According to the National Kitchen and Bath Association, the average bathroom remodeling project cost $11,364 in 2016. Consider the following budget breakdown for bathroom remodeling and why you need a mortgage broker for the process:
- Cabinetry: Bathroom vanities can affect the look and feel of the entire room and set the tone for your remodel. Prefabricated cabinets can cost $900-$1,500 depending on size, style, and materials. Custom cabinets cost more around $500-$3,800, while a stylish medicine cabinet costs around $500-$1,200.
- Countertop: Pick a countertop that’s capable of standing up to water, soap, and cosmetic stains. Granite and solid surface tops are the most popular. Prefabricated stock counters made with composite materials start at $20-$150, while granite counters can cost $60-$100 per square feet.
- Faucet & Sink: A basic bathroom faucet starts at $20-$70 and can go up to $450-$750 for those with high-end finishes and designs. Regular bathroom sinks cost around $50-$250, and designer models can go up to $300-$1000. Most sinks come with the faucet included.
- Bathtub & Shower: Bathtubs provide the relaxation you need after a long day. A new one can cost between $200-$600. Large bathtubs with a water jet feature can go higher than $3,000. Meanwhile, you’ll pay $250-$4,000 for a shower remodel depending on size and materials.
- Installation: Buying the materials is just the beginning. To have your cabinets installed by a contractor costs $200-$1,000. For countertops, charges can go up to $2,000 for custom high-end. A plumber can charge $75-$150 for installing a faucet.
While Premium Mortgage does not offer individual project loans, house renovations can often be built into a mortgage with a 203k loan. Consult one of our knowledgeable loan originators to see if a 203k mortgage would fit your circumstances to start creating your dream home today. Call toll free at (877) 690-7240 to talk to one of their loan officers, and get access to their mortgage rates and mortgage calculator by visiting their website. You can also find the experts on Facebook and Twitter.