Budget vs. Investment
At Elegant Simplicity, we talk about money in a few ways. First is investment.
Investment is the financial number you feel comfortable spending on your bathroom remodel. For many of our clients, that number is “whatever it takes; no more + no less” But investment is the total you have to “invest” in its entirety for this phase of your project.
At the onset of your clarity call, we work with you to get very specific around what you’re willing to invest. That’s because it’s our place as your interior designer to really identify how to invest in the highest quality (in this case, bathroom materials, casework + cabinetry, fixtures, finishes, decor + of course contractor labor).
Without clarity around what you’re open, willing and able to invest into your bathroom remodel then boo, we’ll never know upfront how we can best serve you.
Budget is what actually comes later.
Your bathroom remodel budget is actually a cost breakdown of what your dollars will be doing. This comes from your contractor’s bid + it creates context for the ‘investment’ you’re making.
In short, a bathroom remodel “budget” creates the necessary clarity around what things cost for your specific remodel.
Sidenote: At Elegant Simplicity, we DON’T charge markup on anything we purchase on your behalf or on contractor labor which means down to the last dolla, every single item out of your bathroom remodel budget is going directly into the quality + craftsmanship of the bathroom we’re working on creating for you #WinnerWinner
What Does A Bathroom Remodel Cost?
The truth is a full-service remodel can be shockingly expensive.
And that’s because when it comes to your bathroom, creating a calming sense of continuity that seamlessly blends with the rest of your home is a complex task that requires a lot of skill.
That’s where we come in *wink*
Cuz the real head-scratcher arises when you try to decipher what you want in your bathroom remodel + then draw parallels between the ballpark estimates you get from contractors, family who have recently remodeled their bathrooms or worse “national averages” you can find online.
Add to this pricing puzzle, the countless variables that influence the bottom line of a project (material shortages, contractor availability, etc) and you can quickly start to see why it’s relatively difficult to land on exactly — how much your bathroom remodel costs.
But there’s a couple of saving graces here my friend.
The National Kitchen and Bath Association (NKBA) estimates that a typical bathroom remodel will cost between 5% and 10% of your home’s value. So, let’s say your home is valued at a million dollars ($1,000,000) then you can anticipate a ballpark of a $100,000 remodel.
That said, remember context is key when discussing costs.
Certainly, a bathroom remodel can be done + accomplished for less than $100,000. And it can also be completed for a lot more.
To be as transparent as possible with what it costs to remodel your bathroom, the scope of work being completed as well as additional factors that could increase your cost we put together this FREE Bathroom Remodel Pricing Guide which relies on over a decade of experience from designing + remodeling bathrooms with a top notch team.