Tips for Budgeting for a Bathroom Remodel in Santa Fe, NM

Tips for Budgeting for a Bathroom Remodel in Santa Fe, NM

September 13, 2019

A bathroom remodel adds a lot of financial and functional value to your home. Of course, while you may wish to dream big with your remodel, chances are you’re going to need to keep yourself within a reasonable budget to be able to afford the project.

Here are some of the steps you should take to make sure you’re able to get your bathroom remodel in Santa Fe, NM done at a manageable cost.

Begin budgeting before you make any decisions

You can assume that you’ll spend around $20,000 to $25,000 for your bathroom remodel if you’re doing an upscale remodel that’s essentially a full overhaul. The national average for an upscale remodel hovers around $25,000. You’ll need to carefully examine your finances to get a sense of how much you can afford to spend. How much of a down payment can you put down, and how much are you willing to pay each month to cover the costs?

Consider your long-term home plans

You should also consider how many years you plan to spend in your home. If you’re going to be in the home for just five years or less, then you should focus on getting the most return on investment. If you’re planning on this being your long-term family home, however, then you should focus on what gives you the most comfort. Home value will be a greater consideration if you intend to move any time soon—it’s much more difficult to predict what home values will look like in a decade or more compared to just a few years from now.

Plan for the unexpected

Any time you take on a significant remodeling project, it’s a good idea to give yourself a bit of cushion with your budget. There will almost always be some surprises that come up once demolition begins. You might find that particular areas of the walls or subfloors have mold or are rotted out. You might discover some electrical issues that need to be resolved. There will also be last-minute changes that need to be made to your plans that will add to the costs. Make sure you have some extra cash set aside for these issues.

Consider how you’ll pay for the remodel

There are a variety of options available to you to pay for a bathroom remodel. Home equity loans are a popular choice because they offer some tax-deductible benefits. Other options can include refinancing your mortgage, taking out a no-equity loan, taking out a personal loan or an FHA loan, borrowing against your life insurance policies or taking loans from retirement plans. Most people won’t save up enough money to pay in cash, but you should at least plan to get a good down payment out of your savings.

For more information about how you can plan a good budget for your bathroom remodeling in Santa Fe, NM and stick to it during the project, contact the team at Apple Construction LLC today. We look forward to working with you!

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