When renovating and updating your bathroom, the costs of bathroom supplies, accessories and other necessities can easily get out of hand. For this reason, it’s important to approach your budget with as much strategy and planning as you would all other aspects of the renovation. In fact, the time and attention you put into effective budgeting will often set the tone for the entire project, so ensuring it’s done correctly is crucial.
Whether you’re not sure where to start with your budget or you just want to make sure you’re on the right track, here are some tips and strategies for drawing up a budget for your bathroom renovation.
Consider the Average Cost of Bathroom Renovation
A recent housing industry association survey found the average cost for bathroom renovations in Australia was around $17,000. This can be excellent news for those who may have a substantial amount of capital to invest in their renovation; however, this figure may be concerning for those who are working to a tight budget. Of course, depending on which bathroom supplies are installed as well as the size of the space itself, this figure can vary widely on a case by case basis. But it’s certainly worth taking note of if you’re just starting to plan your budget, as it gives you a ballpark range to calibrate your own budget to. Equally, if you have a decent amount of capital to invest in the renovation, this figure may serve to get you to think about areas where your costs are possibly blown out or where money is being spent wastefully.
Budget Allocation
There isn’t an industry wide average for this figure, but another important consideration for your budget is the allocation or where specifically you intend the money to go. Budget allocation will be highly individualised, as every bathroom renovation and bathroom space are different. For instance, a bathroom that hasn’t been renovated since it was first built may require a substantial amount of the budget to be allocated towards things like improving the plumbing, flooring and electricals. However, a newer build is unlikely to need these kinds of updates and therefore the budget may be more appropriately allocated towards purely aesthetic and functional upgrades, such as bathroom supplies, fixtures and lighting. It’s also a good idea to ensure there’s a small sum of money allocated to covering any unforeseeable costs or just for peace of mind.
Think About Where You Can Save Money
Another thing to think about when it comes to the budget for your bathroom renovation is any areas where you can likely save money. If you possess trade skills in the areas of plumbing, tiling or electrical yourself, you’ll be able to save some money on your renovation straight away, as this will instantly decrease labour costs. However, don’t be afraid to spend money on any premium bathroom supplies and fixtures that complete your vision. Bathroom renovations are often a massive undertaking, and as such, you want to ensure you’re happy with your decisions for a long time to come. If this means splurging on certain fixtures or accessories, don’t feel guilty for doing so. Just ensure your budget is set appropriately and that you’re aware of where your money is going and why.
