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Bathroom renovation costs can vary greatly, depending on the quality of materials and the size of the bathroom. I spent $15k on one (after I did the bulk of the demo myself).
It also depends on how much you want to change.
I "redid" my kitchen after that -> hired someone to take down the wallpaper and texture the walls, then I painted it. I also refinished the kitchen cabinets on my own. Added some new drawer/cabinet pulls and curtains and the kitchen looked much more modern. It was VERY time-consuming but a fairly cheap remodel (I think I spent less than $1500).
Get some quotes and make a prioritized list of what you want to do so that you can plan how much you need.
Flyingsaucermom, I meant it in the kindest way possible. I know I would have appreciated it if somebody would have drawn my attention to it, in case the subject would have shown up in a conversation. But since you didn't, I am sorry for the off topic and for offending you.
No worries. Getting into parental discussions is the quickest way to press my buttons.
Fixing grout is incredibly easy. They sell premixed jars of it at home improvement stores. Just go buy the same color you have and rub it into the gaps, then wipe it off the tiles with a damp sponge after 20-30 minutes. Then buy some grout sealer for $5 and rub it on there two times.
Depending on how much you have to replace, it might cost you up to $20 - $40 for the grout.
Done.
On the finance question, I never pay for upgrades with bonuses. You have 3 years, save the money in your emergency account and then take from there when you are ready to make the changes. Note, save the money first, don't just take the money from the emergency account. A $5k upgrade in 3 years would be less than $200 saved a month.
OP, sounds like you need to fix the grout first before it gets too bad and damage the wall behind it. Find an honest handy man to do that for you if you don't know how to do it. Just like what the above response said, it's very easy..
Now.. the question is should you update and if you have to do that how much you should spend on it? Check the value of the condos first before you spend too much. You don't want to have the most expensive bathroom in the whole complex.. you might not get this money back when you sell it. Kitchens usually enhance the value of the home a lot more than the bathrooms.
OP, I do not comment often, but I live in Woodinville and feel I can add to the discussion. We bought a cosmetic fixer that was originally built in 2000; in two years of living here we have remodeled the kitchen, second bathroom, laundry room/mud room, downstairs bath and put in new hardwood floors and carpeting. The second bathroom cost $15000 (10 x 6), but we went down to the studs and replaced everything. We are currently obtaining bids for our master bathroom and they are coming in at around $30,000. The kitchen was the real budget killer and we did that over 2 years (bought the appliances one year, then cabinets and labor the next).
From previous posts you have made, I believe our husband's work for the same company. We moved in August 2012, so this is our third bonus cycle in the house. We are able to pay for our renovations from bonus and shares awarded. It is not easy though, after saving for retirement, emergency fund, HSA, college, vacations, cars (we have 1 teenager with a permit and another a year away from theirs), the mortgage, kids sports and just general everyday living there doesn't seem a huge amount left over.
DM me if you would like recommendations for contractors.
OP, I do not comment often, but I live in Woodinville and feel I can add to the discussion. We bought a cosmetic fixer that was originally built in 2000; in two years of living here we have remodeled the kitchen, second bathroom, laundry room/mud room, downstairs bath and put in new hardwood floors and carpeting. The second bathroom cost $15000 (10 x 6), but we went down to the studs and replaced everything. We are currently obtaining bids for our master bathroom and they are coming in at around $30,000. The kitchen was the real budget killer and we did that over 2 years (bought the appliances one year, then cabinets and labor the next).
From previous posts you have made, I believe our husband's work for the same company. We moved in August 2012, so this is our third bonus cycle in the house. We are able to pay for our renovations from bonus and shares awarded. It is not easy though, after saving for retirement, emergency fund, HSA, college, vacations, cars (we have 1 teenager with a permit and another a year away from theirs), the mortgage, kids sports and just general everyday living there doesn't seem a huge amount left over.
DM me if you would like recommendations for contractors.
Thanks Badgersgirl! Your numbers are a little high, but much closer to what I was thinking it would really cost to remodel a master bath... at least on the west coast...
I really want to hold off on a remodel for a few more years at least. I think we're going to try to talk to someone at Home Depot and see if we can get an intermediate fix and make sure the walls aren't rotting from the inside out.
We've never done any sort of renovation to any of the dwellings we've lived in, but it's likely we're in our current condo for the long haul and we are trying to figure out how and when people start to do renovations. Our condo was built in 1999 or 2000.
