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The ultimate guide to renovation costs

There are so many great reasons to renovate your home; improved on your quality of life, increased resale value, or even just to simply update its aesthetic. But the biggest obstacle to renovating, for most people, is cost.

These are the usual expenses associated with remodelling, and we’ll drop some hot tips on how to save a few dollars here and there on your renovation.

How much does a full home renovation cost?

There are a lot of factors that contribute to your renovation’s overall cost (more on that later). According to Service Seeking, minor renovations can cost as little as $20,000, but you can easily go over $300,000 for a complete transformation. Most of these costs go to labour, while the next biggest expense is sourcing materials.

Home Renovation Planning

Factors that affect the price of your home renovation

The range for renovation costs is huge, but that’s because no two renovations are ever exactly the same. Here are the considerations that influence your house renovation costs.

Kitchen and bathroom renovations

Size

Perhaps one of the biggest contributing components is size. Remodelling a studio apartment will be significantly cheaper than renovating a 5-bed, 4-bath townhouse. According to Renovation Junkies, renovation costs per square metre average about $2000-$4000.

Materials

Premium materials come at a premium cost, but you do have to factor in maintenance and durability as well.

 

A cheaper material at the offset, like weatherboard, could prove to be more expensive in the long run, especially when compared to low-maintenance options like brick.

Renovation Level

Some renovations involve only minor alterations, such as refurbishing fixtures or changing the fittings. But if you’re planning to completely change the layout of your home (including the locations of electrical outlets or plumbing), expect to pay more as well.

Location

Your post code can determine just how cheap or expensive your renovation will be. One of the biggest costs is labour and hourly wages which vary from state to state. Canstar states that per-hour rates for renovators could run as low as $50 in the Queensland area and as high as $85 in New South Wales.

Contractor

Even in the same town, two contractors could quote you wildly different rates for the same job. While it can be tempting to immediately accept the lowest offer, consider that paying slightly higher for experience and reputation could be worth it.

Kitchen

Kitchen renovations will be the most difficult undertaking in terms of time spent and labour per square metre. According to Domain, they’ll also be the most expensive, considering all of the appliances and fittings you will need to purchase. This could include replacing floorings, windows, or knocking down walls to create an open space layout.

 

Average cost: $10,000-$45,000

 

Plan your home renovations

Bathroom

Bathrooms are also labour-intensive. The biggest cost usually goes to tiling or to new bathroom fixtures. According to the pricing on the tiling store Discount, tiles can run for as little as $15 per square metre or as high as $200 per square metre.

 

Domain says the costs can range from: $10,000-$35,000

Bedrooms

Bedroom renovations can be very cheap or very expensive, depending on how minimalist or grand you want it to be. Having an ensuite will definitely raise the price significantly.

 

Finder states the average cost for bedroom renovation is: $2,000-$35,000

Living Room

Living rooms are one of the more public/visible spaces in your home, so renovations here will certainly impress.

 

The average cost of living room renovation according to Home Advisor is: $10,000-$15,000

Outdoor Area

From a simple grass garden to a patio, deck, and detailed landscaping, your garden renovations can rack up your bill.

 

Hi Pages state that the average cost of doing up your garden and adding a deck is: $2,000-$10,000

How to estimate the cost of your home renovation

Now, how do you actually estimate how much your renovation project will cost? You can use the Real Estate renovation calculator/estimator for Australia, or you can follow the tips below:

  1. Make a detailed list of everything that needs to be done per room. Be as specific as possible.
  2. Research the cost of the hourly rates in your area, as well as the cost of the raw materials, using online guides such as home advisor.
  3. Budget 10-15% on top of the calculated estimate for incidentals and repairs.
  4. Talk to your contractor to get an accurate quote.
Home renovation cost estimate

How to save money on your full home renovation

  • Allow ample time for your contractors to finish the project. Rush jobs can double your renovation costs and increase the likelihood of costly mistakes.
  • Compare quotes from different contractors before making a decision.
  • Leave the complex construction to the professionals, but DIY when you can. If you have the time, doing your own painting or interior designing will cut down on your costs.
  • Open plan layouts give the illusion of space, but they also cost a lot of money. Work with the layout you already have.
  • Choose cheap yet durable materials like cement, acrylic, and more affordable wood types.

Home renovations can cost thousands of dollars, but they can add up to 10x the cost on your property’s value. Budget wisely, and you can have your dream home for less.

Source: bhg.com.au


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