Bathrooms are one of the few places in your home where remodeling/renovation can increase the property’s value, at least enough to justify the cost. Even refreshing it a bit can have a positive impact when you are reselling the property.
We will not focus on the time cost associated with a bathroom renovation, just the financial aspects of it. There are a lot of steps involved in planning a budget-friendly bathroom renovation, starting with the scope of work.
There are factors like the size of the bathroom you are working with or any hidden/known flaws it might have that need to be corrected during the renovation that influences the budget. However, these might not be in your control.
Scope of Renovation/Remodeling: From full-scope gut renovation or “rip-and-replace” remodeling to simply changing some fixtures and refreshing, there are multiple ways to categorize the scope of the renovation. Its relationship with the budget is simple – the broader the scope, the higher the cost. It should be governed by your reason for renovation. If it’s to resell the apartment or house, try to make renovations that can help you recoup most of the costs.
DIY or Professional Renovation: DIY might seem a more cost-friendly option, especially for lighter renovations, but if you don’t do it right and have to bring in a professional later on, the cost might end up a lot higher than going with a professional contractor from the beginning. More importantly, you might be bound by co-op/condo rules to hire a licensed contractor for renovations. The choice will also be affected by the scope of work.
Differentiate Between Must-Haves and Optional Renovations: List down all the changes you want to make and identify which ones you can and can’t compromise on. For example, if you are replacing a bathtub with a walk-in shower, the cost might be significantly higher than opting for a new tub. A good practice is to dedicate a sizable portion of your budget, like 70% or 80%, to the must-have renovations and choose the optional ones based on the remaining budget.
Make Smart Choices: You can make visibly attractive and functional changes without overspending your budget by sticking to the right options and allocating your budget smartly. By spending more on things like plumbing fixtures and bathtubs/showers and making off-the-shelf purchases when it comes to toilets and surfaces, you can make budget-friendly and lasting changes. Certain renovations can have more of an impact on the final product, so diverting more of the budget to them might be a smart thing to do.
Sweeten, an NYC-based renovation company puts the budget cost of full bathroom renovation at somewhere around $18,000 in 2022 and high-end renovation cost at $40,500. You can significantly reduce or increase that cost with appropriate planning and a well-researched approach, even if you are not going the DIY route.
If you have made the right choices regarding new installations and features in the bathroom and you potentially limit the scope of work for the contractor as well (to installation), you can easily get a budget renovation even when working with professionals.