So, you just bought your first house but you’re still unhappy with one section of the house or you’ve been living in the same place for years and you just want to spice it up a bit, renovation is the way to go. It’s definitely cheaper than the cost of buying a new house, but you need to be careful with the project costs as you might go well over your budget if you’re not careful enough.
Ideally speaking, you need to keep your renovation costs to 5% of your purchase price to crank up your home value to let’s say, 10%. So if you bought your house for $680,000 (based on the average house price in Australia, nationwide)), you may want to keep your budget to just $34,000 so you won’t overcapitalise and lose money come house selling time.
DIY Kitchen Renovation Cost
You can now buy DIY kits from hardware stores such as Bunnings. Once you have these kits you will have to go ahead and organise all the trades to help you get things done such as tiling and plumbing. If you think you are up to the task and it’s a pretty simple renovation go ahead. Here some estimated costs to expect to buy these things for not including the labor to install.
|20mm Quartz Bench Top (Ceasarstone)||sqm||500|
|Laminex bench top 600mm deep||m||150|
|Base Laminate cupboards with doors||m||400|
|4 Burner Gas Cooktop||1||300|
Should I really renovate?
Sometimes renovation isn’t necessary and just because you have the extra cash and can afford it doesn’t mean you should. But if you really want to change the look of your home and upgrade, below are the pros and cons of renovating:
Kitchen Renovation: Living your dream
The kitchen is the heart of the home for many because it’s where hearty, delicious meals are made, for the whole family to share. We all have our own dream kitchen and the best way to make them a reality? Through renovation.
Your next question most probably be how much it will cost you and how long will the project take?
Well, to give you an idea, kitchen renovation projects costs between $10,000 to $20,000, on average. This amount will of course depend on your material choice, kitchen size, and the work required for the design you want to achieve. More often than not, a huge chunk of this budget goes to labour because you’ll need to get licensed tradies like sparkies, builders, plumbers and tilers, to get the job done for you.
If you’re sort of a DIY person and love doing projects like this, coordinating the labourers required for the job should just be a breeze. But if you don’t have any experience or the know-how, you’re better off hiring a contractor to ensure the renovation project goes smoothly and that it’s well-managed, and no funds will be wasted.
How much will it cost me?
There are three categories for kitchen renovations:
- Budget renovations & DIY
If you just want to install cupboards and additional storage space for all your kitchen gadgets, upgrade your appliances or change a few light fixtures here and there, it shouldn’t cost you much. On the average, budget renovations will only cost you between $8,000 – $20,000, depending on material choice and labour requirements.
- Standard renovations
Standard renovations cover windows replacement, flooring replacement, or moving fixtures from one location to another, without having to alter the layout too much. It’s more expensive than budget renovations and takes longer to finish. You can expect to spend between $15,000 to $30,000, depending on your kitchen size and condition, and the skilled labour required.
- Premium renovations
Thinking of installing floor heating or changing the layout for your kitchen? Well, it can cost between $30,000 and $50,000 depending on how big the job is and the size of the room. Premium renovations cover knocking down walls or existing cupboards to change the layout, and more electrical and plumbing jobs are required if you choose to let say, move the kitchen sink to the other corner.
The costs can be eye popping, to be honest, but no matter how much your budget is and how much you’ll spend on the project, just think of the value it adds to your home and the additional storage space you’ll enjoy. And last but definitely not the least, how you’ve finally achieved the kitchen that you’ve always dreamt of.
Breakdown of how a Builder or Renovation Company Will Charge.
A Builder who is going to totally do your whole custom kitchen will quote you based on square meterage and quantities of what’s involved. They add all their margins of roughly 15% on the job. They basically will do everything including drafting, design and organising trades. All you have to do is sit back and wait.
|Floor Tiles ($40 Tile supplied)||sqm||130|
|Wall Tiles ($30 std tile included)||sqm||145|
|Bench top (laminate)||sqm||490|
|Bench top (Corian)||sqm||720|
|Bench top (Quartz)||sqm||800|
|Bench top (Granite)||sqm||1300|
|Bench top (Marble)||sqm||1400|
|Cabinet Draws (600 x 800mm)||m||850|
|Cabinet Cupboards (600 x 800mm )||m||350|
|Cupboard Doors (melamine)||sqm||160|
|Laundry Trough (installed)||1||1200|
|Toilet w.c (installed)||1||1000|
|Double Power Point||1||110|
|New light Point||1||100|
Another section of the house that’s commonly renovated is the bathroom, with most jobs revolving around tiling, upgrading or installing a walk-in shower, and underfloor heating or heated towel rack installation. Recent statistics also showed that pastel colours are now out and neutral colours are more preferred, with greys and white being the most popular choice nowadays. Many homeowners also install more mirrors to give the impression of a bigger and more spacious bathroom.
How much will it cost me?
Like most building and renovation projects, costs are highly dependent on the choice of fittings and fixture, and the labour required for installation.
Depending on the size of your bathroom and your material choice, the project cost can be as little as $10,000 or you can spend as much as $30,000 to finish it. If it’s not too big of a job and you only need the basic upgrades, you can keep the project cost to under $15,000. If a lot of work is required, expect to spend at least $25,000.
Just like kitchen renovations, adding storage space or sink and vanity upgrade will add more value to your home if you decide to sell it in the future. Tiles fitting is still a big expense, costing at least $30 per m2 for the most basic tiles and labour on top of that. If you want to go for luxurious tiles, expect to pay as much as $159 per m2.
Saving on your renovations
There are many ways to save on your renovation project and one way is to get that creative mind of yours flowing and coming up with your own designs. You can also save thousands of dollars by taking care of the painting yourself. Keep in mind though to allot enough time for careful research for the most suitable paint and which window treatments (if applicable) will work. Not only will you be saving money, but you’re also saving precious time for painting jobs that won’t work.
Some other ways to save are:
- Inspiration is the key
This is where Pinterest and Instagram come in. There are many bathroom and kitchen ideas in social media which you can use as your inspiration before getting in contact with builders and contractors for quotes and estimates. This way, it will be easier to envisage how you want to do it and discuss the ideas with them. If you’re artistic enough and can design the project on your own, you can even come up with drawings for their perusal.
- Come up with a detailed plan
Planning is the key to successful renovation projects. While hiring a contractor can get the job done, there are other things that you’ll have to decide on your own such as your budget, materials and fixture that you want installed. This way, it will be easier to track your expenditures and there’s a smaller chance of going over your budget.
- Give it enough time
Remodelling and renovation projects can take a while and sometimes finish longer than expected, so make sure that you give enough time allowance for any unexpected delays. Besides saving up on additional costs to expedite the job, this will also save you the stress when things go out of hand and you won’t have to rush finishing the bathroom or kitchen for the next family reunion.
- Get quotes and compare them
It’s best to get in touch with a few contractors and get quotes off them so you can compare pricing before making that big renovation project decision. Just keep in mind that the cost will get more and more expensive as you choose higher quality materials and skilled and more experienced labourers. So before committing, make sure that you’ve asked all the necessary questions and check if they have any hidden fees in their contract.