Renovation costs

How do you determine the cost of renovating kitchens, bathrooms, bedrooms and more?

Updated

Planning a renovation? It can be hard to get a good understanding of the costs involved, but 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.

Compare the latest refinancing home loans below.

Data indicated here is updated regularly
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier, P&I)
2.29%
3.99%
$0
$395 p.a.
95%
Get discounts on a range of Commonwealth Bank products and enjoy the option of fee-free extra repayments during the fixed term. $2,000 cashback offer for eligible refinancers.
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.29%
2.90%
$395
$0 p.a.
80%
An online home loan offer with a fixed interest offer for 3 years.
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
2.49%
3.41%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
HSBC Fixed Rate Home Loan - 2 Year Fixed Rate LVR 80% or below (Owner Occupier, P&I)
2.09%
2.98%
$600
$0 p.a.
80%
Lock in a competitive fixed rate for 2 years and buy your home with a 20% deposit.
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
2.29%
2.91%
$300
$10 monthly ($120 p.a.)
80%
Buy your home and lock in a low rate for the first two years. Get a $2,500 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 August and settle by 30 October 2020.
loading

Compare up to 4 providers

Compare the latest line of credit home loans below.

Data indicated here is updated regularly
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
P&N Bank Equity Access Home Loan
4.87%
$395
$10 monthly ($120 p.a.)
90%
A home loan which gives flexible access to your equity.
loading

Compare up to 4 providers

Compare the latest construction home loans below.

Data indicated here is updated regularly
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
Greater Bank Great Rate Home Loan - Construction Loan (Owner Occupier, P&I)
3.66%
3.67%
$0
$0 p.a.
90%
Fund the construction of your new family home with a very competitive variable interest rate. Available with a 5% deposit.
Adelaide Bank SmartFix Home Loan - 1 Year Fixed Rate (Owner Occupier, P&I)
2.29%
2.93%
$375
$15 monthly ($180 p.a.)
95%
A fixed rate home loan with 100% offset account.
ANZ Land Loan - Owner Occupier (P&I)
4.39%
4.49%
$600
$5 monthly ($60 p.a.)
90%
Buy vacant land with a competitive interest rate. 5% deposit option available.
Adelaide Bank SmartFix Home Loan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.29%
2.86%
$375
$15 monthly ($180 p.a.)
95%
A three year fixed rate loan with 100% offset account.
Greater Bank Ultimate Home Loan - Construction Loan (Owner Occupier, P&I)
3.46%
3.88%
$0
$395 p.a.
90%
Build your new home with a variable interest rate and enjoy a 100% offset account. 5% deposit option available.
loading

Compare up to 4 providers

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site