Renovation costs – how to estimate reno expenses | Finder

Renovation costs

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

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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 updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
HSBC Fixed Rate Home Loan Package
1.88%
2.86%
$0
$390 p.a.
80%
$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
UBank UHomeLoan Fixed
1.75%
2.22%
$0
$0 p.a.
80%
$537
This very low fixed rate is only available until 29 April 2021. Other conditions apply. A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit
Westpac Fixed Option Home Loan Premier Advantage Package
1.89%
3.46%
$0
$395 p.a.
95%
$547.35
Up to $3,000 refinance cashback.
Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
AMP Bank Professional Package Fixed Loan
1.99%
3.1%
$0
$0 p.a.
80%
$554.81
Get a low fixed rate package with no application or settlement fee. Available with a 20% deposit. Other fees and charges apply.
Suncorp Home Package Plus Fixed
1.89%
2.85%
$0
$0 p.a.
80%
$547.35
Lock in a low fixed rate loan for two years and get the annual package fee waived in the first year. Available for borrowers with 20% deposits.
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Compare the latest line of credit home loans below.

Data updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
ANZ Equity Manager
6.01%
0%
600 (waived)
$150 p.a.
80%
$901.19
Access your equity with a low variable rate and low fees.
Bank First Equity Line of Credit
4.49%
0%
$300
$300 p.a.
80%
$760.14
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Compare the latest construction home loans below.

Data updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Greater Bank Great Rate Home Loan
3.66%
3.67%
$0
$0 p.a.
90%
$688.09
Fund the construction of your new family home with a very competitive variable interest rate. Available with a 10% deposit.
Heritage Bank Fixed Rate Home Loan
2.19%
4.23%
$600
$8 monthly ($96 p.a.)
95%
$569.91
Get a partial offset account and the option to make interest-only repayments.
Suncorp Back to Basics Home Loan
2.59%
2.6%
$0
$0 p.a.
90%
$600.83
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
Heritage Bank Discount Variable Home Loan
2.59%
2.64%
$600
$0 p.a.
80%
$600.83
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.
Greater Bank Ultimate Home Loan
3.46%
3.88%
$0
$395 p.a.
90%
$671.29
Build your new home with a variable interest rate and enjoy a 100% offset account. 10% deposit option available.
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