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By Melissa Green | Citizens Bank Staff
There’s little debate about whether or not investing in a modern bathroom is a good idea. It’s a great example of a project that can increase resale value (60% ROI) as well as the functionality and enjoyment your family will get from it.
When renovating, a good rule of thumb is to expect the unexpected — and a bathroom renovation is no exception. One of the biggest surprises a homeowner can face is the cost of their project. However, with some careful planning and smart shopping, you can discover ways to help keep your project costs down.
Break down the bathroom renovation costs
The national average cost of a midrange bathroom remodel is $20,420. By understanding what goes into that number, you’ll be in a good position to make informed decisions, and potentially save some money.
Take a look at the graphic below to see how the cost breaks down:
Whether you’re making midrange upgrades or just refreshing your bathroom, there are ways to help you from going over budget.
Keep the same layout. Functionality is arguably one of the most important considerations when taking on a bathroom renovation project. If your current bathroom works for you and your family consider whether moving the bathtub to where the sink used to be is a “nice to have” or a “must have.” Changing the layout comes with some pricey plumbing, so keeping the same footprint will help keep your budget on track.
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Although the national average of a bathroom remodel is north of $20k, it’s important to remember that material costs and labor will vary based on your area. Do your homework and shop around to find the best deals and contractors that fit in your budget.
You have options when it comes to funding a renovation project. If you’re just refreshing paint and door handles, a credit card may be a good fit. For a mid-range project you may want to consider a personal loan. If you’re going high-end or changing the layout completely, a home equity line of credit (HELOC) may be the best option. Talk to an experienced financial advisor to find out what’s the best option for you and your unique situation.
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