The Comprehensive Guide to Understanding the Cost of Home Renovation in Australia

WORDS: Peter Minkoff PHOTOGRAPHY Supplied

If you’re planning on remodelling your home, you may be wondering how much money you should set aside for this exciting project. Unfortunately, there’s no clear and simple answer to that question. No specific figure will be suitable for every homeowner, and there are many individual elements that should be taken into account when determining your budget. With that in mind, here is a comprehensive guide that will help you understand the cost of home renovations in Australia and make more informed decisions:

Understanding remodelling expenses

The average renovation in Australia can vary greatly depending on a number of factors, from the chosen materials to the size of the property and the scope of work. While some refurbishments can reach hundreds of thousands of dollars, it’s estimated that the most common cost is approximately $55 an hour. However, that might not always be the case across the entire country. The average full home renovation is the highest in Victoria ($71,000) and lowest in Western Australia ($54,377), with some outliers such as beach houses requiring slightly higher investments for complete refurbishments.

The cost of renovating individual rooms

While the location might have an impact on total expenses, home improvement costs can depend on the individual rooms that are being upgraded as well. Bedrooms tend to be the most affordable spaces to remodel, costing around $2K-5K on average. A standard living room refurbishment will cost between $10K-$15K, while bathroom upgrades might go up to 30K. Kitchens are notoriously the most expensive rooms to remodel, costing Australian homeowners $25K-$50K. With this in mind, it comes as no surprise that construction tools for DIY work are rising in popularity when it comes to house renovations.

Unexpected fees and specialised jobs

Along with conventional jobs, certain types of highly specialised and important work can put a noticeable dent in a homeowner’s refurbishment budget. For instance, exterior renovations can go up to 60000, while structural projects can comfortably reach hundreds of thousands. However, other types of specialised work might be surprisingly affordable. When in need of roofing services, hiring experts in gutter replacement from Brisbane is a wise decision. With the right tools, skills and experience, these professionals can get roof, gutter and drainage systems back in perfect condition quickly and efficiently. This represents the best combination of price and expertise.

Modifying renovation requirements

According to Houzz Australia, the median home renovation is currently at around $30,000 nationwide. If this seems unattainable, there are a number of ways you can modify your remodelling requirements in order to stretch your budget. For example, you can choose pre-built furniture pieces instead of investing in custom-build items, as custom work tends to be particularly expensive. DIY projects can be of great help, but leave any specialised work to professionals to avoid making costly mistakes. Another popular solution among homeowners is to renovate slowly and steadily. But upgrading one room at a time can also come with hidden costs such as site visits and furniture moves – it’s better to refurbish everything at once.

Creating a bulletproof budget

Understanding financials is crucial when remodelling. Keep the average expenses in mind and get quotes from each contractor in advance, but remember that the estimated costs might end up being higher than anticipated. Unexpected issues such as poor electrical work and rotten wood can often arise during home improvement projects. For that reason, it’s worth saving a bit more and creating a comfortable buffer in your budget, especially when renovating an older house. This will help to ensure a stress-free and streamlined refurbishment experience.

In conclusion, home renovations can be quite exciting and rewarding, but it’s important to budget for them carefully. Prioritise your needs, consider your location, and hire experienced professionals – strategic planning is key to creating your dream property.