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Bathroom Remodel Financing

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Bathroom Remodel Financing
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How To Apply for Bathroom Remodel Financing

Step 1
Enter your personal, financial, and project information directly on Renovate.com to start your bathroom renovation financing request.
Step 1
Step 2
Our system will review your request in real-time. It may also provide you with a pre-qualification offer.
Step 2
Step 3
After selecting the offer, you will be redirected to complete the bathroom renovation finance application.
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Step 4
If you are approved, the contractor can start the remodeling work immediately while you pay the lender in installments.
Step 4

What is a Bathroom Remodel Loan?

A bathroom remodel loan provides the funds necessary to renovate and upgrade your bathroom. You can use a bathroom renovation loan for projects like installing a new shower or tub, replacing old sinks and cabinetry, and more.

On average, these loans range from $1,000 to $20,000 with repayment terms of up to 10 years. The APR averages around 6.99% to 35.99%, depending on the amount borrowed, lender, and credit history.

For instance, if you borrow $6,000 to upgrade your bathroom fixtures and flooring at an APR of 10% for five years, your total repayment amount would be $7,649.33, with a monthly payment of approximately $127.49.

What is a Bathroom Remodel Financing Loan?

Types of Bathroom Remodeling

Bathroom renovation financing can help you cover several types of renovation projects. These include:

  • Bathtub Replacement: Upgrading your current bathtub to a more modern one with new features.
  • Shower Installation: Installing new shower systems, like walk-in showers, steam showers, or even converting your bathtub to a shower.
  • Vanity and Sink Updates: Replacing old vanities and sinks with stylish, modern designs.
  • Flooring and Tiling: Refreshing your bathroom with new ceramic or porcelain tiles or waterproof vinyl planks.
  • Lighting Improvements: Adding or updating lighting fixtures with vanity lights, recessed lighting, or dimmable options to enhance ambiance and functionality.
  • Fixture Upgrades: Updating faucets and showerheads with modern, water-efficient options.
  • Plumbing Work: Addressing various plumbing issues or reconfiguring the layout to improve space and functionality.
  • Storage Solutions: Increasing storage capacity with new cabinets, shelves, or built-ins.

How Much Does a Bathroom Remodel Cost?

The cost of a bathroom remodel can vary based on location, scope, and materials used. Bathroom remodel costs typically range from $2,500 to $20,000, with the national average cost ranging around $12,000. The total cost of a bathroom remodel typically also includes the cost of labor, materials, and permits.

Bathroom Components Cost

Knowing the costs of bathroom remodel components helps you budget more effectively. These costs refer to the standalone prices of individual materials and fixtures that you will need to upgrade or replace in your bathroom without considering the labor or installation process. 

Faucets

ComponentCost Range
Single Hole$250 to $900
Center Set$275 to $700
Vessel Filler$300 to $900
Widespread$300 to $1,400
Touchless$350 to $1,300
Mini-Spread$375 to $1,200

Sinks

ComponentCost Range
Drop-In$200 to $600
Vessel$200 to $3,000
Undermount$250 to $2,000
Pedestal$350 to $1,000
Wall-Mount$350 to $1,500
Console$300 to $1,800

Toilets

ComponentCost Range
Low-Flow Toilets$125 to $640
Two-Piece Toilets$165 to $425
One-Piece Toilets$300 to $600
Wall-Hung Toilets$350 to $600
Double-Cyclone Flush$400 to $600
Smart Toilets$1,000 to $2,000

Lighting and Ventilation

ComponentCost Range
New Light Fixtures$200 to $1,000
Replacing an Exhaust Fan$180 to $600
Installing a New Exhaust Fan$1,000+

Cabinetry

ComponentCost Range
Prefabricated Cabinets$200 to $500 per unit
Custom Cabinets$400 to $4,000

Doors and Windows

ComponentCost Range
Bathroom Door Replacement$300 to $1,400
Bathroom Window Replacement$300 to $1,200

Bathroom Installation Cost

Installation costs cover the expenses related to the labor and services needed to install the materials and fixtures in your bathroom in addition to the cost of materials where applicable. 

