5 Bathroom Remodel Funding Ideas to Save Money
Home renovation is expensive and time-consuming. It takes several plans, a dedicated interior designer, and lots of patience to see your remodel ideas come to life. The Home Depot reports that remodeling a master bathroom alone will set you back by at least $30,000. Do you have the funds for a bathroom remodel of your dreams?
The average homeowner probably doesn’t have thousands of dollars lying around waiting to be spent on new fixtures for the bathroom. Therefore, we’ve put together five great ways you can pay off your bathroom remodel plans.
1. Credit Cards
Credit cards are great because you can just pay off the minimum amount at the end of the month and have the rest of the payment carry over to the next month. It’s easier, quicker, and hassle-free.
However, the credit card interest rates are through the roof and will cost you more in the long run. You should consider using a zero-interest credit card for this purpose.
2. Home Equity Loans
It’s reliable, classic, and will make you pay the least interest rates. The lenders may agree to avail you of a larger amount of money than other financing methods. That’s possible because you’re taking a loan against the total worth of your own home! If the mortgage on your home is paid off, you can take a larger sum of loan out.
3. Personal Loans
Most homeowners opt for personal loans because they’re easier and available for a range of remodeling plans. However, your interest rates will be higher while the repayment periods get significantly shorter.
Of course, the interest rates will depend on the different lenders. According to Nerdwallet, Marcus by Goldman Sachs offers up to $40,000 as a loan at an interest rate of 19.99%
4. Financing by Home Improvement Stores
Home improvement stores like The Home Depot, Lowe’s, and Menard’s will provide you with 0% financing for first-time buyers and offer credit cards for purchasing in-store products. Just be sure to read all the terms and conditions properly before deciding on them.
5. Mortgage Refinancing
They’re also called FHA 203(K) mortgages, and they can help you score a lower interest rate on your mortgage by refinancing it. The logic behind this method is the assumption that your home’s value increases after the bathroom remodel. Thus, your lenders allow you to pay off your mortgage on lower interest rates—Check with your state rules and regulations regarding this method before deciding on it.
6. Don’t Let Others Do the Work for You
According to HomeAdvisor, labor costs account for almost half of the cost of bathroom renovation. In the United States, homeowners pay an average of $65 per hour to contractors such as carpenters and tillers.
As a result, if you can do as much of your bathroom makeover yourself as possible, you’ll save money. Do-it-yourself can save you money, but only if you have the requisite know-how. Some tasks are better left to the professionals, such as changing plumbing lines.
You might trigger a flood if you try to execute them on your own without any instruction beyond a five-minute YouTube video. More money will be spent on repairs as a result of this than would have been spent on a plumber in the first place.
7. Use Low-Priced Products
Paint has a set range of possibilities. It’s possible to attain the style you desire at a lower cost by substituting cheaper materials for more expensive ones.
Stretch your budget when remodeling a bathroom, split it into only one or two high-impact item, such as countertop or a clawfoot tub.
8. Consider Using Recycled Materials
Buying used materials for your bathroom makeover is another strategy to reduce your overall renovation costs.
A rescued clawfoot tub abandoned cabinet doors from a kitchen and bath showroom, a scavenged marble fragment for a countertop, and a yard sale mirror were some materials that a Missouri couple utilized to build a luxurious primary bathroom on a $6,000 budget.
Buying used isn’t as simple as walking into a store and filling your basket with anything you want. Getting a head start on your search will give you more time to find what you’re looking for.
Prepare for your makeover by looking for used products that meet your wish list while you’re still planning.
9. Look for Discounts
If you can’t find all of the bathroom supplies you need secondhand, you may save money by purchasing them at a reduced price from a retailer.
For example, a New York couple purchased a cast-iron bathtub for $350. The majority of new cast-iron bathtubs cost above $1,000.
Renovating around the holidays might save you a lot of money on building supplies. Cabinet Now estimates that Black Friday and the weeks leading up to Christmas are the greatest times of year to buy cabinets.
In Conclusion
Remodeling any part of your home is a big affair and requires much attention. You have multiple options on which method to use for paying for your remodeling.
Smaller remodeling projects, like changing the fixtures and adding a new mirror can be financed by credit cards or store financing.
If you’re looking to finance a complete renovation, consider taking a mortgage refinancing or home equity loan.
Don’t take shortcuts; you’re renovating your personal space that you’ll be using for a long, long time. It’s always good to do your due diligence and figure out what amount of financing you require. We hope we’ve helped you with ideas on how to pay off your bathroom refinancing.