But, it does make sense to think it through before you jump in.
Starting a reno without a good idea of costs is a sure way to leave yourself out of pocket.
This article will give you a guide on how to cost home renovations.
Table of Content
🏡 Is it a gem or a money-pit?
The first thing to consider is whether your house has good bones and just needs a facelift. Or is it structurally in need of restoration? You can get amazing results with either option, but the costs are vastly different. As is the time it takes to complete.
🏡 The size and requirements
Renovating a house with a paint refresh versus an ambitious home extension will mean costs vary enormously. And, of course, the profit will vary too when you come to sell.
A lick of paint can certainly help a sale, and make you feel better, but it’s not going to bring in a significant profit in the long run. Adding one or more rooms, or a large-scale home renovation can reap huge rewards. Not only as an investment but for your quality of life too.
There’s no average cost. It depends on what you want to do, the size of the renovation, and whether structural work is needed. Creating an all singing and dancing modern home compared to a quick tidy-up for a quick sale will cost very different.
Plan your budget wisely and be realistic.
Start at the beginning.
Before you get carried away picturing everything you could do – consider the bigger picture. Some things you can’t change.
- As the saying goes – it’s better to buy the worst house on the best street than the best house on the worst street.
- You can’t move house so make sure the area is worth investing in.
- Don’t overspend and risk going over the ceiling price for the area.
- Check out transport links, local schools, and amenities.
Look at the other homes 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 give you a good idea too.
You’ll probably need a professional or a renovation builder to guide you on this. But, before you do that (it might cost a fee), have a good look at the house and reports.
- Cracks – big cracks in the walls, the ceiling, or near windows
- Roof – does it look old? Is it likely it’ll need a new roof soon?
- Termites – is that an issue in your area?
This will all cost extra to fix.
Collecting estimates from experienced home renovation builders is the way to go. It’s by far the single most effective way of getting a firm idea of price. If you’re looking for house renovation on the Gold Coast or Tweed Head – we can help.
Before you jump into getting any quotes for your home renovations, carefully think through what you’re looking for?
- How many extra bedrooms or bathrooms?
- Do you want to extend the kitchen or just change the units?
- Will you have enough living space for the number of bedrooms?
- Will you be working from home more into the future?
Think about the home layout. Does it flow? If you extend, will it disrupt the flow?
Is there enough space in the yard to add an extension? Should you modernise the external appearance of your home?
Finally, before you get quotes – get inspiration. This step is exciting! Search home improvement websites and renovation magazines. Be warned though – it’s way too easy to fall down a rabbit hole and get overwhelmed with ideas! It certainly helps to give you an idea of materials and finishes.
Don’t forget the hidden costs. There’ll be professional fees, drawings, approvals. Plus, you may need to rent somewhere to stay while your house is being renovated.
Always add a minimum of 10%-20% contingency. How many times have you watched home renovation shows on TV and seen them come in on budget? Not often!
Give me the costs
The average cost of home renovations is approximately $50-$65 an hour (2020). In total, it can range from tens of thousands to hundreds of thousands.
The average prices paid this year are:
- kitchen renovation – $15,000 – $30,000
- master bathroom – $13,000 – $20,000
- non-master bathroom – $10,000
- bathroom – $10,000 – $30,000
- garden and deck – $2,000 – $10,000.
Forever home or Fixer-upper
The last point to consider is how long you plan to live at the house. If you’ve bought a renovator to do up quickly and resell, you need to consider existing market prices. Whereas if you want to upgrade your forever home, you might feel you can push the boat out a little further.
Home Renovations can be a sea of uncertainty. Plan carefully, and you’ll be fine. If you’re looking for a home renovation builder – we could be just what you’re looking for.
With 30+ years of building new homes and thousands of renovations, we know a thing or two and will be able to assist in all manner of renovations.
Give us a call today to see how we can help. – 0404 REN OV8
A further article that may help in your Renovations Journey…
Read about the Top 5 benefits to Home Renovations and House Extensions