Cost of renovation, small, large, or humongous?
We know many of the reasons why folks go and renovate their homes.
While, typically, these renovations bring an improvement to your quality of life, there are many other reasons for doing the renovation. That is the cost benefit on the cost of renovation.
Cost of renovation and other reasons.
Some do all sorts of things in an effort to obtain an increased resale value. Others are in it just to update the old home and improve on things aesthetic. A surprising number have no choice and are in fact forced into it because of water leaks and water damage.
One of the biggest hurdles, when it comes to both extending and renovating, for most people, is the sheer cost.
Shall we take a short road trip and check out the typical expenses, some budget busting, that can associate themselves with your plans for restoration.
You might find some way to improve on your plan, or on the other hand, a way to save a few of those hard-earned dollars.
Remodeling? Our website will from time to time give you some valuable tips on how to save a few dollars here and there on your renovation.
For somethoughts on Design check out DESIGNING AND BUILDING
WHAT IS THE RENOVATION COST – FULL HOME.
There are a considerable number of key actors that join together to lift your renovation’s overall cost. Minor renovations can achieved at the low end of the scale at about $25,000, but for a bigger job, or a top-end reno, you can find yourself spending in excess of $600,000. And that is still cheap compared to big top-end jobs.
Much of the cost is in labour, as a fair bit of money is spent pulling things to pieces, taking the rubbish away etc. Much money is allocated for the unforeseen, those horrible things like termites, water damage, failed structures, or unsatisfactory footings. A heck of a lot must be budgeted in the area of the “Restore.” Some of this work takes a considerable amount of time, and , significantly, cannot be adequately estimated. It takes what it takes, rather than what you thought.
The other big expense is building material and fixtures..
COST FACTORS.
The range for renovation costs is a wide, long, rambling list that at the best is tedious, but renovations themselves vary like clouds in the sky. There is not much similarity across the board. No two renovations are the same, well not exactly the same.
Considerations and influences.
This is fairly obvious.
One of the biggest cost factors in renovation is size.
Remodelling a one bedroom, one bathroom flat will be significantly cheaper than doing the same thing in a big 5 Bedroom, 4 Bathroom house.
Wild guesses can be made at costs, but let’s face it; they are simply wild guesses.
Materials
The cheapest materials might fail you. Higher quality materials will cost more, but on other hand they may not only improve the aesthetics, but may be better from a maintenance and durability point of view.
It has been said, “A cheaper material at the offset, like weatherboard, could prove to be more expensive in the long run, especially when compared to low-maintenance options like brick,” but this does not necessarily reflect fully on total costs and the type of weatherboard.
What we mean by that is that brick needs footings, which can be much more expensive than stumps. And at the same time the modern version of WB can be low maintenance in itself.
Renovation Level
Some of the more expensive renovations involve removing load-bearing walls. The truth is that most “older homes” were not built with trusses and what that means is that it is likely that all walls were constructed as load-bearing walls. Taking them out is expensive.
Other renovations involve only minor alterations, such as changing fittings and fixtures to put in a more updated and “fresher” fixture. For those who want to change the layout,there will lots of dollars allocated for structural costs, changes to plumbing, electricity, heating etc. This will cost a lot more.
Contractor
Contractors vary from high-charging extortionists to low-cost bargain basement “get it done cheap” characters who are often not worth even the low price they charge. One should realise that the charge does little to tell you what will be the quality of the work to be done. Some useless people charge a high price knowing that this style of operation can influence thinking.
Also, there are those who know the cost, and there are those who really have little idea.
So it is not necessarily based on cost. It might even be based on the job situation. Contractor A has quite a bit of work whereas Contractor B has lost a couple of jobs and could easily fit one into his unstocked pantry. For whatever reason, contractors could quote you wildly different rates for exactly the same job. Paying slightly more for a great reference, real experience and/or a great reputation could be worth it.
Cost of Kitchen
Again size comes into play. Although a kitchen renovation can be in itself highly expensive on a per square metre basis, a big (in terms of lineal metres) kitchen with stone benchtops and top quality overheads can be very expensive. Then there are the expensive appliances – something with 8 Miele appliances might knock the socks of a bigger kitchen.
Kitchen Reno could include new tiling, replacing windows, and even knocking down load-bearing walls to create a bigger space.
COST OF BATHROOM
Bathrooms can be labour-intensive. A significant amount of money is allocated to the tiler and the tiles. The facts are that in our experience tiles can be as cheap as $15 per square metre or as high as $600 per square metre. New bathroom fixtures can cost the earth, if you let them.
We have recently renovated a bathroom at a cost to the owner of just over $10,000, but a friend doing his own job in his own home spent closer to $15,000. And that was after getting family to do some work and buying fixtures etc from China.
It would be difficult to get someone to renovate a bathroom for $10,000 and the higher prices could be over $50,000.
COST OF RENOVATIONS BEDROOMS
Bedroom renovations can be very cheap. However, one of our jobs involved replacing all cornices, skirtings, architraves, and changing electrical outlets. Not cheap!
Ensuite? More dollars there!
Living Room
Living rooms vary from a clean-up and paint right through a tougher job of replacing all cornices, skirtings, architraves, and changing electrical outlets, and on and on, going up into class i.e. the fitting out with cabinetry, wine bars, cellars, storage facilities etc.
A new room designed to impress will be expensive.
OUTDOOR AREA
You had best do your own landscaping because this will not be cheap if you hire a landscaper or a builder. Stay with a simple grass garden with borders of plants. If you move on to patios, decks, and quite detailed landscaping works, your garden renovations will begin to bite.
Not long ago we did a paved area with a pergola. The charge for that would easily run over $15,000. A turf lawn with edging? Another couple of thousand. Sleeper retaining walls? A few thousand more. And what about the driveway?
COST OF RENOVATION – ESTIMATE THE COST
How will you estimate how much your renovation cost? You can use the Real Estate renovation calculator/estimator for Australia, or you can follow the tips below:
TIPS AND COMMENTS.
- “Make a detailed list of everything that needs to be done per room. Be as specific as possible.”
This assumes that you really know what you are doing.
- “Research the cost of the hourly rates in your area, as well as the cost of the raw materials, using online guides such as home advisor.”
- “Budget 10-15% on top of the calculated estimate for incidentals and repairs.”
At the moment this extra allowance is unlikely to be sufficient.
- “Talk to your contractor to get an accurate quote.”
Sure, you can talk to your contractor and he can tell you this or that. But it might go terribly wrong. Even after giving a written quote contractors can go underground or in the alternative baldly face you with a significantly higher quote on the day. There is no safety net here.
ON SAVING MONEY.
- Allow ample time for your contractors to finish the project. Rush jobs can double your renovation costs and increase the likelihood of costly mistakes.
WE AGREE WITH THIS.
“Compare quotes from different contractors before making a decision.”
THIS CAN BE DIFFICULT BECAUSE THE QUOTES OFTEN HAVE MANY VARIABLES VISIBLE ONLY TO THE EXPERIENCED.
“Leave the complex construction to the professionals, but DIY when you can. If you have the time, doing your own painting or interior designing will cut down on your costs.”
AGREED.
- “Open plan layouts give the illusion of space, but they also cost a lot of money. Work with the layout you already have.”
WE THINK IT WRONG. OPEN SPACE IS CHEAP COMPARED TO KITCHENS, BATHROOMS, AND THE LIKE.
“Choose cheap yet durable materials like cement, acrylic, and more affordable wood types.”
WE CAN ONLY WONDER WHAT THIS MEANS.
All the best,
The Team at Period Homes.