When it comes to renovating your bathroom, there are a lot of things that can go wrong. Accidents happen, you can make mistakes, and your work might reveal surprising plumbing issues. After everything, it can be a struggle to stay on budget.
But that’s not to say you’re going to wreck your finances by taking on your reno. Whether you plan on retiling the shower or building a whole new bathroom off the master bedroom, there are ways to protect your budget.
Here’s how to deal with unexpected problems during your reno:
Save Long Before You Pick up a Tool
Paying for your reno on your own dime is just plain smart. It means you get to skip over loans and the added interest that comes with them, and you won’t have to worry about juggling your regular bills with its repayment.
It will, however, take time to build up savings big enough to take on the average bathroom reno. According to Home Advisor, the average remodel costs homeowners between $5,958 and $14,853. But it all depends on your taste — if you love luxury, your bathroom could cost $25,000.
You’ll need patience as you wait for your savings to grow. The upshot here is you’ll be able to use this time to research your options thoroughly. Take advantage of the delay by searching for the best prices on materials, labor, and any certificates you need before you get started.
Budget for Problems, Setbacks, and Damage
The last thing you want to think about is how your bathroom’s facelift can bring chaos to your life, but this is a helpful tip that might protect your budget. Thinking about how things can go wrong and, more importantly, how you can pay for them will make sure you’re prepared should disaster ever strike.
Renovation experts suggest inflating your budget by 10 percent or more. This tags on extra money you can tap into should your reno hit an unexpected snag.
Compare a Personal Line of Credit Vs Home Equity Line of Credit
Borrowing isn’t ideal, but it may be the only option in certain situations. Sometimes, an unexpected expense doesn’t happen mid-way through a reno. Sometimes, the unexpected expense is your reno.
Like, take for example, when your toilet overflows and causes massive water damage. Or, when a plumbing issue means you have to replace pipes and lines.
Take the time to compare a personal line of credit vs home equity line of credit. They’re entirely two different products with unique pros and cons. Generally, a home equity LoC is better for larger, planned projects while a personal line of credit is ideal for emergencies.
There’s no right or wrong answer. Before you borrow, find out how to positively impact your credit history to make sure you qualify for the best options possible — whatever you end up picking.
Enroll in a Financing Plan
If borrowing isn’t an option, and you can’t put off a project any longer, talk with the professionals you hire. They may have financing plans available to offset the cost of their work. These plans let you pay contractors, labourers, and other professionals in installments, rather than one lump sum upfront.
Not only is this kind to your wallet, but this might also protect you in the event your contractor disappears mid-project. This worst-case scenario doesn’t happen often, but if it does, it can derail your plans.
Straying from your budget isn’t fair to your remodel. You can stay on track and get the beautiful bathroom you’ve always wanted as long as you plan carefully and research your options. Remember these tips to help you when unexpected issues and accidental damage pile on extra costs!