Controlling Your Budget for a Bathroom Remodel

As with so many things in life, a home remodeling job starts with the vision in a homeowner's head and ends with reality—and seldom do the two meet in a satisfying way.

When you're setting a budget for a bathroom remodel, you may have grandiose visions of spa-like proportions—but it's important to balance those fantasy bathroom plans with financial realities.

Keep reading for some expert tips on setting a realistic budget that will yield beautiful—and affordable—results in your revamped bathroom. Your relaxing getaway is close at hand!

Getting Real About Remodeling

Before your workmen start swinging those hammers, take these tips into consideration for setting a realistic budget and staying within the financial bounds you've set for your project:

• Give your dream a dose of reality: When you're embarking on a remodeling project, the surest way to blow your budget is choosing high-end fixtures and finishes that you can't really afford. If you're envisioning a luxurious getaway that would make Cleopatra jealous, you probably need a dose of reality. So, start with a wish list, then transform it into a “reality list” complete with hardline price tags. Downgrade in the areas where it's easy to spend less and still achieve a nice look. For instance, that $1,400 floating vanity may be gorgeous—but that $400 vanity on clearance at Home Depot looks an awful lot like it for a thousand bucks less.
• Choose before you start: There will always be surprises (sometimes very costly) when you're remodeling. You can't control them. What you can control is the materials and fixtures you choose for your bathroom. Select these before the work begins—that way, you know exactly how much you're spending on these crucial components before the work starts. If you randomly pick and choose as you go, or rely solely on your contractor's cost estimates, you will almost definitely exceed your budget.
• Have a contingency: When you start ripping things out and opening up walls, you just never know what you're going to find. Build a healthy cushion into your budget for surprises like mold and water damage. If, by some miracle, the whole remodeling project goes smooth as silk with no surprise issues, then you can go ahead and spend your contingency budget on a couple of those high-end upgrades you had to scratch off your list. If you don't prepare for the unknown and a major disaster occurs, you may have to make up the budget overage with a quick-cash option like a payday loan.