I've pretty much determined that the master bath will need to be done first. First of all, it's really starting to look dated and secondly, the grout between the tile is starting to brake apart. I'm a diligent housekeeper and clean it well once a week, but even with that, I think we're at most going to get 2, maybe 3, years before something really pathetic happens. It'll be nearly 20 years old by that point anyway... Of course, once that's done then our eyes will be on the kitchen and replacing the carpet for hardwoods.... but that is putting the cart before the horse.
My question is what is the best way to plan these expenses into our budget/goals? Do people use some sort of short term investment vehicles that yield fantastic returns? Do people just save cash or use HELOCs? How much are we looking at to have a 5 piece master bath completely replaced?
We just got an annual bonus and there is about $10k that has not been specifically earmarked. It's likely in five years we'll be looking at a new car too (new driver in the family). I think this money should be for either a car (we'd like to go electric or hybrid) or home renovations. But we've got at least two years and probably (hopefully!) another two bonuses to amass first.
I would appreciate any advice.
Thanks!
I personally save the money and then remodel. Either complete as I save or save and do at once. My residence I did it in three phases within a year. If you have the equity I guess you can take a HELOC but pay it off ASAP. My personal choice is to save. You will be a lot more frugal when its YOUR money on the line rather than borrowed money.
How much of a renovation are you talking about? Are you tearing all the tile, floor and walls, tub replaced and cabinetry? Who is doing the work? You or contractor? If contractor 5k is on the low side IMO. But it depends on the bathroom size and what you plan on doing. Demo costs and so does removing the torn out materials.
Do you need a new tub? Going from fiberglass to cast iron? Are you replacing the fixtures? Do you know plumbing? Shower pans are no joke. Waterproofing done wrong will show up shortly in leaks, crumbling grout and pretty much trashed remodel. And it won't take long for it to happen.
What tile are you going with? Cheapo bottom barrel cabinet or something that will last? Do you have the tools and the knowledge to do the work? Watching a you tube video is good to get the basic understanding of the work but you will need tools and know how. Maybe a buddy who has done that type of work can help you. You will need to rent borrow or buy tools also.
I'm not trying to discourage you from remodeling. But depending on how deep you go in the remodel 5k may not be enough.
We've never done any sort of renovation to any of the dwellings we've lived in, but it's likely we're in our current condo for the long haul and we are trying to figure out how and when people start to do renovations. Our condo was built in 1999 or 2000.
I've pretty much determined that the master bath will need to be done first. First of all, it's really starting to look dated and secondly, the grout between the tile is starting to brake apart. I'm a diligent housekeeper and clean it well once a week, but even with that, I think we're at most going to get 2, maybe 3, years before something really pathetic happens. It'll be nearly 20 years old by that point anyway... Of course, once that's done then our eyes will be on the kitchen and replacing the carpet for hardwoods.... but that is putting the cart before the horse.
My question is what is the best way to plan these expenses into our budget/goals? Do people use some sort of short term investment vehicles that yield fantastic returns? Do people just save cash or use HELOCs? How much are we looking at to have a 5 piece master bath completely replaced?
We just got an annual bonus and there is about $10k that has not been specifically earmarked. It's likely in five years we'll be looking at a new car too (new driver in the family). I think this money should be for either a car (we'd like to go electric or hybrid) or home renovations. But we've got at least two years and probably (hopefully!) another two bonuses to amass first.
I would appreciate any advice.
Thanks!
New driver in the family = pay 1200 to 2000 for an old car off craigslist. Anything else is ludicrously stupid.
Using the bonus to handle the renovations isn't a bad idea. If you happen to know someone capable of doing good quality work you could pay them personally rather than having a renovation company take 60% of the money. That would allow you to pay better, get better work, and use higher quality materials.
I'm planning to finish a basement, but because of the tax situation and the margins charged by companies in the industry I'm getting a DIY book and getting an associates level of knowledge about how to do the job. It'll probably take me about a month of studying. (I have a 4.0 in a master's program, I know how to study) I'll probably save 10 to 13k in the costs, I'll be able to ensure things are done right, and I will know how to fix things if they go wrong some time down the road. I'll hire an electrician so I don't kill myself dealing with that part. I'm not going to pay something like $60 to $100/hour for drywall installation.
For funding that project I'll just be using savings. My wife and I decided we wanted to do it, but we won't have enough income available this year because we have to pour money into our 401K plans to avoid huge tax bills. So for next year one of our big projects will be buying the supplies for me to finish that basement. The plumbing has already been "roughed in", so I may be handle it from there.
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