OK, so you know you want to or have to remodel your bathroom. You have a general idea in mind regarding how the end product should look. But how do you get there? And how do you establish a bathroom remodel budget to make sure you can complete the project without breaking the bank?

Reasons to consider a bathroom remodel

First, reasons to consider a bathroom remodel include little things starting to go wrong, such as leaky faucets and broken tiles in the shower. Other reasons could include changes in who lives in the home and simply needing to update the design, according to a blog on the JK Cabinets website.

So once you’ve decided on a bathroom remodel, what do you do next?

Determine how much your project truly requires

Does your bathroom need to be entirely gutted? Or would a facelift do the trick? Questions such as these might be difficult to answer, especially because as you begin working on your project, other issues could arise that complicate the process.

For this reason, consulting with a professional agency would be useful as you work to establish a bathroom remodel budget, as they can help you determine how involved the project could or should be. JK Cabinets, for example, will work with the contractors on all of the elements of your bathroom remodel and assist in designing all of the necessary layouts.

Maybe you want to go all out and make your bathroom dazzling with such things as a designer backsplash and intricately designed molding? Maybe you have enough space or are determined to create the space for a Jacuzzi or an exquisite vanity with seating?

Aside from the obvious requirements, many elements could be involved in your bathroom remodel – including such things as exhaust fans, hooks, mirrors, and shelving – that you might not remember to include in your bathroom remodel budget until it’s too late.

Remember, you don’t want surprises, which can cause unneeded stress and expenses.

Crunch the numbers to establish a bathroom remodel budget

To find an appropriate amount for your bathroom remodel budget, first conduct a thorough and honest examination of your finances to reveal how much you can spend. The National Association of the Remodeling Industry offers a budgeting worksheet that makes this easy to do, according to a post on HGTV.com.

How long you plan to live in the home should be considered as you establish a bathroom remodel budget. If you plan to sell the home, consider what your potential buyers might want. If you plan to live in the home for many years, let comfort be your guide.

According to HGTV.com, the National Kitchen & Bath Association breaks down bathroom remodeling costs as 4 percent for design fees; 20 percent for installation; 15 percent for fixtures; 16 percent for cabinetry and hardware; 7 percent for countertops; 5 percent for lighting and ventilation; 9 percent for flooring; 4 percent for doors and windows; 5 percent for walls and ceilings; 14 percent for faucets and plumbing; and 1 percent for other expenses.

Once you decide what you want out of your bathroom remodel, and how much you plan to spend, you might find that you’re allocating more than you can afford. If so, review your list of items needed for the bathroom remodel and see where you could possibly save money.

Remember to expect the unexpected and set money aside in the budget for emergencies and other unanticipated expenses.

Where to get the money

If you have the money available for your bathroom remodel, great! If not, there is help.

One great option is a home equity loan, which is tax deductible, according to the HGTV post.

Equity is the difference between what your home is worth and how much you owe on it. For example, if your home is worth $300,000 and you owe $100,000, you have $200,000 in equity. Over time, as you reduce the amount you owe on your home or the value of your home grows, your equity increases.

A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. Simply put, a home-equity loan or line of credit is a type of mortgage, just like your primary home loan.

The Peoria, Arizona-based NOVA Home Loans website provides a calculator to help you determine how much you would be spending on the loan.