How much does a renovation cost in 2024? According to various sources, the cost of a full house renovation in Australia can range from $40,000 to $300,000 and beyond.
But these are just an estimation. The cost of a renovation project can vary greatly depending on the scope of the work, the materials used, and the location of the property.
For example, a bathroom renovation can cost anywhere from $10,000 to $35,000 and beyond, depending on the materials used and the extent of the work.
A kitchen renovation can cost anywhere from $20,000 to $60,000 and beyond, depending on the size of the kitchen and the materials used. It is important to keep in mind that these costs are just estimates and can vary greatly depending on the specific details of the project.
Estimating Renovation Costs
Estimating the cost of a renovation project is a crucial step in the process. Homeowners must have an accurate understanding of the costs to navigate the complexities of the renovation journey with confidence. It’s also vital to be aware of potential hidden costs of building a house.
| Cost Estimation Method | Description | Considerations |
|---|---|---|
| Estimator or Renovation Calculator | Provides cost estimates based on renovation size, material quality, and location. May include market rates for labor and materials. | Useful for initial budgeting and planning. |
| Comparing Contractor Quotes | Involves obtaining and comparing quotes from different contractors for the renovation project. | Helps gauge average costs; lower quotes may indicate lower quality or inexperienced contractors. |
| Cost per Square Meter | Renovation Junkies suggests an average cost per square meter ranging from $2,000 to $4,000, varying with material quality. | Useful for getting a rough idea of costs, especially for larger areas. Premium materials add to the cost. |
When undertaking significant changes, it’s also essential to determine where to live while renovating.
Labour and Material Costs
Labor and materials are significant expenses in renovations. Labor costs vary based on the work type and contractor’s hourly rate. Premium materials, such as timber, can also increase the overall cost.
When dealing with labor costs, it’s crucial to find a reliable and experienced contractor who offers quality workmanship. Hourly rates range from $50 to $150, depending on the job type and the contractor’s experience. Obtaining multiple quotes from contractors is vital to ensure a fair price.
Materials can accumulate quickly, especially when premium materials are used, such as timber. Homeowners should choose materials that align with their budget while maintaining quality and durability. For instance, when renovating a kitchen, laminate countertops can be a cost-saving alternative to granite.
“In addition to labor and material costs, other expenses should be considered, including permits and inspections, which should be part of the renovation budget”
Labor and material expenses make up a significant portion of the renovation budget. To manage costs effectively, research and obtain quotes from multiple contractors. Selecting materials that meet budget constraints while ensuring quality and durability will also contribute to cost control.
Contractor and Professional Costs
Hiring a contractor or professional is often necessary in home renovations. The cost of hiring them varies depending on the project’s scope, the professional’s experience, and the property’s location.
In Australia, the cost of hiring a builder or contractor typically falls within the range of $68 to $132 per hour. The hourly rate is highest in Sydney, followed by Melbourne, Perth, and Brisbane. However, the hourly rate is just one part of the cost when hiring a contractor or professional.
Professionals often charge an additional fee based on the project’s size and complexity. There may also be extra costs associated with hiring electricians and plumbers for major renovations involving electrical or plumbing work.
The cost of electricians and plumbers varies based on the project’s scope and the property’s location. It’s important to note that for minor renovations, like cosmetic changes such as painting or fixture replacements, professional help may not be required.
Additional Costs to Consider
Beyond the major expenses, additional costs must be considered when budgeting for a renovation. These costs can accumulate and are sometimes overlooked. Here are some additional expenses to keep in mind:
- Maintenance: It’s important to budget for ongoing maintenance costs, such as cleaning and repairs. This can include things like repainting walls, fixing leaky faucets, and replacing appliances.
- Fittings: Upgrading fittings, such as light fixtures, door handles, and faucets, can add up quickly. Make sure to budget for these expenses and consider if they are necessary for the renovation.
- Insurance: It’s important to make sure your home insurance policy covers any renovations you plan to undertake. This can include liability coverage for workers and damage to your property during the renovation process.
- Roofing: If your renovation involves roofing work, make sure to budget for the cost of materials and labor. This can include things like replacing shingles or repairing leaks.
- Licenses and Permits: Depending on the scope of your renovation, you may need to obtain licenses and permits from your local government. Make sure to budget for any associated fees and paperwork.
- Double Glazing: Upgrading to double-glazed windows can help improve energy efficiency and reduce noise pollution. However, this can be a costly expense that should be factored into your budget.
- Asbestos Removal: If your home was built before the 1990s, there may be asbestos present. If you plan to undertake any renovations that may disturb asbestos-containing materials, you will need to hire a licensed professional to safely remove it.
- Rubbish Removal: Renovations can generate a lot of waste, so make sure to budget for the cost of rubbish removal. This can include hiring a skip bin or paying for a waste removal service.
- Carpet Installation: If you plan to install new carpet, make sure to budget for the cost of materials and installation. This can include things like underlay and carpet gripper strips.
By considering these additional costs, you can ensure your renovation budget is comprehensive and realistic.
