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How Much Does A Full Home Renovation Cost?
●September 9, 2021●4 minute read
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Are you planning on making some home improvements? Renovating an entire home is a huge task and the costs involved can be overwhelming. However, establishing a budget is an important first step to help you get started on your home renovations.
So, exactly how much does a full home renovation cost? In this article, we give a rundown of the average cost of a home renovation, what factors affect the cost, how to estimate your budget, and how to save money.
The average cost of a full home renovation
There are many factors that can affect the overall cost of a full home renovation. However, generally speaking, the average Australian home renovation costs $63,118 according to Suncorp.
Average renovation costs by state
* Please note: average costs sourced via Suncorp
How much does it cost to renovate each room?
Even if you’re planning to renovate your entire home, it’s worth outlining the average cost per room. There are many popular home renovations and each room requires different furnishings, appliances, and fittings which can greatly affect the cost.
Kitchen: $25,000 – $50,000
In terms of time and money, kitchen renovations are often considered the most difficult to undertake. Common expenses include purchasing new appliances, replacing old fittings, modifying plumbing and electricals, as well as demolishing existing structures for an open plan space.
Bathroom: $15,000 – $30,000
Similar to kitchen renovations, stripping out existing fittings and purchasing new bathroom fixtures and appliances can be very costly. Tiling is another major expense in this room of the house. According to tiling store Discount, the cost per square metre can run from $15 to $200.
Living or dining room: $10,000 – $15,000
These communal spaces are some of the most frequented by guests, so keeping these areas up to date is a must for many homeowners. Creating an open plan space through the removal of walls as well as upgrading lights, power points, flooring, furniture, and painting the walls are some of the main expenses involved.
Bedrooms: $2,000 – $5,000
Increasing storage through the installation of a new wardrobe, upgrading lights and powerpoints, as well as painting the walls are some of the costs included in renovating most bedrooms.
Outdoor area: $2,000 – $10,000
If you’re renovating the interior of your home, having an exterior to match could be the next step for you. Investing in a new lawn, updating your landscaping, and adding a patio or deck are some great additions to up the ante on your home renovations.
Factors that affect the cost of your home renovation
The cost of renovating your home can depend on a range of factors. Let’s go through some of the most common ones:
The size of the space you’re renovating plays a large role in the cost. A small apartment is usually significantly cheaper than remodelling an entire family home, with the costs per square metre averaging at $2,000 to $4,000.
Cheaper materials at the offset could be more costly in the long run. Higher quality materials typically require less maintenance due to their higher durability. However, they can come at a premium cost so it’s important to consider what’s best for you.
Extent of your renovations
Small refurbishments such as changing fittings and updating fixtures involve much smaller costs than completely changing the layout of your home. Demolitions, moving electrical outlets, and updating plumbing are some of the more hefty expenses involved in larger renovations.
Labour costs are often one of the biggest costs when it comes to renovating and, depending on where you live, hourly wages can vary. It can be valuable to shop around to ensure you’re making the most of your money.
Quotes for renovation costs can vary depending on the contractor, even for the exact same job. Sometimes a contractor with more experience and a good reputation may quote a higher price for your renovation. However, sometimes this can be worth it to ensure your renovation will be cost-effective and efficient.
How to estimate the cost of your home renovation
Here are some simple tips to estimate the cost of your home renovation:
- Making a detailed itinerary of the specific changes, purchases, and updates that need to be done per room to ensure there’s no surprise expenses.
- Shop around for the best hourly labour rates in your area and research the costs of the raw materials you’ll need.
- Add 10 to 15% on top of the overall cost you’ve calculated to accommodate for any additional costs. This should ensure you’ve set aside enough funds.
- Consult with your contractor to get an accurate and detailed quote.
How to save money on your home renovation
A full home renovation can be quite expensive. So, if there’s ways you can save some cash along the way, it could be valuable for you to take some of these tips on board.
- Quick renovations can mean you’re cutting corners and could lead to costly mistakes. Giving your contractors enough time can save you money in the long run.
- Researching costs of hourly rates, comparing the costs of raw materials, and comparing multiple contractor quotes can ensure you’re getting the most from your money.
- Consider yourself a bit of a handyman? Doing your own painting and decorating can be a great way to cut costs. There’s some great home renovation apps that can help you on your DIY journey.
A full home renovation may come with a hefty price tag, however, it can be a great investment for the future of your home. Now is the time to renovate and doing so could improve the value of your home.
If you’re looking to renovate, Jacaranda Finance offers renovation loans and home improvement loans that could help get your renovation budget sorted.
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Written by Laura Parcell
Laura Parcell is a Public Relations Specialist and Content Writer at Jacaranda Finance. She has a Bachelor of Business (Public Relations)/ Media & Communications with Distinction from the Queensland University of Technology.