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Back to RenoIQ – How Much Does It Cost to Renovate?

If you fear that the cost of your renovation project might get the better of you, don’t worry, we’ve got it sorted! Below is a quick guide to help you with the do’s and don’ts of a renovation that will answer the big question, “How much does it cost to renovate?” 

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What to DO:

Do – Make a Budget
There is nothing better than making a budget if you are planning to control your expenses throughout your renovation. This budget will be your guide and help you determine what materials you can and cannot afford.

Do – Prioritise
Consider everything that you want renovated and select the most important tasks from there. Josh Mammoliti, Managing Director of The Blue Space suggests that in a kitchen renovation “moving existing fittings and services, such as relocating taps, appliances and wastes does cost more than simply replacing in the same spot.” It might be that in order move your sink to a more ideal location, you’ll have to opt for cheaper cabinetry material.

Do – Get Quotations
We recommend that you get at least 3 quotes from local businesses for your renovation plan. This will give you an idea of who to hire based on their services and rates. Keep in mind, the best service isn’t always the cheapest quote.

Do – Create a Contingency Plan
“Always allow for a 10-20% contingency budget in any renovation as once walls and floors start being exposed you will likely run into issues such as water damage, back of wall pipework and electrical issues” suggests Josh Mammoliti. This helps keep a realistic budget and ensures you don’t run over budget.

What NOT to Do:

Don’t – Deviate From The Original Plan
Try not to deviate away from your original plan by changing a few things mid-renovation. Your plan needs to be well thought out in the first instance. Not only can this throw you off your budget, but you might need to take additional time to make a new plan.

Don’t – Spend Excessively
Do not spend where it is not immediately needed. There are many things that you might want in your renovation, but cannot afford. Focus on what matters to you more to you. It could be that herringbone floors are more important to you than installing a stone bench top.

Don’t –  Purchase Expensive Materials
If you don’t have a large budget where you can splash out, you can always find a discounts and slashed prices for materials online. Do your research and go shopping yourself! You are bound to come across items that fit within your set budget.

The Cost
The most important factor that influences renovation costs is the area of the renovation says Josh. Different areas around your house will have a different variable costs. For example, your 6-square meter bathroom might not cost as much as your 8-square meter kitchen (if you do not plan to use premium fittings, that is).

There are material and labour costs that need to be accounted for in any type of renovation. On average, you might want to be prepared for an hourly rate of $68. Keep in mind that there are additional fees attached to your renovation plans as well, such as council fees.

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