By Kathryn Casna
Redoing your master bathroom can be a great way to invest in and increase the enjoyment of your home. It can even be a fun project to work on or an engaging transformation to watch.
Less fun, but just as important, is finding the money for a renovation. To help you budget for your next master bathroom renovation, Discover Personal Loans surveyed homeowners about their recent projects.
What to Budget
How much did survey respondents budget? The minimum answer on the survey was $1,000 to $3,000, and the maximum was $25,000 or more.
- 69 percent kept their budgets under $10,000.
- Around 17 percent budgeted $10,000 to $20,000.
- Only 13 percent budgeted more than $20,000, with 9 percent investing more than $25,000.
Your budget will largely depend on the size and scope of your master bathroom renovation, so we asked people about their goals.
- 63 percent chose to renovate so they could enjoy the space more, but improving the value of a home was a popular answer too, at 21 percent.
- Respondents in the 25 to 34-year-old range were most likely to renovate to add value (29 percent), nearly twice as many as respondents in the 35 to 44-year-old group (16 percent).
- 20 percent of 45 to 54-year-olds wanted to improve the value of their homes.
- 16 percent said their goal was improving the process of selling the home, and 17 percent of homeowners had other reasons for undertaking a renovation.
Which issues did homeowners want to solve?
- 41 percent simply wanted to update their master bathroom to bring it into the 21st
- 32 percent wanted more luxury and comfort.
- Other issues included making the bathroom easier to use, bringing it up to code, and repairing damage.
Showers, Bathtubs and More
This survey showed that the most popular feature homeowners renovated was the shower or bathtub area. According to respondents, these features took up around half (48 percent) of their budgets.
New flooring took up the next largest chunk of money, around 17 percent of budgets. Counters, along with paint and décor, accounted for 14 and 10 percent respectively. Sinks, toilets, plumbing, and walls generally took less financial investment.
To DIY or Not to DIY
The phrase “time is money” may come to mind for the busy homeowner trying to renovate a master bathroom. Sure, you want to save, but you also want to get beautiful results without losing your peace of mind.
- A full 39 percent of respondents to the Discover Personal Loans survey went full DIY.
- About the same number (40 percent) hired a professional to do all the work
- 21 percent did the renovations themselves with some help from a professional.
Sticking to Your Budget
Most respondents to the survey (70 percent) were able to stick to their budgets. Those who budgeted the most tended to spend even more.
- 59 percent of people who budgeted over $25,000 went over that budget by more than $3,000.
- 10 percent went over by $1,000 to $3,000
- 3 percent went over their budgets by less than $1,000.
To sum up, budgeting well for a master bathroom renovation is important. The amount you choose will depend on your reasons for renovating and the features you want. According to the Discover Personal Loans survey, most people should balance the cost of hiring professional help with the time it should take them to do the work personally. Finally, according to survey results, the more you set out to spend, the more likely you’ll go over budget.
Read the infographic below for the survey’s full results.
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Kathryn Casna is a writer from San Diego, California.
Need a loan for your home remodeling or repair project? Consider a Discover Personal Loan for up to $35,000 without using your home as collateral.