A bathroom remodeling project has been at the forefront of your mind for a long time, and now you have finally made the decision to remodel your bathroom. Congratulations, many homeowners don’t even get past the planning phase before the project is forgotten. So know that you have gotten by the biggest hurdle, how in the world are you going to pay for it?
Many homeowners every year will not take on projects such as remodeling their bathrooms because they fear the cost of the project. They may look at home improvement shows or hear that a friends project cost him/her X amount of dollars and they give up. Well, everyone’s bathroom renovation job is not going to cost the same amount. So your first step should be to sit down and figure out a ball park figure of how much your bathroom renovation is going to cost.
You want to make a list of all the cost that you are going to incur while the bathroom is being remodeled. If you are planning on doing the work yourself than you want to write down the price of possible parts that you will need in order to complete the project. If you are going to hire a professional to complete the job than you want to get estimates from several companies that you may want to contract out to do the work. It also doesn’t hurt to to keep a list of part prices with you even if you are contracting out the project. You want to do this to ensure that your are not being over charged for parts. Lastly, you want to jot down how much time it will take to finish the project whether you are going to DIY the project or whether you are going to contract the work out. Many people fail to write this down as a cost but this should be done. The cost is your time which is just as valuable as your money.
One method of paying for a bathroom makeover is charging it to your credit card. This works best if you have a pretty good interest rate. This works especially well if you are able to put the work on a card with a zero percent interest rate. You can sort of think of the bathroom remodeling project as an investment in your home which can be looked at as one of your biggest assets. Many times a homeowner will reap the benefits of this investment once their homes are sold and the house sells for more because the bathrooms have been renovated and modernized.
Home Equity Loan
A great way to pay for home renovations such as bathroom remodeling projects is to take out a home equity loan in order to pay for the job. Home equity loans are fantastic because the interest paid on the loan can be tax deductible. Therefore, you benefit by taking out the loan in order to pay for the project and you also benefit on tax day by getting a bit of a break on your takes. This is truly a win-win situation.
Some people are fortunate enough to have some cash saved up for a rainy day and use this money for their bathroom renovation projects. If you are one of these people, by all means you should use your cash reserves in order to fund the project. As stated before, your home could be looked at as one of your biggest assets so using your cash to renovate your bathroom can be looked at as putting cash into an asset. Many times the money put into a home is returned many times over once the home is sold.
So how do you plan on paying for your bathroom remodeling project? Well, first of all you need to plan out what sort of parts you are going to need if you are a DIY’er or plan how much it is going to cost if you are going to contract the work out. After this, some of your options can be paying via credit card, home equity loan or paying in cash. The choice is up to you but whatever that choice is, make sure that you plan properly so that you wont have to spend more money than is needed.