renovation 5 years ago, but that was 5 years ago. You need to be realistic about what you can achieve with your budget in the current market. Consider if there is currently a big demand on trades or if materials you want are coming from overseas or made locally. These factors can all impact price. Also, factor in that items and trade costs are typically more expensive since COVID-19.
Give yourself a buffer
By now you should have a clear idea of what your project costs will be. But that’s still not your budget. Bathroom renovations, just like life, don’t always go to plan. So, it’s important to give your budget a buffer to allow for unexpected problems or a cost blowout. Typically you should allow an extra 10-20% of your total budget as contingency. Planning for this contingency now means you won’t be caught short later.
Looking for a simple, straightforward loan for your bathroom renovation. At RenoNow, renovation loans are our specialty. If you’ve got a budget and you’re ready to go, or even if you’re still in the early days of planning, just apply for a RenoNow renovation loan in under 5 minutes to get your finance sorted.