Tuesday, August 23, 2011

Budgeting tips for your bathroom remodel

Creating the bathroom of your dreams may seem overwhelming to many people. However, budgeting your project doesn't have to be a difficult process, according to the experts at HGTV.com.

The website reports that the national average cost for an upscale bathroom remodel is more than $26,000, according to Remodeling Magazine's 2005 Cost versus Value report. However, there are many resources available that can help homeowners achieve affordable luxury, such as buying bathroom vanities, fixtures and accessories online. Working with an expert contractor, as well as a bathroom designer, can also help you get the most out of the money you allocate.

Those who want to remodel their bathrooms are encouraged to compare how much they expect to spend with how much their home is worth and how long they'll be staying there. Real estate gurus say that putting too much money into a room, especially if you don't plan on staying there for a long time, is foolish.

Experts say it's important to budget about a third of your total for labor and to also build in a cushion for unforeseen expenses, such as plumbing issues. It's also crucial to review your budget throughout to ensure you're on track.

Low interest rates make financing a bathroom remodel a good deal for some people, especially if they can secure a home equity loan.