How to Create a Budget for Your Walk-in Tub

A walk-in tub is a great investment. It can increase your home’s resale value and improve safety with an accessibility-friendly design. However, like any home improvement, it comes with a price tag. Before buying and installing, it’s important to create a budget. Read on for steps to create a realistic budget that fits your needs.

How Much Do Walk-in Tubs Cost?

To begin the journey to transforming your bathroom into a safer harbor, it’s important to first look at your finances and what you can realistically afford. But how do you know what you will need to afford? Here are some ideas of what various types of walk-in tubs should cost:

• Soaker tub: $1,900 – $4,000
• Bariatric tub: $2,600 – $8,000
• Wheelchair accessible tub:  $2,200 – $6,500
• Walk-in tub/and shower combo: $2,500 – $6,000
• Lay-down tub: $2,000 – $5,750
• Hydrotherapy tub: $5,000 – $9,000

Find Local Walk-in Tub Pros

Budgeting for Your Walk-In Tub

Consider additional features for your walk-in tub, like a bariatric tub, jets, or a shower wand. These upgrades will increase the cost. Also, be aware of potential issues uncovered during installation, like water damage or plumbing problems, which could add to the cost.

Check if your water heater can handle the increased demand, as walk-in tubs are often deeper. You may need a larger or tankless water heater.

Start by researching the cost of the tub itself, and compare prices from top brands. Then, talk to a sales rep or installer about additional costs for features, plumbing, or a bigger water heater. While some issues, like water damage, are unpredictable, others, like new plumbing, can be planned for.

What Type of Walk-in Tub Can You Afford?

When planning out what you can afford, always begin with your biggest hopes. Sure, it might be well over your threshold of what you can afford. But you will figure that out as you go through the evaluation of your income, expenses, and what you can realistically handle. Then you can start shaving off those “wants” and coming down to the non-negotiable “needs” of your walk-in tub and bathroom renovation.

How do you know what you can afford? As mentioned earlier, most of us simply cannot write a check for the amount of the walk-in tub plus installation and any other issues that need to be addressed. If you happen to have money in a savings account just for that purpose, excellent! But if not, there are several other financing options, including a home equity loan.

Find Local Walk-in Tub Pros

Tapping Into Your Home Equity

Credit Report and Credit Rating

The equity you have in your home is not usually enough for a lender to make a decision on the HELOC or loan. They also take into account your credit score, also known as your credit rating, as well as your overall credit report. The credit report provides the information that informs the credit score.

The credit report breaks down how much credit you have, where you have it, how well you are at making payments, how much you owe versus how much you have available to borrow, and a long list of other things that factor into how well you pay your bills. The credit score is based on the credit report. For banks and other lenders, the credit score is a quick snapshot that can predict how likely you are to pay them back if they give you the financing you request.

It’s important to stay on top of your credit report and make sure all information there is correct. You are entitled to one fr

ee credit report from each of the three reporting agencies each year – Equifax, Transunion, and Experian – and you can find that at AnnualCreditReport.com.

Work a “Top-Down” Budget for Your Walk-in Tub

Once you know your HELOC or loan status, the next step is to determine your budget for the bathroom remodel, including the walk-in tub. Start with the walk-in tub of your dreams as a “top” idea. However, you may need to balance wants and needs. For example, a bariatric tub might be essential, but extra hydrotherapy jets could be optional. Therefore, focus on the need to save money. It’s important to discuss options with your doctor and family before making any decisions. Additionally, consult the sales representative but be aware of upselling tactics. Finally, speak with your local installer for realistic costs, as labor, structural upgrades, or a new water heater could increase the total price.

Hire the Right Contractor

Finding a good contractor who will be honest with you about what you can expect is very important. Modernize can help you with that by connecting you with contractors in your local area who have deep knowledge of “aging in place” and the things that help with that, including the many variations of walk-in tubs. Let us help you get in touch with the right professional to help you create a walk-in tub budget and transform your bathroom into a safer place.

Find Local Walk-in Tub Pros