What should your renovation cost? When you start planning a renovation project, it is a good idea to get the ball rolling by looking at the current value of the property, and then to estimate how much it could be worth once the renovation is finished.
As a general guideline, you should not spend more than 5% of the purchase price on renovations, and a well-executed renovation can add up to 10% to the value of your home (especially if you are planning to hold onto the property for five or more years)
Using an online budget planner such as the one available on our website is a good way to work out the costs.
If you need to arrange finance to fund your house renovation costs, you should consider enlisting the help of a home loan broker to explore your options.
Renovations: where to start?
Once you have established your overall budget, it is crucial to prepare a detailed plan for your renovation. Take the time to get this step right, as this can make or break your project.
Look for tips and inspiration
Whether you are embarking on a Queenslander renovation or simply sprucing up a rental, a good starting point is to browse through renovation websites and blogs to gather tips and ideas.
If you are an apartment owner, you can read our article on apartment renovations. It will provide you with an excellent overview of what is involved with an apartment renovation, including the impact of Strata-By-Laws.
You can also use Pinterest to bookmark design ideas or even do a visual board by collecting photos out of magazines.
Source quotes from a few different contractors and compare them to make sure you’re getting a fair deal. It is a good idea to ask people you know for recommendations or have a look online for reviews.
Find materials and fittings
Take your time to shop around for things like bathroom fittings, cabinetry, flooring and decorations. Would you need something custom made? Make sure to order this well in advance. Keep an eye out for sales, get as many quotes as you can, and compare what’s on offer before committing to a purchase.
Allow plenty of time
Remember that most renovation projects end up taking a lot longer than anticipated. Allow time for unexpected delays and try not to stress when things don’t go 100% according to plan. You will need to be a bit flexible to enjoy the ride.
Kitchen renovation costs
Average renovation cost per square metre: $2,900
A budget kitchen renovation will generally cost between $10,000 and $23,000, and will involve simple updates such as replacing light fixtures, new appliances, and new cupboards, as well as superficial enhancements such as fresh paint and adding a splashback.
A standard kitchen renovation can cost between $20,000 and $45,000, and may also involve new flooring and windows, as well as moving light fixtures.
Of course these costs will vary depending on the size of the kitchen and your choice of materials. Your biggest expense will probably be the use of tradespeople, such as hiring builders, electricians and plumbers.
Kitchen renovation tips:
- Choose a stone benchtop
- Install a rangehood and dishwasher
- Keep the design open-plan
- Do your own painting
- Choosing acrylic splashbacks to add a splash of colour
- Consider repainting existing cabinetry if in good condition
- Explore more affordable materials like vinyl flooring instead of ceramic or porcelain floor tiles
- Choose style over comfort
- Compromise on bench space
- Forget about storage space
- Move electrical outlets, dishwashers and sinks if possible, as this would add considerable cost to the project
Bathroom renovation costs
Average renovation cost per square metre: $3,000
Along with a kitchen, a bathroom will be the most expensive room to renovate.
A bathroom renovation can cost anywhere from $10,000 to $35,000, which will once again depend on the size of the room and the materials and fittings you use.
Remember that you don’t have to spend a lot to make the job look good, but you do have to spend money on the right things.
Bathroom renovation tips:
- Install a frameless glass shower.
- Shop around for tiles – this will be one of your biggest expenses
- Choose floor-to-ceiling tiles if the budget allows
- Include a double vanity if there’s enough room
- Tackle some of the painting on your own
- Do some research beforehand and consider moisture and wear-resistant paint
- Make extensive changes to the plumbing and electricals as this will increase costs significantly
- Replace a combined bathtub/tub with a shower only
- Overuse mosaic tiling
- Compromise on storage space by upgrading vanities
Living room renovation costs
Sprucing up your living room can be one of the most affordable renovations to tackle, costing anywhere between $10,000 and $15,000.
If you think about how much time you spend in this room, renovating a living room will be money well spent.
Replacing flooring will be one of the most expensive aspects of renovating this room, so you should consider this when putting together your budget.
As a rule of thumb, the average flooring renovation cost per square metre is $50-$200, which will include supply and installation.
Living room renovations tips:
- Save money by doing the painting yourself
- Plan the overall look of the room before you start buying decor
- Splurge on big items such as sofas and dining tables, they will be a feature in your living room
- Consider investing in indoor plants
- Lay carpet or install floorboards yourself, it is better to leave this job to the professionals.
Master bedroom renovation costs
A basic bedroom renovation might cost as little as $5,000, which can include fresh paint, new blinds or laying carpet.
You can spend up to $30,000 if you are adding walk-in closets or building a new ensuite bathroom.
Master bedroom renovation tips:
- Tackle the painting yourself to save money
- Check out home improvement blogs and magazines for inspiration
- Plan a soothing colour scheme
- Consider changing the blinds
- Lay wallpaper or carpet yourself – better to leave this to the experts
- Choose unusual colours or patterns if you are planning to resell
Garden and deck renovation costs
Depending on how elaborate your plan is, renovating the outdoors can cost between $2,000 and $10,000.
Your biggest expense will likely be the timber used for the deck, which can cost between $200 and $320 per square metre.
- Save money by tackling weeding, planting and mulching yourself
- Add your own potted plants
- Buy furniture and other accessories once the deck is complete
- Build the deck yourself, it is better to leave this job to a builder
- Forget to explore your decking material options. The most popular ones in Australia include Blackbutt, Spotted Gum and Ironbark, but you could also use less expensive wood such as treated pine or Merbau
Laundry renovation costs
A lot of people forget about the laundry when planning a renovation project, but you should consider sprucing up this room as it gets used (almost) every day.
Providing that you don’t need new plumbing or electricals, most laundry renovations can be done for under $5,000
Much of the laundry renovation work can be done by homeowners, including painting and installing shelving.
However, if you need to install a new sink or need to bring electricity to the area for your washer and dryer, you can expect to pay anywhere from $50 to $75 per hour for labor.
Laundry renovation tips:
- Install an extraction fan or allow for ventilation as laundries create a lot of moisture and dryers require good air flow to function safely
- If you are working with a small space, you can buy stackable machines or a washer/dryer combo.
- Forget about storage space for cleaning products