Room-Specific Renovation Costs
When it comes to renovating a house, different rooms have different requirements and therefore different costs. Here are some estimates for room-specific renovation costs:
Kitchen Renovation Costs
The kitchen is often the most expensive room to renovate. The cost of a kitchen renovation depends on the size of the kitchen, the quality of materials used, and the complexity of the design.
“The average cost of a kitchen renovation in Sydney is between $20,000 and $45,000. This cost includes appliances, cabinets, countertops, flooring, and installation.”
Bathroom Renovation Costs
Bathroom renovations can range from simple updates to a complete overhaul. The cost of a bathroom renovation depends on the size of the bathroom, the quality of materials used, and the complexity of the design.
“According to Better Homes and Gardens, a basic bathroom renovation can cost around $10,000, while a more luxurious renovation can cost up to $30,000 or more.”
Bedroom Renovation Costs
Bedroom renovations can include adding a walk-in closet, updating the flooring, or changing the layout. The cost of a bedroom renovation depends on the size of the room and the complexity of the design.
“According to Renovation Junkies, the average cost of a bedroom renovation in Australia is between $10,000 and $30,000.”
Living Room Renovation Costs
Living room renovations can include updating the flooring, adding storage space, or changing the layout. The cost of a living room renovation depends on the size of the room and the complexity of the design.
“According to Houzz Australia, the average cost of a living room renovation in Australia is between $10,000 and $30,000.”
Outdoor Area Renovation Costs
Outdoor area renovations can include adding decking, landscaping, or a pool. The cost of an outdoor area renovation depends on the size of the area and the complexity of the design.
“According to Service Seeking, the average cost of an outdoor renovation in Australia is around $10,000.“
Other Spaces Renovation Costs
Other spaces in a house, such as a home office or storage room, can also be renovated. The cost of renovating these spaces depends on the size of the room and the complexity of the design.
“According to Houzz Australia, the average cost of a home office renovation in Australia is between $10,000 and $30,000.”
It’s important to note that these are just estimates and the actual cost of a renovation can vary greatly depending on the specific details of the project. It’s always a good idea to get multiple quotes from different contractors before starting a renovation project.
DIY Vs. Hiring Professionals
When it comes to renovating a home, one of the most significant decisions to make is whether to do it yourself or hire a professional. While DIY renovations can be cost-effective, they may lack the expertise and quality assurance that comes with hiring a professional. Professionals can offer a high-quality job and quickly get tasks done.
Pros and Cons of DIY Renovations
DIY renovations can be an excellent way to save money, and they can also be a fun and rewarding experience. However, it’s crucial to consider the potential risks and drawbacks before taking on a project yourself. Here are some pros and cons of DIY renovations:
Pros of DIY Renovations
- Cost-effective: DIY renovations can save you money on labour costs.
- More control: DIY renovations give you more control over the project.
- Personal satisfaction: Completing a DIY renovation can be a rewarding experience.
Cons of DIY Renovations
- Lack of expertise: DIY renovations may lack the expertise and quality assurance that comes with hiring a professional.
- Time-consuming: DIY renovations can take longer than hiring a professional.
- Risk of mistakes: DIY renovations can be risky and may result in costly mistakes.
Pros and Cons of Hiring Professionals
Hiring a professional can ensure that your renovation is done correctly and efficiently. However, it can also be more expensive than doing the work yourself. Here are some pros and cons of hiring professionals:
Pros of Hiring Professionals
- Expertise: Professionals have the expertise and experience to complete a renovation correctly.
- Quality assurance: Professionals can ensure that the work is done to a high standard.
- Time-saving: Professionals can complete a project much faster than a DIY approach.
Cons of Hiring Professionals
- Cost: Hiring a professional can be more expensive than doing the work yourself.
- Lack of control: Hiring a professional may mean giving up some control over the project.
- Dependence: Hiring a professional may mean depending on someone else to complete the project.
In conclusion, whether to DIY or hire a professional for a renovation project depends on several factors, including the complexity of the project, the level of expertise required, and the budget. It’s essential to weigh the pros and cons of each option carefully before making a decision.
Suggested reading: Want to know how much a renovation costs right now? Our latest article will detail everything so you know what to expect.
FAQs on How Much Does a Renovation Cost?
Q: How much does a renovation cost per square metre in Australia?
A: The cost of a renovation in Australia varies depending on the size and scope of the project, the location, and the quality of materials and finishes used. However, a general rule of thumb is that a standard home renovation will cost between $1,670 and $3,760 per square metre, according to Caulfield Krivanek.
Q: How much does a full kitchen renovation cost in Australia?
A: The average kitchen renovation cost in Australia is around $17,000, but this can vary depending on the size and complexity of the project. The most expensive elements of a kitchen renovation are typically the cabinetry, benchtops, and appliances.
Q: How much does it cost to fully renovate a house in Sydney?
A: The cost of fully renovating a house in Sydney can vary depending on the size and condition of the property, as well as the desired level of finish. However, a general rule of thumb is that a full structural renovation will cost up to 40% of the current value of the property.
Q: Will home renovation costs go down in 2023 Australia?
A: Experts forecast that surging construction cost inflation may ease in 2023, with construction costs expected to rise by only 5-7%. This means that home renovation costs may also start to come down in 2023.
