A bathroom renovation is a great way to refresh an important space in the home. Whether it’s the master bath, a powder room, or the only bathroom in the home, you want to get the design just right. You’ll have to spend both time and money to create a comfortable, stylish, and functional space. Here are some smart money saving tips and ideas to help you finance your bathroom remodel:
Find out how much
The first thing to do when seeking financing for a home renovation is to find out how much money you can borrow. It may be helpful to get an obligation free estimate from a contractor to get an idea of how much your project may cost. This will be based on the changes that you want to make, the items you want installed, and the costs of labor and materials.
Credit, loan or refinancing your mortgage
You have several options when it comes to financing. You can take out a personal line of credit, you can apply for a loan with a financial institution, or you can seek to refinance your mortgage. If you opt for a line of credit or a loan, take interest rates into consideration. Determine how long it may take you to pay off the remodel expenses. If you can pay it off quickly, you can avoid paying too much in interest.
Plan ahead
Before going forward with a bathroom remodel, be sure to make a plan. Know how much money you can realistically spend, and have an idea of how much value the remodel can add to your home. If you go overboard with design features and elements, you can end up spending more than you should. Make a budget, choose the elements you want included, and then find the experts who can bring your vision to life.
