Asking how much it costs to renovate your house is one of those questions that is like “how long is a piece of string?”
The answer will forever and always be “It depends.”
When it comes to renovating your house, there are budget-friendly ways, there are no expense spared ways and there is just an overall balance between investing in the right things while also knowing what will turn out to be a waste of money in the future or on the flip side, will end up costing you more down the line. Instead of asking “how much will it cost to renovate my house?” the real question should be, “what can you do for this amount of money?”
Understandably, you have a vision for how your home renovation is going to go and you may even have a projected timeframe. Experts will state though you should allow for a 10-15% blow out of your budget while also expecting a longer time frame than originally stated. Once these expectations are managed, then you can start working out just how much your home renovation is going to cost you.
What Costs Need to Be Considered?
When planning your home renovation, it might be easy to just look up a contractor or asking a friend for how much their renovation cost and think that is the end of that. It is not always that simple, unfortunately.
Every house and every project is different, so while others may be able to give you a ballpark figure, it is not until the project has started, or even completed, that an exact cost will be determined. This is why it said to expect to spend 10-15% more than what your initial projected costs are, but how can you work out what the predicted cost is in the first place?
This is where doing your research comes in handy. It is important to understand exactly what you want in your renovation; this will help you determine the right person for the job, based on their past experiences.
The next thing to consider is the materials that you wish to use in your renovation. For example, if you are looking at having a deck added to your property, then the costs between composite decking, timber decking and concrete decking will be different. Another thing to consider is size, the bigger the job, the more material it will take.
Timber decking may be cheaper at first, but composite decking needs less maintenance done, so it saves you money in the long run. It also brings to the consideration that there’s labour costs as well. The bigger the job, the longer the time it will take, and the more labour is needed- which will have an effect on your budget. There are also hidden costs to consider, for example, permits. If you are getting composite decking done in Melbourne, there may be a more expensive permit than getting it done a bit further out in Geelong.
Other hidden costs may be faults that you did not know you had, like needing to replace electrical wires or finding mould in places you did not expect, therefore you would need to hire another professional to handle these issues before moving on to having your renovation completed. When putting together your budget, these are things that need to be considered before you move forward with your renovation.
How to Save on Costs
There are ways to bring down costs or save, but you just need to be smart about how you approach it. Having a flexible timeline is one of them. Planning for the long-term and giving yourself time to get the renovation completed is a great way to save money, or at least save on having to spend a whole lot of money at once.
If you need a bedroom, a bathroom and a deck renovated then if possible, space it out. Do not renovate parts of the home that may need you to be relocated for the time being, if it is a busy tourism season or harsh weather conditions where you live.
Summertime may be when you are inspired to get your home renovated, but having any work done like say getting a composite decking in Melbourne done during the hottest parts of Summer or rainiest times of the year will delay the process and increase construction time.
Also think about the materials you are using. Will they save you money in the long run? Having windows double glazed may be more expensive at the time, but they can help you save on electricity.
Having composite decking done may be more expensive at the start, but being such a durable material, you will not be spending money having to get it redone or fixed up over the years.
When thinking and weighing up the costs of your renovation and the projected costs, also make sure that you take the job to a few different contractors to get the best deal- the best deal being the highest quality of work for the most affordable price.
Compare the quotes, check their previous work and hire a contractor that will not blow out your budget but also will not lead you to need the job redone in the future. It may be hard to determine initially just how much your home renovation will cost, but if you plan, do your research and take your time putting together the best plan for your home renovation, you will be able to get the best renovation for the best price.