Countertops

ComponentCost Range
Ceramic$2 to $20 per sq. ft.
Porcelain$4 to $30 per sq. ft.
Laminate$9 to $30 per sq. ft.
Corian (Solid Surface)$20 to $70 per sq. ft.
Granite Slab$20 to $140 per sq. ft.
Marble$30 to $200 per sq. ft.
Quartz$50 to $175 per sq. ft.
Soapstone$55 to $150 per sq. ft.
Concrete$60 to $140 per sq. ft.

Flooring

ComponentCost Range
Ceramic Tile$1 to $12 per sq. ft.
Limestone Tile$3 to $10 per sq. ft.
Porcelain Wood Tile$3 to $16 per sq. ft.
Travertine Tile$4 to $30 per sq. ft.
Granite Tile$5 to $15 per sq. ft.
Slate Tile$6 to $18 per sq. ft.
Marble Tile$10 to $25 per sq. ft.
Laminate Flooring$1 to $12 per sq. ft.
Vinyl Flooring$2 to $17 per sq. ft.
Polished Concrete$3 to $8 per sq. ft.
Bamboo Flooring$3 to $11 per sq. ft.
Hardwood Flooring$6 to $25 per sq. ft.
Radiant Flooring$12 to $65 per sq. ft.

Tub and Shower Style

ComponentCost Range
Premade Shower Kit$500 to $1,500
Tub-and-Shower Combo$700 to $8,000
Tub-to-Shower Conversion$1,100 to $7,000
Walk-In Shower$8,500 to $20,000
Wet Room Conversion$10,000 to $20,000
All-purpose Tub$300 to $1,200
Clawfoot/Freestanding Tub$700 to $11,000
Soaking Tub$800 to $11,000
Hot Tub$1,300 to $14,000
Whirlpool Tub$1,600 to $16,000
Walk-In Tub$1,800 to $12,000
Japanese-Style Tub$2,500 to $15,000
Adding a New Window$3,000 to $6,000

Common Bathroom Problems

Whether you’re upgrading your bathroom for a fresh look or addressing functional issues, a loan can help cover the costs. For instance, most people use a bathroom renovation loan to address these common problems:

  • Mold and Mildew: In addition to damaging your bathroom, mold and mildew can cause health issues. This can be addressed by improving ventilation and using mold- and water-resistant materials.
  • Plumbing Issues: Leaky pipes or poor plumbing can lead to water damage and inefficient water usage. This can be addressed by updating plumbing fixtures, repairing leaks, and installing modern, water-efficient systems.
  • Electrical Problems: Outdated or faulty wiring can be a safety hazard. Upgrading the electrical system, adding ground-fault circuit interrupter (GFCI) outlets, and installing adequate lighting can fix this issue.
  • Inadequate Ventilation: Poor ventilation can lead to moisture buildup and mold growth. Installing exhaust fans, improving natural ventilation, and using moisture-resistant materials can address this.
  • Outdated Fixtures: Old fixtures can use too much water and look outdated. Upgrading to modern faucets, showerheads, and lighting fixtures can enhance both the functionality and aesthetics of your bathroom.
  • Limited Storage: A lack of storage can make your bathroom cluttered and less functional. Adding cabinets, shelves, and built-in storage solutions can maximize space and organization.
  • Water Damage: Water damage can weaken the structure and cause mold to grow. Solutions include repairing leaks, installing waterproof flooring and walls, and ensuring proper drainage.
  • Space Constraints: Small or poorly designed bathrooms can feel cramped. This can be fixed by changing the layout, using space-saving fixtures, and adding smart storage solutions.

Factors to Consider Before a Bathroom Remodel

Renovating your bathroom can be an exciting project. However, make sure you plan carefully so everything goes smoothly. Here are some key factors to consider before starting your bathroom remodel:

Budget

Budget

Make sure you have set a clear budget to avoid overspending. A budget also helps with any unexpected expenses. Break down costs for materials, labor, and any additional features you want to include. As a pro tip, consider estimating 10 to 20% higher to cover unforeseen costs.

Energy Efficiency

Energy Efficiency

Incorporate energy-efficient fixtures and appliances as they can significantly reduce long-term costs. Consider options like low-flow toilets, LED lighting, and energy-efficient water heaters. In addition to saving money on utility bills, this practice can also contribute to environmental sustainability.

Layout and Space

Layout and Space

Think about how you use your bathroom space and what improvements you can make to improve functionality. For instance, you can consider space-saving fixtures and smart storage solutions to maximize your bathroom’s usability.

