How to Successfully Budget for Property Renovations
Property renovations are both exciting and terrifying. It can be fun to demolish dated or damaged fixtures and completely revamp a property, but the thought of going over budget or running into unexpected costly issues takes the fun out of a project really fast.
Whether you’re still trying to figure out what room to renovate for the highest return on investment or you’re ready to plan out your project, if you’re going to successfully budget for your home renovation, you first need to know what you should be paying for a renovation and how best to spend your money to get the most bang for your buck.
Navigating Kitchen Renovations
The average price of a kitchen renovation is approximately $8,000, but that amount depends on what the renovation entails. An $8,000 budget will easily get eaten up on cabinetmaking, electrical, and appliances alone.
If you want to save money, you can opt for pre-fabricated kitchens as opposed to custom built ones, because they’re a fraction of the price.
You may like pops of bold colour, but opt for neutral tones in a timeless colour palette. You can always add bursts of colour by staging your kitchen with accessories, and this way you can easily reverse these items should the colours not work out or go out of style. If you absolutely must inject some permanent hints of bold colour, experiment with tiled splash backs.
To get the most out of your budget for a kitchen renovation, consider the most used areas of your kitchen. Don’t cut corners on storage or bench tops; and remember that hard-to-clean spaces or inconveniently placed cabinets could cause tremendous frustration later on.
Making the Most of Bathroom Renovations
Bathroom renovations typically start at approximately$10,000 for a basic revamp. Again, this depends on whether additional costs will be incurred due to resizing or involved remodelling; or if you’re cutting costs by selecting less invasive tiling or painting.
The largest percentage of your bathroom renovation budget will be made up of costs for fixtures and fittings. Bathroom tiles start at around $30 per square metre, general plumbing starts at approximately $50 per hour, and hot water systems begin at $200 for the unit.
When you’re planning your renovation and selecting fixtures, consider the maintenance for each item. While something intricately textured or white may look wonderful, it might be a chore to maintain.
Quality shower heads and facets are great to invest in, and you can always keep your eye out for a bargain on tiles, which is a great way to upscale your bathroom for a fraction of the price.
Staying on Budget with Paint
If your home needs a fresh coat of paint, you should budget approximately $30 per hour for interior and exterior house painting.
A good rule of thumb is to stick with timeless colour schemes and to always buy extra.
Getting Savvy with Landscaping
A great mix of hardscaping and softscaping makes the best gardens, especially for increasing curb appeal when it comes time to sell. To stay within your budget, you’ll need to break down the projects you want to tackle.
For a garden makeover, you can expect to pay roughly $30 per hour for landscaping services. Concreting starts at around $40 per square metre, and general gardeners and lawn mowers cost a minimum of $30 per hour.
Native plants are a cost-effective option as they don’t require special soil and they’re water efficient. If you prefer a low-maintenance garden, opt for potted plants.
Hopefully, these estimated costs will help you budget successfully for your property renovation and give you some pointers of what to consider when planning your project.
If you have questions about how renovating a home might impact your property value or are interested in buying or selling a home, contact us to speak to a qualified real estate agent. We’d be happy to offer advice.
You can also check out our blog for more helpful tips and information.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.