Budgeting for any kind of home improvement project requires a lot of thinking and smart decision-making. It’s not like you simply wake up one morning and decide you’re up for it. Well, a bathroom renovation project is no exception.
You ought to be very meticulous in planning everything out so you don’t end up spending too much or going over your budget.
So, how much should you realistically budget for a bathroom renovation? It really depends on the scope of work and the size of your bathroom, but a good rule of thumb is to come up and set aside at least $5,000.
Of course, if you’re planning on doing a complete overhaul of your bathroom, then you should expect to spend more. A lot more. We’re talking $10,000 and up.
But if you’re just looking to make some cosmetic changes or update your fixtures, then $5,000 should be more than enough.
Now, let’s dig into what kind of things you should be budgeting for in your bathroom renovation:
- Materials and fixtures – This is probably the biggest expense you’ll incur for your bathroom renovation. Expect to spend anywhere from $2,000 to $4,000 on materials and fixtures alone. Be reminded that prices can vary greatly depending on the quality and brand of materials you choose.
Fact: The average bathroom renovation costs about $9,348.
- Installation costs – If you’re planning on doing some or all of the work yourself, then you can save a bit on installation costs. But if you’re hiring a professional to do the job, then expect to pay anywhere from $500 to $1,500 for labour.
- Permits and inspections – Depending on the scope of work, you may need to get some permits before starting your bathroom renovation. These can cost anywhere from $100 to $500, so be sure to factor this into your budget.
Fact: In Hamilton, ON, the permit fee for a bathroom renovation is $129.50
- Miscellaneous costs – There are always going to be some miscellaneous costs associated with any home improvement project. For a bathroom renovation, these can include things like dumpster rental, painting, and flooring. Be sure to set aside at least a few hundred dollars for these unexpected costs.
- Contingency fund – As with any home improvement project, it’s always sensible to set aside a contingency fund to deal with any unforeseen costs. A good rule of thumb is to set aside 10% of your total budget for this purpose.
Be reminded that these are just estimates and your actual costs may be higher or lower depending on the scope of work and the materials you choose.
The best way to get an accurate estimate of your costs is to consult with a reputable contractor who can give you a more detailed breakdown of the costs involved in your particular project.
The Importance of Not Going Overboard
As for budgeting for a bathroom renovation, it’s imperative to not get too carried away. Remember that you’re not building a new house, you’re just renovating your bathroom.
There’s no need to go overboard and spend more money than necessary. Just focus on the things that you really want or need to change and stick to your budget.
If you find that you’re getting too excited and starting to add more and more items to your wish list, then it’s time to take a step back and re-evaluate your priorities. Remember, a bathroom renovation is a big investment, so you want to be sure that you’re making wise decisions with your money.