You might be wondering why a full-house renovation is expensive.
It’s because it is usually a project that includes substantial changes to many parts of your home, such as the kitchen, bathroom, and living room. It’s extensive work that will likely change the look and feel of your home.
As you read this article, you will learn the average cost of a full-house renovation in Australia.
When Should You Get a Full-House Renovation
Before you decide on a full-house renovation, it’s essential to think through it, as it’s a significant investment. If you’re under financial pressure, this project may not be the solution for you. Renovations like this can take months to complete and require a lot of patience.
It’s also important to consider why you’re renovating in the first place.
It’s easy to get caught up in the excitement, but it’s important to remember that you shouldn’t renovate for the sake of being “on trend”. Otherwise, you might spend tons of money on construction services you don’t need.
How Much Does a Full-House Renovation Cost?
While it’s impossible to give an exact price for a full-house renovation, it’s possible to provide you with an idea. A good rule of thumb is to spend 10% of the value of your home on renovations. So, if your home is worth $500,000, spend $50,000 on renovations.
Determining the exact cost of a renovation is difficult due to many variables. Geographic location is one example and varies between states and cities. The nationwide average is $63,500, with Victoria as the most expensive at $71,000, while Western Australia has the lowest at $54,377.
Other factors include the size of the home and the amount of renovation needed, but the average is $55 an hour.
The type of renovation you want also affects the price. Renovation projects are divided into ‘cosmetic’ and ‘structural.’
Cosmetic renovations include painting, replacing furniture, updating fixtures, or making minor repairs that upgrade the existing qualities of a structure.
Structural renovations are usually major constructions done by professional contractors, such as adding extensions, conversions, re-wiring, or re-plumbing. As a result, it may change the home’s appearance and can be expensive.
Also read: Home Renovation Budgeting in 7 Easy Steps
Full-House Renovation Costs
Living Room/Dining Room ($10K-$15K)
Living room renovations are among the cheapest to complete, averaging $10,000 – $15,000. New furniture, wallpapers or paints, or replacing the windows, doors, and walls are common upgrades.
Kitchens ($12,000 to $50,000)
Kitchens are among the most expensive areas to renovate because they are high-traffic areas where guests or family are likely to spend a lot of time. They demand the same practical functions as bathrooms.
Standard upgrades include renovating cabinets, benchtops, and fixtures and upgrading plumbing and electrical systems. With a higher budget, most homeowners nowadays turn their kitchens into open-plan areas.
Bedrooms ($2,000 to $5,000)
Bedroom renovation is the cheapest to renovate because of its standardised structure, and significant structural changes are uncommon unless you want to expand its size.
The standard upgrades are a built-in wardrobe, adding an en-suite bathroom, repainting and re-carpeting.
House Exterior ($15,000 and $75,000)
The price of an exterior project depends on what kind of upgrades or amenities you want to install in your house. It may cost less than $15,000 for minor tasks or above $75,000.
The typical projects are:
- Installing a pool
- Upgrading the garden
- Installing a patio
- Coating the house exterior
- Adding brick siding
Bathroom ($5,000 and $30,000)
Because many expensive fixtures can be installed in a bathroom, and a water system is involved, renovating a bathroom is one of the costliest.
The standard upgrades include:
- Full bathroom renovation
- Replacement of tiles on walls and floors
- Adjusting the wall frames
- Replacing furniture, tapware, showers, and baths
- Adding dividers
When Is the Best Time to Renovate?
There’s no right or wrong time to renovate your home. Some people prefer to do it when they don’t have any other significant expenses or commitments. The best time to remodel is the time that works best for you.
The only thing to keep in mind is the weather.
It’s best to avoid renovating during the hottest and coldest months to ensure the project goes smoothly. It will also prevent you from spending more money on hiring more workers or dealing with damages caused by big storms or other natural causes.
Important Things to Know Before Committing to a Renovation
Know your budget.
Your budget is the number one consideration. You must include the unexpected costs that are inevitable in any renovation. You do not want to be in a position where you will have to borrow the money you struggle to pay back.
Be realistic with your expectations.
Knowing how much you can afford gives you an idea of your expectations. If you are cheap in any aspect of your renovation, do not expect a superb result. Your contractors can only strategise or choose better options and alternatives. They are not magicians.
Renovations are long-term investments.
Think about how your renovations can benefit you in the long run. Choose upgrades that will help you or increase your house’s worth in the long run.
Also read: 5 Considerations for a Successful Full-House Renovation Plan
Conclusion
A full-house renovation can completely transform your home. What kind of changes you want to apply to your home is up to you. Planning this project carefully ensures you get the desired results without breaking the bank.
But it can take months to complete, so it’s essential to start your research and ensure you have everything covered. When you’re ready to make the leap and renovate your home, request a quote from MKJ Projects today!