Style and Aesthetics

Style and Aesthetics

Your bathroom should reflect your personal style while complementing the overall design of your home. Choose materials, colors, and fixtures that create the look that you want. Also, don’t forget to add personal touches to make the space uniquely yours.

Accessibility and Safety

Accessibility and Safety

If you plan to stay in your home for a long time, consider future needs for accessibility and safety. Features like grab bars, non-slip flooring, and walk-in showers can make the bathroom safer for everyone, including those with mobility issues.

Benefits of Bathroom Remodel Financing

The biggest advantage of bathroom remodeling financing is that you can upgrade your bathroom without having to pay the full cost upfront. Here are some additional benefits of taking out a bathroom remodel loan:

Competitive Rates

Competitive Rates

Financing a bathroom remodel doesn’t have to be costly or require upfront payment. Renovate.com partners with a large lender network, offering competitive interest rates, loan amounts, terms, and promotions.

This means more bathroom remodel financing options for you to explore, ultimately helping you find a bathroom loan that fits your budget and project needs.

Large Merchant Network

Large Merchant Network

Renovate.com aims to connect homeowners with contractors that offer bathroom remodel services and direct financing options. As such, we have a large network of reputable contractors to increase your chances of receiving financing.

Our partnered contractors are full-service providers that offer top-tier services and flexible financing solutions.

Inclusive Credit Solutions

Inclusive Credit Solutions

Your credit score doesn’t have to stop you from exploring bathroom financing. We have a large lender network, which increases your chances of loan approval for homeowners with subprime credit.

Streamlined Digital Loan Application

Streamlined Digital Loan Application

Submitting a bathroom finance request has never been easier. You can get started completely online on our website by simply filling out a bit of personal, financial, and project information.

Getting pre-qualified for a bathroom remodel loan is also hassle-free. Based on the information you provide, you may receive an on-screen pre-qualification offer in minutes.

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Apply for a Bathroom Remodel Loan

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Bathroom Remodel Financing FAQ

The cost of bathroom remodeling can be influenced by various factors. Some of the most common ones include:

  • The size of the bathroom: Larger spaces require more materials and labor. The same logic applies to smaller spaces, which typically cost less.
  • The scope of work: What you want to be done to your place can affect the cost. For instance, extensive renovations like structural changes typically cost more than a simpler procedure like fixture updates.
  • The quality of materials used: The quality of the materials you choose plays a significant role in determining the price of the project. For example, high-end materials like marble and custom cabinetry can increase costs.
  • Permits and fees: Required permits can add to the overall cost. The most common permits required when remodeling a bathroom include building, plumbing, and electrical permits. You may also consider associated inspection fees.

Credit score requirements vary from one lender to another. However, if you have a bad credit score and are worried that you may not receive financing, some lenders may still be willing to work with you. This is because some loan providers also consider other factors than your credit score, such as income and financial stability.

However, keep in mind that the interest rates can be higher for those with bad credit.

Renovate.com connects you with local contractors offering financing options. Simply submit your information on our website, and we’ll try to connect you with reputable professionals in your area who can help complete your bathroom remodel with affordable financing options.

There are different kinds of loans that can be used for bathroom renovation. These include:

  • Personal Loans: These types of loans are unsecured and can be used for various purposes. Loan terms typically range from one to seven years, with interest rates varying from 5% to 35%.
  • Home Equity Loans: These are secured loans that use your home as collateral. As a result, they tend to carry lower interest rates compared to unsecured loans. Loan terms can range from five to 30 years, with interest rates ranging from 3% to 12%.
  • Home Improvement Loans: These types of loans are specifically designed for renovation projects and often come with more favorable terms and conditions. They can be secured or unsecured. Loan terms range from one to 15 years, with interest rates falling between 7% and 36%, depending on your creditworthiness and lender.

Monthly payments depend on the loan amount, interest rate, and repayment term. Let’s take for example the average loan amount which is $12,000. For an average $12,000 loan at a 12% APR repaid over three years, the average monthly payment will be $398.88.

   
Renovate.com is a financial service technology provider specializing in connecting merchants and consumers with our network of independent lenders and contractors. While we host an application process on our platform, we are not a lender and do not make credit decisions. Our role is to facilitate the connection between consumers and potential lenders. This platform does not constitute a solicitation by Renovate.com to offer loans; all loan solicitations, terms, and conditions are provided by our independent lending partners.
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