What is the average cost of a home renovation?
There are several compelling reasons to renovate your house, including improved quality of life, higher market value, or just updating its beauty. For most individuals, though, the most significant barrier to renovation projects is an expense and how to save money.
These are the typical remodeling costs, and we’ll give you some pointers on how to save a few bucks here and there on your home renovation costs.
How much does it cost to renovate a whole house?
There are numerous factors that influence the overall cost of your renovation like replacing the floors or according to your requirements. Accordingly minor renovations can cost as little as $20,000, but a complete transformation can easily cost over $300,000. The majority of these expenditures are spent on labor, with procuring supplies coming in second.
Factors influencing the cost of your home remodelling
The cost of renovations varies greatly depending on the objectives financial situation and the high quality required, but this is due to the fact that no two renovations are ever identical. Here are the factors that impact the cost of your home remodeling.
Size
Size is perhaps one of the most important factors. A studio apartment will be much less expensive to renovate than a 5-bedroom, 4-bath home. Renovation costs per square meter range between $2000-$4000.
Premium materials have a higher price tag and are cost varied, but you must consider upkeep and longevity as well. A lower-cost material, such as a weatherboard, may end up costing more in the long term, especially when compared to low-maintenance choices like a brick.
Level of Renovation
Some renovations simply need small changes, such as upgrading fixtures or replacing fixtures. Expect to pay extra if you want to totally modify the layout of your homes like bedroom renovations or bathroom renovation (including the locations of electrical outlets and plumbing).
Location
Your postcode will decide how inexpensive or costly your remodeling will be. Labor and hourly rates, which vary from state to state, are one of the most significant expenditures. According to Canstar, renovators’ hourly fees may be as low as $50 in Queensland and as much as $85 in New South Wales and Western Australia.
Contractor
Even for the same project, two contractors in the same area might give you drastically different prices. While it may be tempting to take the lowest offer, think about if paying a little more for experience and reputation is worth it.
Kitchen
Kitchen renovations will be the most time-consuming and labor-intensive project in terms of time and labor per square metre. They’ll also be the most expensive, according to Domain, because of all the appliances and fixtures you’ll need to buy. This may entail changing flooring, windows, or taking down walls to create a more open floor plan.
Bathrooms range in price from $10,000 to $45,000 on average
Bathrooms are also time-consuming. The most expensive part of a bathroom remodel is generally the tiling or new bathroom fixtures. Tiles may cost as low as $15 per square metre to as much as $200 per square metre, according to the tiling retailer Discount.
According to Domain, expenses can range from $10,000-$35,000
Bedrooms
Depending on how simple or magnificent you want your bedroom to be, remodeling might be an extremely inexpensive or very expensive room renovation. Adding an ensuite will almost certainly increase the price.
According to Finder, the average cost of a bedroom makeover is between $2,000 and $35,000.
In the Living Room
Renovations to your living room will undoubtedly impress because it is one of the more public/visible areas of your house.
According to Home Advisor, the typical cost of a living room makeover is $10,000-$15,000.
Areas Outside
Garden renovations may run the gamut from a basic grass garden to a patio, deck, and intricate landscaping.
According to Hi Pages, the typical cost of improving your garden and installing a deck is between $2,000 and $10,000.
How can you figure out how much your home remodeling will cost?
So, how can you figure out how much your renovation job is going to cost? You may either use the Real Estate Renovation Calculator/Estimate for Australia or follow the guidelines below:
1. Make a thorough list of all the tasks that need to be completed in each area. Make your statement as detailed as possible.
2. Using internet resources such as home adviser, research the cost of hourly rates in your region, as well as the cost of raw supplies.
3. Add 10-15% to the projected estimate for miscellaneous expenses and repairs to the renovation involved cost.
4. Speak with your contractor to acquire a precise estimate to renovate your home.
