Bathroom remodeling can be a good project; not only does it allow for a change of look in the household and taste of the owners, but it can also boost up the value of the property too. Although, the cost of a bathroom renovation may be different based on the following factors. Owing to this, the following are some of the variables that will help one budget well and not lose his/her money. This article explains the costs which is involved in a bathroom renovation project in a bid to give you an idea of what to expect to pay within the Canadian region.
Understanding the Scope of Your Renovation
However, it would be wise to first understand the area of the work that you are willing to do on your home. Bathroom renovations can be small renovations which may include simply painting the walls, adding new accessories or changing fixtures to major renovations that include repainting the bathroom, adding entirely new fixtures, among others. Aims will affect overall price greatly; therefore, let us consider various kinds of remodeling.
Cosmetic Updates
If you are searching for limited changes, the cosmetic changes should suffice to meet your needs. This ranges from washing up the compound or simply painting the walls, changing washers such as faucets and showerheads or changing the type of lamps used. The following changes can help you alter the appearance of the bathroom without a significant amount of costs.
Cost: This usually costs between half a thousand to three thousand dollars in Canada, depending on what sort of updates are to be applied and on which materials.
Mid-Range Renovation
Another type of the renovation that people may use might be considered a mid-range renovation if one wants to make some more significant changes. Some of the works that may be required here include replacing of cabinetry, tiling or floor, as well as replacement of toilet and vanity.
Cost: It will take up to $15 000 to $5 000 CAD, whereby the cost arises from the following sources. Several factors when constructing includes material used as well as the decision to hire a contractor or not will determine the overall cost.
Full Bathroom Renovation
A complete remodel adds new meaning to the physical arrangement, system of pipes, wiring system and other features in the bathroom. Such type of renovation may involve moving the fixtures, choosing luxurious finish, or redesigning the whole space.
Costs: This costs about 50,000 CAD dollars and more depending on the size of bathroom, material quality and the costs of work.
Factors Influencing Renovation Costs
There are various aspects which can lead to increase or decrease the costs of renovating a bathroom. These can be estimated in order to give you better understanding of your budget.
Size of the Bathroom
The size of the bathroom is another factor that will influence the price of the job as it has a direct impact on costs. It will require more material and more work to complete hence costing much more to establish than the small ones.
Quality of Materials
The cost of renovation depends on the type of material you will use to do the remodeling. Some options such as the elegance finishing, tiles and custom-made cabinets will cost you a lot while others that are cheaper will help you cut down the expenses.
Location
The cost may differ depending on the location in Canada. Some of the areas which experience high construction costs include Toronto and Vancouver cities because of the high price of labor and materials as compared to other towns and cities.
Labor Costs
Employing people can increase your budgetary plan but is likely to increase the aesthetic look of the building. It depends on the nature of the work to be done and the rates that are charged by the local contractor.
Unexpected Issues
During repairs and restoration, sometimes one might face other related problems like plumbing or electrical that had not been observed before, and compensation for them will be charged on the construction firm.
Budgeting for Your Bathroom Renovation
Budgeting forms an important part of renovation and it is important to make a well- developed budget. Below is the simple approach to use on spending plan.
Set a Realistic Budget
To start, it’s essential to establish a budget to ensure that spending aligns with the client’s desired amount. Be sure to factor in any extra expenses that might arise while navigating the financial markets and your own financial situation.
Prioritize Your Needs
First of all, you should prioritize the characteristics of the renovations depending on what do you consider as the most preferable. This way, you will be able to prioritize your needs so that you can be able to know where to adjust your budget.
Get Multiple Quotes
Ensure that you seek several contractors to give you their quotes and services offered. This will assist you in doing your research and ensuring that you find a contractor that you can hire and afford.
Financing Your Renovation
Know how to finance the home renovation if at all your budget is much higher than your savings. Below are some of the possible means of financing a bathroom renovation project.
Home Equity Line of Credit (HELOC)
HELOC stands for Home Equity Line of Credit through which one can get a credit line on the current value of his house. It is a very flexible method, yet one has to pay attention to the interest rate and the conditions on the repayment.
Personal Loan
An auto loan is one type of personal loan that avails the funds with a fixed rate of interest and presents the schedule of payment. This option does not need any kind of security and therefore, the interest rates can be higher than those of a HELOC.
Renovation Loan
A few of the financial institutions provide special loans for home improvements. These loan facilities is quite useful in financing these projects at reasonable rates.