The biggest factor of all renovations projects is always the cost. Budget is often the biggest deciding factor in what can be done and how far the build will be taken. Careful planning and knowing what you are in for can help you to stick within budget and make sure you don’t over spend. Knowing your costs upfront is the key.
A general rule is to not exceed 5% of the purchase price of the home with your budget for your renovation. We have broken down the average costs of renovation below:
The average size of a kitchen is 8 square meters, which on average costs between $12,000 and $16,000 to renovate. This budget should be enough to include a for an open plan design with rangehood, dishwasher and stone to be used for surfaces. Using expensive fixtures and fittings can increase the cost of renovation without increasing value of your home so be aware of your choices.
The average size of a bathroom is 6 square meters, costing an average of $9,000 to $12,000 to renovate. Installing a frameless glass shower and laying floor to ceiling tiles is recommended as a fairly low cost solution and a good return on investment should you sell your home. Installing a double vanity is also a good idea if there is room for it. However, making expensive plumbing changes and things like replacing a combined bathtub is not recommended as it can greatly increase the cost.
Other Renovation Costs
Further renovation costs to consider including things like new flooring, the cost of a new bedroom or maybe even a deck or patio. These examples can cost you the following:
Generally the flooring of a standard 2 to 3 bedroom home will be 150 square metres, costing a average of $75 per square meter (depending on material chosen). This brings an average total cost of $11250.
Adding a bedroom
Adding a new bedroom with an average size of 12 square meters will cost you on average of $22,000.
Deck or patio
A deck or patio renovation can cost from $1500 up to $8000, depending on materials chosen and assuming it is an average size of 9 square meters.
This guide should give you a good indication of what to expect when you are planning a renovation. If you would like a more accurate quote, use our cost advisor or get in touch with us on 0508 2 RENOVATE.