The national average last year was about $10,000, with high-end bathroom remodels coming in at nearly $25,000. But that leaves out a key cost factor—whether you’re remodeling a master bath or one of the other bathrooms in your home.
When it comes to master bath remodels, the figures are quite a bit higher, with about 40% spending between $10,000 and $25,000, and 25% spending between $25,000 and $50,000. A few big spenders (around 10%, actually) spent over $50,000 on their new master bath.
How is that money spent? Take a look at average costs for some of the most common changes homeowners make when they remodel a bathroom:
If you’re freaked out over the huge range in prices, keep in mind that you can choose to use off-the-shelf solutions or go with completely custom ones. Obviously, a premade vinyl shower surround with a standard shower head will cost a whole lot less than a custom-designed tile surround and custom thermostatic shower system.
And if you can buy standard-sized cabinets from a home improvement store, you’ll save money compared to having a carpenter create ones specifically to fit your space.
A financial advisor will always recommend paying for your remodeling projects with cash, but let’s be honest, you probably don’t have $20,000 lying around. On the other hand, with aesthetic improvements, you may want to save up for a year or two until you do have money in the bank. You’ll save hundreds, if not thousands, in financing costs.
But if you do decide to finance, you have three options—a home equity loan or line of credit, a personal home improvement loan, or a home improvement credit card. Each has its own advantages and disadvantages.
These are probably your best option for a major bathroom remodel, especially if you lack adequate home equity for a secured loan. Personal home improvement loans are unsecured—you only need good credit and proof of income to qualify.
These loans are usually available in amounts up to $35,000 ($100,000 with some lending partners), which should cover all but the most upscale bathroom remodels.
And speaking of budgets, personal home improvement loans have fixed interest rates and fixed monthly payments—you’ll pay the same amount every month for the life of your loan.
You also won’t get hit with a flurry of fees; in most cases, you pay just a simple loan origination fee when your loan is approved. And if you want to pay your loan off early with your tax refund or windfall bonus from work, you won’t get socked with a prepayment penalty.
If you’re anxious to get started on your bathroom remodel, you can usually get approved in 24 hours or less, and have your money in the bank in just a couple of days.
There is a catch, however: You typically need good credit with a minimum credit score of 640 to qualify. You may find a lender willing to approve your loan if your credit isn’t up to par, but you’ll pay prohibitively high interest rates. If that sounds like you, do yourself a favor and work on repairing your credit before you begin remodeling your bath.
The thing about credit cards is that they are generally best when you need to borrow a small amount of money for a short amount of time. If you’re doing a major master bath remodel, this may not be your best option.
On the other hand, if you’re sprucing up a guest bath or powder room, and your project is less than six figures—or you’re doing a lot of the work yourself—a home improvement credit card could be a perfect fit.
Home improvement credit cards work like other major credit cards you carry—you’re approved for a credit limit and you can spend as much as you want up to that amount. Your payments vary each month based on your balance, which can make it hard to budget, however.
Interest rates are generally higher than with a personal home improvement loan, usually between 15% and 24%—but many lenders offer a 0% introductory rate for the first 6 to 18 months. If you can pay off your balance during the introductory rate, you can avoid finance charges altogether, making home improvement credit cards your most economical option.
If you can’t, however, they could definitely be the most expensive choice.
It’s smart to hammer out an airtight budget for your bathroom remodel before you begin if you’re using a home improvement credit card—it’s way too easy to go crazy with unplanned upgrades if your credit limit is higher than your project budget. Unlike a home improvement loan, where you get a lump sum equal to the amount of your planned remodel, you can spend as much as you want on a credit card, as long as you don’t exceed your limit. You can see how you could get into trouble and blow up your monthly budget.
One last thing—some contractors add a 5% surcharge to bills paid with plastic. If you’re planning to use a credit card, ask your contractor before you do. You may come out ahead taking a cash advance to pay rather than paying the extra fee.
If you’re ready to see your options, Hearth helps you find the best rates on home improvement loans and home improvement credit cards. Our loan request process takes just 60 seconds to complete and won’t affect your credit score.
Bathroom remodels involve a lot of moving parts and a relatively small space—plus lots of potential for unexpected problems. Before you start the budgeting process, keep this tips in mind:
You might be surprised at what your contractor finds once he begins work. An unnoticed shower leak could leave behind thousands of dollars in structural water damage that will need to be repaired before cosmetic work begins. Add 10% to 15% of your total remodel budget to cover any unexpected issues. If everything goes smoothly, you can put that money back in your pocket-or use it to pay down your loan.
Want to avoid expensive cost overruns? Then take the time to plan carefully so things are done right the first time—a process than can take several weeks. Try to design around existing major plumbing lines and drains to keep costs down.
You can save a lot of money buying materials and fixtures online, but visit a showroom first and see them yourself to make sure colors and finishes are exactly what you want. Once you have a product in mind, go ahead and price shop online—your dealer may even offer to beat any price you find.
Toilets, faucets, and lighting fixtures tend to perform pretty consistently across all price points (and all but the cheapest have lifetime warranties); what you pay for is design. But when it comes to tiles, for example, super cut-rate tiles tend to have minor discrepancies in size and shape, which will make the finished work look shoddy.
Some contractors price by the hour, some by the job, and prices may vary depending on the materials and finishes you choose. Be sure your contract covers all the details and leaves no room for misunderstanding or dispute. If the contractor is providing materials and supplies, be sure your agreement specifies every product by model number and finish where possible.