(Updated from November 2020)
How much will it cost to renovate my home is one of the most asked questions by homeowners. But it’s not a simple question to answer as home renovation costs can vary greatly. While diving straight into your renovation might be tempting, you must consider the financials first. Starting a renovation without a clear understanding of the costs is a recipe for budget blowouts and financial stress.
Our guide will help you estimate costings and plan your home renovation projects accurately.
💰Is it a gem or a money pit?
First and foremost, you need to understand the current condition of your property. It would be great if you could determine if your house needs cosmetic work or structural work. Both can produce excellent results but are worlds apart in cost, time and complexity. Professional home renovation companies stress this difference as it affects the scope and budget of your project. A house with good bones needs updating to modern standards, while a property that needs structural restoration requires more extensive work and expertise.
🏡 The size and requirements
The size of your renovation project affects the cost. A simple paint refresh is a vastly different investment from a home extension or complete rebuild, and the potential return on investment varies greatly. A fresh coat of paint will enhance your home’s immediate appeal and make it a more pleasant place to live, but it won’t give you a huge profit when you sell.
Major home renovation, like adding rooms or a full modernisation, can give you a big financial return while improving your daily living. Home renovations have no standard cost, as each project is unique and dependent on the project scope, structural requirements, and desired outcome.
Building your dream home with all the modern comforts will require a bigger investment than a quick refresh for resale purposes. The key is to have a realistic budget that matches your goals and financial means.
Start at the beginning.
Before you get carried away, think of everything you can do – think of the bigger picture. Some things you can’t change.
Location
The old real estate saying is still true: Having the least impressive house in a great area is better than having the most impressive home in a not-so-great area.
- Since you can’t move the property, ensure the area justifies your renovation investment.
- Be aware of the area’s property value cap so you don’t overcapitalise.
- Consider the key factors like transport, schools and local amenities.
Neighbourhood
Look at the other houses in the surrounding streets. Are they loved? Have they been extended? This will give you an idea of what you can and can’t do. A quick call to a local real estate agent will also give you a good idea.
Look at the neighbouring properties closely. Their condition and history of renovations can give you valuable information on what can and can’t be done. See if other homeowners have extended or done major renovations to understand the area’s growth potential. A call to local real estate agents will give you more market information and a renovation value perspective.
Structural check-in
While a professional assessment from home renovation companies is often required (and may incur consultation fees), a personal inspection using available property reports can give you some preliminary information.
Look for:
- Cracks – Pay attention to big wall cracks, ceiling damage or cracks around window frames, as these may indicate structural issues.
- Roof – Check the roof condition and age, as roof replacement can blow your renovation budget.
- Termites – Research local termite risks and previous infestations, as pest damage can require extensive repair.
These structural issues need to be budgeted for and addressed before cosmetic work. Builders often say that ignoring these fundamental aspects can cause problems during the renovation process. Remember, addressing structural issues early in your home renovation will prevent more costly repairs and ensure your investment’s long-term success.
Renovation potential
Getting quotes from experienced custom home renovation companies is the best way to get an accurate cost and the most reliable way to understand the actual cost of your project. Builders can give you detailed quotes for visible and hidden fees. If you want to renovate in the Gold Coast or Tweed Head area, our experienced team can help with your project. – we can help.
Before you get quotes, make sure you have a clear understanding of your renovation goals and requirements. This planning phase will help Renovation contracting companies provide more accurate quotes and ensure your project matches your vision.
Think about:
- What are your specific bedroom and bathroom needs? Current and future family growth
- Do you need to modify the kitchen? Spatial and functional upgrades
- Will the new living areas match the number of bedrooms? Private and public spaces
- How will remote work impact your space requirements? Dedicated home office
- Check the flow of the home. Will the extensions or modifications improve or hinder the natural flow of the space?
- Look at the exterior of the property. Yard space for extensions and opportunities to modernise the facade
Inspiration
Before you get quotes, go through the inspirational phase of your renovation journey. This fun stage allows you to explore and refine your ideas. Browse through reputable home improvement websites, renovation magazines and professional portfolios. While it can be overwhelming, this research will give you valuable information on materials, finishes and current trends. Builders often recommend creating inspiration boards to help you communicate your vision. Please review our featured renovation projects.
Hidden Extras
Don’t forget to budget for the often-overlooked costs. Professional fees for architects, engineers and designers can be huge. Building permits, council approvals and technical drawings add up to the cost. And if you need to move out during the renovation, temporary accommodation costs. Industry experts recommend a 10-20% contingency fund to cover unexpected issues. Reality TV doesn’t show the frequency of budget blowouts in home renovations, so proper planning is key.
What’s the cost?
How much does a home renovation cost? Current rates for home renovation services are $55-$88 per hour for carpenters and $132 per hour for foremen (2024). Total project costs can vary greatly from a few thousand to six figures. Here are some recent project costs:
The average cost this year is:
- kitchen renovation – $15,000 – $65,000 (depending on materials and scope)
- master bathroom – $14,000 – $70,000 (including fixtures and labour)
- non-master bathroom – $12,500 (standard)
- bathroom – $15,000 – $40,000 (depending on luxury level)
- garden and deck – $7,000 – $61,000 (depending on size and materials)
Forever home or Fixer-upper
Another consideration is how long you intend to live in the home. For investment properties or “flip” projects, market research is crucial to ensure renovation costs match the potential return. Investing in premium features and personal preferences might be more flexible when renovating a long-term family home, but maintaining market value is key.
Home Renovations require careful planning and professional guidance to get it right. Your renovation journey can be smooth and successful with the right preparation and expertise. If you’re looking for a reliable home renovation builder, our experienced team might be the perfect partner for your project. With 30 years of new home building and thousands of renovations under our belt, we can handle any size or complexity of a project. We understand building practices and renovation challenges better than most. Contact us today at 0404 REN OV8 or submit an online enquiry to discuss your renovation.
Give us a call today to see how we can help. – 0404 REN OV8 , or enquire online.
A further article that may help in your Renovations Journey…
Read about the Top 5 benefits of Home Renovations and House Extensions
Are you looking for information on Gold Coast Planning Council building codes? Would you mind reviewing their information for an insight into renovations on the Gold Coast?
