You can renovate your home for many reasons, improvements in your quality of life, increased resale value, or even just to update its aesthetics. Most people, however, are most concerned about the cost of renovating.
Remodeling involves some expenses, but we’ll share with you some tips on how to save some money.
How much does a full home renovation cost?
There are many factors that contribute to the cost of your renovation (more on that later). Minor renovations can cost as little as $20,000, but you can easily spend more than $300,000 for a complete renovation. Labor contributes the most to these costs, followed by sourcing materials. There are some important stuff for renovating your home.
Factors that affect the price of your home renovation
Renovation costs vary greatly, but this is because no two renovations are the same. Here are some factors that affect your house renovation costs.
Size
One of the biggest contributing factors in remodeling is size. Renovating a studio apartment will be significantly cheaper than renovating a 5-bed, 4-bath townhouse. Renovation Junkies estimates renovation costs per square meter to be between $2000-$4000.
Materials
You have to consider maintenance and durability when choosing premium materials.
When compared with low-maintenance options like brick, a cheaper material up front, like a weatherboard, can actually prove more expensive over time.
Renovation Level
Renovations can involve only minor alterations, such as refinishing fixtures or changing equipment. You’ll also need to budget more if you’re planning to completely change over your home’s layout (including outlets and plumbing).
Location
You can determine the cost of your renovation based on your postcode. Labor and hourly wages are two of the biggest costs, and they differ from state to state. Canstar reports that renovators’ hourly rates can be as low as $50 in Queensland and as high as $85 in New South Wales.
Contractor
Two contractors in the same town may quote you wildly different prices for the same job. Even though it can be tempting to accept the lowest offer, consider paying slightly more for experience and reputation.
Kitchen
Kitchen remodeling will be the most time-consuming and labor-intensive project. Domain states that these are also the most expensive, given all the appliances and fittings you will need to buy. You might replace floors, windows, or knock down walls to create an open layout.
Average cost: $10,000-$45,000
Bathroom
The bathroom is also a very labor-intensive area. Tile and new bathroom fixtures are usually the most expensive parts of a bathroom renovation. Tiles can run as low as $15 per square meter or as high as $200 per square meter, according to Discount, a tiling retailer.
Domain says the costs can range from: $10,000-$35,000
Bedrooms
It’s very easy to renovate your bedroom on a budget or on a grand scale, depending on your taste. Adding an unsuited will definitely increase the price.
The average cost of a bedroom renovation is $2,000-$35,000, according to Finder
Living Room
Living rooms are a popular/visible area in your home, so renovating one will definitely make an impression.
The average cost of renovating a living room is between $10,000 and $15,000, according to Home Advisor
Outdoor Area
Garden renovations can run into the thousands, whether you build a patio, deck, or elaborate landscaping.
Adding a deck and improving your garden costs between $2,000 and $10,000.
How to estimate the cost of your home renovation?
How do you estimate the cost of renovating your home? The following tips will help you determine your renovation budget:
- List everything that needs to be done in each room. Provide as much detail as possible.
- Utilize online sources such as Home Advisor to determine how much it will cost you in your area for hourly rates and raw materials.
- For incidentals and repairs, add 10-15% to the calculated estimate.
- Contact your contractor for a quote.
See also: How to Halve your Renovation Costs
Tips for saving money when renovating your Complete house
- Give your contractors ample time to complete the project. In a rush, your renovation costs can double, and you are more likely to make costly mistakes.
- Get quotes from several contractors before making a decision.
- Construction that is complex should be left to the professionals, but you can do it yourself when possible. If you have the time, you can reduce your costs by doing your own painting or interior designing.
- It is true that open plan layouts give the illusion of space, but they are also expensive. Use the layout you already have.
- Material such as cement, acrylic, and more affordable wood types are cheap yet durable.
Renovations can cost thousands of dollars, but they can add 10 times the value to your house. You can have your dream home for less if you budget wisely.
You can also take a look on tips for an effective home renovation in Leicester
Take a read of Home Renovations in Leicester.