How much does a complete home renovation cost?
Many factors contribute to the overall cost of your renovation (more on that later). According to Service search, minor renovations can cost as little as $20,000, but you can easily exceed $300,000 for a full makeover. Most of these costs go to labor, while the second largest expense is for sourcing materials.
Factors that affect the price of your home renovation
The range of renovation costs is huge, but that’s because no two renovations are ever the same. Here are the considerations that influence your home renovation costs.
Perhaps one of the biggest contributing factors is size. Renovating a studio apartment will be significantly cheaper than renovating a 5 bedroom, 4 bathroom townhouse. According to Renovation Junkies, renovation costs per square foot average around $2,000 to $4,000.
Premium materials come at a high cost, but you also need to consider maintenance and durability.
A less expensive material at the lag, like siding, could end up being more expensive in the long run, especially compared to low-maintenance options like brick.
Some renovations involve only minor changes, such as refurbishing appliances or changing fixtures. But if you’re planning to completely change the layout of your home (including the location of electrical outlets or plumbing), expect to pay more too.
Your ZIP code can determine how cheap or expensive your renovation will be. One of the biggest costs is labor and hourly wages, which vary from state to state. Canstar says hourly rates for renovators could be as low as $50 in the Queensland region and as high as $85 in New South Wales.
Even in the same city, two contractors could offer you very different rates for the same job. Although it may be tempting to accept the lowest offer immediately, consider that paying a little more for experience and reputation might be worth it.
Kitchen renovations will be the most difficult undertaking in terms of time spent and work per square meter. According to Domain, they’ll also be the most expensive, considering all the devices and accessories you’ll need to buy. This could include replacing flooring, windows or knocking down walls to create an open space layout.
Average cost: $10,000 to $45,000
Bathrooms are also labor intensive. The biggest costs are usually related to tiling or new bathroom fixtures. According to the price on the tile store Discounttiles can cost as little as $15 per square meter or as high as $200 per square meter.
Domain says costs can range from: $10,000 to $35,000
Bedroom renovations can be very cheap or very expensive, depending on how minimal or grand you want them to be. Having a bathroom will certainly increase the price significantly.
Finder says the average cost of a bedroom remodel is: $2,000 to $35,000
The living room
Fairs are one of the most public/visible spaces in your home, so renovations here are sure to impress.
The average cost of a living room renovation according to Home Advisor is: $10,000 to $15,000
Whether it’s a simple grassy garden, patio, deck or detailed landscaping, your garden renovations can drive up your bill.
Hi Pages says the average cost of landscaping your garden and adding a patio is: $2,000 to $10,000
How to estimate the cost of renovating your home
Now, how do you really estimate the cost of your renovation project? You can use the Immovable renovation calculator/estimator for Australia, or you can follow the tips below:
- Make a detailed list of everything that needs to be done per room. Be as specific as possible.
- Research the cost of hourly rates in your area, as well as the cost of raw materials, using online guides such as home advisor.
- Budget 10-15% on top of the calculated estimate for incidentals and repairs.
- Speak to your contractor for an accurate quote.
How to save money on a complete home renovation
- Allow enough time for your contractors to complete the project. Rush jobs can double your renovation costs and increase the likelihood of costly mistakes.
- Compare quotes from different contractors before making a decision.
- Leave complex construction to the pros, but DIY when you can. If you have time, do yours interior painting or decorating will reduce your costs.
- Open plans give the illusion of space, but they also cost a lot of money. Work with the layout you already have.
- Choose inexpensive but durable materials like cement, acrylic, and more affordable types of wood.
Home renovations can cost thousands of dollars, but they can add up to 10 times the cost to the value of your property. Budget wisely, and you can have your dream home for less.
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