It’s the question we get most and ironically, the hardest question to answer off-the-cuff: Can you give me an estimate? How much to?…
So we’ve finally worked up this cost estimate guide to give you a rough idea of what it would cost to…
But first – The Planning
When you’re planning a renovation you need a realistic budget. How do you know what a realistic budget IS until you’ve asked a few questions? You want a budget that doesn’t over-step your financial constraints or over-capitalise against the value of the property you’ve got.
These are the enquiries you need to make:
- Your mortgage broker (how much you can borrow to complete the renovation?)
- An independent valuer (how much will the bank think my house is worth?)
- 3 real estate agents – take an average (what would the market pay for my house?)
Armed with a dollar figure after completing this exercise, you can work up a plan. If you’re changing the footprint of your house, you’ll need an architect or designer but from a budgeting point of view, you’re best to work out your builder first.
The different types of quotes from builders:
Comes in round figures and is a guess at what something might cost based on the past experience of the builder, square metres and general level of finishes (economy, moderate or high end). You can use this estimate to work out a rough budget but it won’t be down to the dollar accurate.
Is not really a thing in the Renovation World. You might think it’s accurate, but if someone manages to give you a quote for any level of renovation in less than a day it’s an estimate. Renovations have too many variables and typically involve a number of trades/subcontractors to organise so the chances that a builder can get you an accurate quote quickly are remote. Renovations are not like widgets – you can’t take a number and multiply it to get your answer. Beware – if you depend on this sort of quote, you’ll get a messy situation…think cost blow-outs everywhere, variations on progress payments and all sorts of excuses.
The Cost Analysis
A cost analysis is a figure that you can put on a contract, sign and get started. The builder has organised exact figures from subcontractors, probably made 2 or 3 site visits, worked out materials and carpentry labour. Their margin is included in the price. The only thing not included in this figure is the home warrant insurance needed to get going (worked out at approximately 1.24% of the contract value so if it’s a bigger reno, count on a larger figure for HWI). This is by far the most efficient way to get things moving in the right direction. READ MORE HERE about this process.
So having said all that, below is your Cost Estimate Guide on typical renovation-type jobs – this exercise falls squarely in the first category – The Estimate:
|Kitchen (Cosmetic Only):
|Paint (Interior)||Small (130sqm)||Medium (200sqm)||Large (270sqm)|
|Paint (Exterior)||Small (130sqm)||Medium (200sqm)||Large (270sqm)|
Other renovations such as removing walls and changing windows depends entirely on how many of each and if there are any remedial works that need to be carried out to the existing structure during the process.
Large renovations such as adding a storey or extending out need to be drawn up properly by a designer and engineered so that they can be passed through Council. These preliminary works plus Council fees tend to cost around the $8,000 – $10,000 mark (depending on circumstance and which Council you’re dealing with). These types of larger renovations, depending on what elements you want to add, tend to cost between $90,000 – $160,000 but can be more again, depending on your design.
Hopefully this exercise was helpful to you in the process of working out your future renovation.
If you need product or concept ideas, Dwell Building Services now has a Pintrest board. Go to Pintrest, search Jason Dodds and browse some ideas for outdoor areas, kitchens, bathrooms, fixtures and fittings that we think are pretty great.
Importantly, remember you can really get lost in the planning stages of a renovation so give yourself a time frame to work to and try to keep to the budget you’ve worked out!