Are you planning to renovate your house? If yes, then there are many benefits of renovating your house. Some of these benefits include increasing its resale value, increased attractiveness, and improved quality of life. However, the biggest problem that most people face when renovating their homes is managing the cost.
Construction projects are expensive, regardless of how small they look. Without proper planning, you may end up spending more than what you had budgeted for. If you are planning to renovate your home and looking for tips that will help you save costs, then here you are in the right place.
Full home renovation- how much does it cost?
The cost of renovating a full home in Australia depends on many factors. However, the average cost of doing house renovation ranges between $20,000- $300,000, depending on house size, quality of materials used, and cost of labour.
Factors that determine the cost of home renovation
As said earlier, the cost of renovation varies depending on many factors. In this section, we will discuss in detail these factors and how they influence the cost of renovation.
Size of your house
One of the main factors that affect the cost of renovating your home is the size of your house. The general rule of thumb is; the bigger the house, the higher the cost of renovation. For instance, the cost of renovating a studio apartment is most likely to be less compared to the cost of renovating a 5 bedroom house.
The quality of materials used
Another factor that determines the cost of renovating your house is the quality of materials used. Premium materials are more expensive than regular materials. However, they are more durable and require less maintenance. Cheaper materials are usually more expensive in the long run because of the high cost of repair and maintenance.
Level of renovation
The level of renovation that you are planning to undertake will also influence the overall cost of renovation. For instance, if you are only planning to do minor renovations, then the cost will be lower compared to when you are planning to do a major renovation such as changing the plumbing and electrical layout of the house.
Your home location
Your home location will also determine how much you will spend when renovating your house. If you are living in a place that is far from the raw material suppliers that you need for renovation, then the renovation cost will go up. Additionally, the cost of labour in your location will also influence the overall cost of renovation.
Although renovation contractors do the same thing, their charges are not the same. Generally, experienced and highly skilled contractors usually charge a higher fee for their service compared to those who are just starting.
Sometimes it can be tempting to hire a new contractor who accepts the lowest price. However, sometimes cheap is expensive. It is better to hire a contractor to charges a slightly higher fee but offers quality and satisfactory services.
The average cost of renovating your home
Renovating the kitchen is usually the most challenging and cost-intensive item. The contractor will spend a lot of time renovating the kitchen and that means more money spent. The size of your kitchen and the things you want to be included will play a big role in determining your overall cost of renovation. For instance, if you are planning to replace all appliances in your kitchen, then the cost of renovation will shoot up drastically. The average cost of renovating a kitchen ranges from $10,000-$50,000.
Renovating a bathroom is also capital intensive. Purchasing and installing new bathroom fixtures is very expensive and labor-intensive. The tiles installed in the bathroom are also very expensive (costs between $15- $200 per meter). The average cost of renovating a bathroom range from $10,000-$35,000.
The cost of renovating your bedroom can be cheap or expensive depending on how you want the bedroom to be. For instance, if you want the contractor to make all your bedrooms ensuite, the cost of renovation will raise significantly. But on average, the cost of renovating the bedroom ranges from $2,000-$35,000.
The living room is one of the places where your family will spend most of their time. It is also the place where your guests will stay when they visit your home. Therefore, you need to make it attractive. According to Home Advisor, the average cost of renovating a living room ranges from $10,000-15,000.
Renovating your outdoor area can be cheap or very expensive depending on what you want to achieve. For instance, if you want your contractor to design detailed landscaping, then the cost of renovating will go up. The average cost of renovating a garden ranges from $2,000-$20,000.
Tips on how to estimate the cost of renovating your home
How that you have an idea of how much it will cost you to renovating your home, the big question is how you estimate the overall cost of renovating your home? Below is a simple step-by-step process to follow.
- Research the cost of labor and raw materials in your area
- Add 10-15% on top of the estimated amount to cater for any emergencies and unaccounted costs
- Get an accurate quote from your contractor
Tips on how to save money when renovating your home
- Compare quotes from different contractors before making your final choice
- Work with the layout that you currently have. Designing a new layout will be costly.
- DIY simple renovations like interior design, painting, and some of the decking jobs. For example, a lot of composite decking products in the backyard can be done in a DIY style. Then leave complex tasks to professionals. This will help to lower your cost.
- Give your contractor adequate time to complete the job. Rushing will increase the chance of making mistakes which will increase your renovation costs.