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Renovation costs

Renovation Costs: How to budget for a home renovation

Let’s talk about renovation costs. How much will it cost to renovate my home? would have to be one of the first questions most homeowners ask when they first get in touch. It can be a tough question to answer without going into more detail about the requirements of your home and the renovations you want to complete. 

Renovation costs can and do vary enormously from house to house, from homeowner to homeowner, from location to location. And while there are some general guidelines and ballpark figures, without the right advice, even these figures can be wildly inaccurate. 

However, if you are here purely for numbers and figures, the Australian Institute of Architects suggest the following price guide:

RenovationBasic costStandard costHigh cost
Bathroom$20,962$38,696$54,804
Bedroom$8,948$13,786$18,612
Kitchen$23,264$42,017$69,738
Room renovation$10,514$16,586$22,648
Garage (extension)$15,131$28,076$39,987
Interior plastering$25,220$28,897$32,536
Laundry$9,172$15,466$21,752
Ensuite$16,618$25,544$31,692
Attic conversion$52,464$66,073$91,597
Floorboard restoration$10,856$27,689$44,518
Roofing (tiled)$18,860$23,690$28,492
Room extension (ground)$38,475$62,767$83,865

For extensions and additions, the prices can range anywhere from $150k+ for small home extensions right through to $500k+ for large home extensions. 

(We recommend using these prices as a very loose guide only. There are so many factors that can change the pricing. Read on to find out why these prices can change dramatically)

Factors that impact renovation costs

There are so many elements that can impact your renovation costs. So, while it may be possible to give ballpark figures as outlined above, these can be far from a true indication of costs simply because there may be other information to consider. 

Some things that could impact renovation costs include: 

  1. Your location – According to Suncorp Bank Lending data the average loan homeowners took out for home improvements in 2020 was $63,188. However, the average costs can vary greatly depending on location. For example, a renovation in NSW could cost you $66,609 while completing the same renovation in VIC would set you back $71,067.
  2. The age and condition of your home – In some cases, repair and remedial work would need to be factored into your budget before renovation work could even begin. This may be reinforcing existing foundations, replacing any existing framing or roof structure, or removing asbestos. 
  3. The style of your home – Heritage homes or homes that require more detailed craftsmanship, for example, could increase both your labour and material costs.
  4. Modernising old homes – Adding in modern features and gadgets can impact your renovation costs. Even just adding much needed insulation, water tanks or other energy-efficient features can add up and impact the renovation costs.
  5. The rooms you will be renovating – Bathrooms and kitchens are always going to cost more to renovate than bedrooms and living areas. So, it’s no use counting up your spaces and applying a cost average to all rooms.
  6. The materials and finishes you select – Custom products (cabinetry for example) will look great but are generally always more expensive than an off-the-shelf alternative.
  7. The process in which you renovate – Staged renovations, where you renovate the home in sections, or room by room, can often cost more money in the long run than if you elected to renovate the entire house at once. This is simply because trades are not having to make multiple trips to work on individual rooms. Material costs can also change significantly the longer you draw out the renovation.
  8. The current state of the construction industryMaterial supply shortages and trade shortages can impact both the timeline and budget for your project. 

What other renovation costs do I need to factor in?

On top of the actual costs of renovating your home, you will need to factor in extra lifestyle costs. This could mean the cost of rent or temporary accommodation while your home is unliveable. This is particularly relevant for large scale and structural renovations.

You will need to consider the costs of relocating pets during the construction phase. Putting your pup into a boarding kennel for a short period of time may be less stressful for them than the constant construction noise.

On top of the quote received by the builder, you may need to add a contingency to your budget. While most of the time a reputable builder’s quote will be accurate, it doesn’t hurt to have a buffer in place. We recommend around 3% of the contract value. This is simply to allow for anything that may arise that you couldn’t possibly be aware of until demolition and construction commenced. Things such as hitting rock during excavation or unexpected termite or water damage for example.

Your contingency may not be needed but will give you peace of mind knowing it’s there. 

Get expert advice for more accurate renovation prices

We cannot stress enough when it comes to renovating your home that you should always get expert advice. This is particularly important if you are doing major structural renovations. Unless you work in the building industry and have a firm understanding of construction then it can be almost impossible for you to estimate accurately what needs to be completed on your home and how much it’s going to cost. 

Getting upfront advice directly from a renovation builder and having them provide a detailed renovation quote is going to be the quickest way for you to get your head around your renovation budget. Booking a renovation consultation with Walkom Constructions is as easy as heading over to our contact page and getting in touch

We’ll have your renovation costs sorted in no time.