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?
Determine your budget
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.
Get some quotes
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!).
On a budget:
- Stick to the same kitchen layout – remember moving the plumbing and walls will cost you big
- Re-use your appliances by giving them a facelift with a gentle cleaner
- Painting a room can make the oldest of rooms look brand new
- You can give your cabinets a makeover with a lick of paint or simply replace the doors, drawer fronts and hardware for a third of the cost.
- A new benchtop can be replaced with low cost options or resurface them with a bunch of clever new products available at your hardware store.
- Giving your splashback an update with tile paint
- Renewing powerpoints and light fittings are relatively inexpensive but can make the world of difference.
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.
On a budget:
- If the fittings and fixtures are in fighting form then there’s no need to change them. Fixtures can be very expensive, so if they ain’t broke, don’t fix them.
- New plumbing is pricey so using an existing water supply will save you big bucks.
- Also if you’re a bit of a handyperson, you may want to consider saving money on labour costs by doing some of the work yourself.
Living room renovations
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.
On a budget:
- A fresh coat of paint on the wall will do wonders for a room, you can even create the illusion of more space if you choose the right colour.
- New flooring can be relatively inexpensive and completely transform a room.
- How you layout your furniture can make a big impact on how your room feels. Looking at sleeker furniture options can do wonders.
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.
On a budget:
- Give your room a splash of colour with some paint, which is a great budget-friendly way to add some flare. A wallpaper feature wall could also add an inexpensive yet striking feature.
- Recarpeting the floor using a low-cost nylon carpet comes in at A$30sqm whilst wool carpets will cost at A$60sqm.
- A freestanding wardrobe can work as a treat to tackle storage requirements. On the flip side you can add a built-in wardrobe that will maximise the use of floor to ceiling space. This feature will set you back A$1,600.
Outdoor area renovations
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.
On a budget:
- If you have a patio intact, you can add some affordable furniture, some subtle lighting and a BBQ space.
- Sans a patio you also have the option of adding some decking to maximise the indoor outdoor flow.
- And last but certainly not least, don’t be afraid to add some much needed greenery to your deck.
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.