As we slowly (but surely) head into warmer weather, a lot of Australians are exploring the option of renovating their homes. But just how much money should you set aside to give your humble abode a facelift? Let’s break it down.
The Housing Industry of Australia (HIA) revealed that more than half of all renovations completed in Australia will cost between $40-$200k. Annually, Australians spend a whopping $32 billion renovating their homes, with that figure set to rise by 8.4% in 2020.
So where do you start when it comes to renovating your home?
First things first: determine your scope of work and budget. Research materials, appliances as well as the finishes and fittings you want in your home. Then move onto timelines and material costs. The more research you do, the better off you’ll be. Remember that if you fall into the trap of over capitalising on your home it will only increase your loss.
It’s imperative that you get a number of quotes from contractors - don’t be afraid to shop around. Once you get all your quotes you can compare before committing. Disclaimer: be sure to do your research on each of the contractors you engage with - Google reviews and social media platforms can be a lifesaver.
Social media sites such as Instagram and Pinterest are a goldmine when it comes to finding inspiration for your home makeover, so get searching.
It’s also important to add a buffer to your budget of 10-15%. Older homes may require additional work such as termite damage and wood rot, so when the time comes make sure you have a little additional cash to splash.
Now that you’re set to renovate the home of your dreams, let’s take a closer look at how much a renovation project could cost you, along with some budget-saving options.
Kitchen renovations will cost you anywhere from $30-$40k, according to Houzz who reported that almost a third are spending more than $40K. The website also claims that a third of home owners said their kitchen renovation led to a healthier lifestyle (win, win!).
When it comes to bathrooms, this will no doubt be the most labour-intensive part of renovating your home.
You can expect to pay between $5-$15k for minor renovations using budget materials and fittings. A mid-level renovation will cost you between $15-25k, while a more elaborate bathroom renovation with luxury materials and fittings will cost you upwards of $25k.
Serviceseeking.com.au quotes the average bathroom renovation in NSW costing $26,000 while the same in Queensland will cost $12,000.
Living rooms are one area we renovate to impress, so there’s no it's no shock that what is perhaps the most visible room in the house costs between 10-15k to revamp.
Bedroom renovations will cost between $2-$35k, and will all depend on how grand a facelift you want for your boudoir. For example, if you add an ensuite into the mix, then you’re looking at a heftier price tag.
Outdoor areas can often make or break the sale of a home, so renovations can command a budget of around $10,000 according to Houzz, however, some homeowners double that spend at $20,000.
Make sure to hire licensed and recognised builders before you proceed with a project. Or if you are a builder see if your current skills can fast track you to a more painter career by heading to Qualify Me Australias leading RPL provider.