Bathroom Remodeling Pictures

Getting your bathroom remodeling project expecations in line with your budget

ROI or Return on investment

Kitchen Remodeling Pictures > Bathroom Remodeling Pictures > Budget and investment > Pictures

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This can be the most difficult part of the process - figuring out the budget. Reconciling what you can afford with what your bathroom remodel expectations. For you, these two may be fairly closely aligned or they may be way off the mark.

For most people undergoing a bathroom remodel, taste usually out paces the money available. When this situation comes up you need to either increase the budget, reduce the expectations or accept some degree of both - that's fairly obvious.

Here's some things to consider while you wrestle with the budget vs expectations quandary.

* Don't be tempted to find a cheaper contractor. This can be bad news. You should expect to collect 3 bids for the project. They should hopefully come in at a range of high, medium and low. We'll go into great detail about working with these bids in the next article, but for the sake of budget vs expectations, you should not accept the lowest bid if the sole reason is to adhere to the budget.

* A well done bathroom should last 20 to 30 years. Lets suppose your expectations break the budget by $5,000 or even $10,000. That money amortized over the lifetime of the bathroom amounts to $0.45 to $1.40 per day. Remember, that's a room that you (and your spouse if you have one) will use every single day - multiple times a day.

But wait, it gets even easier to swallow when you factor in inflation over the years. That $.045 becomes the equivalent of twenty or thirty cents a day. The price of those features goes up over time, so it's like getting a bargain just for buying today instead of 10 years from now.

Then there's the resale value. What breaks the budget today can make for a much faster sale down the road when it comes time to sell your home. You might even be able to get a higher resale price due to the luxury bathroom remodel that you sacrificed for $0.50 a day for.

* One final tip to keep in mind - once you're pretty sure of the contractor you want to hire, you've discussed and made all needed revisions to the bid, it's time to award the job. This is the time you can haggle over the price. You might be surprised how easily you can get the cost lowered by a small but significant amount. A simple "Gosh, it's so much money" with a silent pause can work wonders.

Be prepared in case he won't budge. Don't push it unless you're prepared to go with your second place contractor bid. And never try to play contractors bids off each other. If they agree to what you ask for, that's it. Don't go back and ask him to accept even less money again - it's not ethical.

Don't forget about your other suppliers too - plumping or tile, these things are a big part of the entire cost. If you do your own shopping for plumbing, tile, or other supplies, you can always us the same tactic - all you have to do is ask, and the worst they can do is say no.

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