Working out your renovation costs requires a bit of research and a few phone calls to qualified tradespeople. And if you're doing it yourself, a clear idea of your time and cost in materials. Working out a budget is a good first step.
Start by asking yourself these questions:
What are you hoping to achieve with this renovation? Are you looking to add value to the property through renovating? Are you trying to make your home more comfortable for your growing family?
How much can you afford to spend? Getting a clear idea of what you can actually afford helps you to clarify the scope of your renovation ambitions.
Once you've got a clearer idea of your renovation plans, there are several steps you can take to get a rough estimate of your costs.
How to work out your renovation costs
Take the following steps to get a better understanding of your potential renovation costs:
Consider the materials you need. Researching the materials you'll need for the renovation will give you a better idea of costs. The quality of timber, tiles and so on can really impact your costs. But be mindful of value as well. Higher-quality materials can have a greater impact on the value of your property in the long run.
Consider your appliances. In the same vein, you may need to purchase new fixtures or appliances as part of the renovation. Again, think about cost but also quality. Sometimes, cheap just isn't cheap at all.
Work out your renovation space in square metres. Measure out the floor space of the room or rooms you're renovating to help you estimate costs more clearly.
Use an online calculator. There are many online renovation calculators that you can use to get a rough estimate of costs per square metre.
Get quotes from local tradespeople. The best way to really judge cost is to get quotes from licensed tradespeople in your area. Get several quotes to help you compare, provide as much information as you can and try to get a detailed cost breakdown.
Talk to people who've renovated recently. If you know people who've renovated recently, it's a really good idea to ask them about their experience, including costs, time and any problems that occurred.
Cover your renovation costs with the right loan
You can finance a renovation through a home loan top up, refinancing, taking out a line of credit or even a personal loan. You can compare some options in the table below or head here to learn more about renovation finance.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
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