How to budget for a bathroom renovation
Posted on Wednesday, January 18, 2012 at 4:33:58 PM
Homeowners seeking luxurious bathroom renovations with a limited amount to spend may wish to consider constructing a budget. A homeowner can be soaking in his or her new bathtub in no time with a little residential financing.
Home improvements fall under two categories and depending on which one a homeowner finds will determine type of renovation he will choose.
"If a person is going to stay in a home for five years or less then the improvements should be viewed as improvements on investment. If the homeowner is going to be there for a longer period of time, you want to look at what's going to make him and his family the most comfortable," Everett Collier, president of NARI told HGTV.
After deciding if the renovation is for a short or long period of time, a homeowner will need to decide what features are most important to the overall functionality of the room. While marble counter-tops may be a wish, a large enough bathtub may be more of a need.
Budgeting labor as one-third of the cost of the renovation is a good rule of thumb for most homeowners to consider while they determine how the money will be allocated.