November 13, 2016
Found your dream property but it needs work? So what are people spending these days on renovations? Doing the numbers on your renovation budget allows you to work out if it’s worth buying or it's time to upgrade and improve your existing home.
Ever watched The Block on Channel Nine? If you have you’ll no doubt recall contestant stress levels rising when kitchen, bathroom and landscaping week’s come along. But is there a way to understand the cost of a potential renovation?
So when tackling everyone’s three favorite areas in a home, kitchen, bathroom and landscaped exteriors, what should you consider?
Kitchen renovation costs
The kitchen is the hub of the home and it’s got to have enough storage space, bench space (at least 4 metres if your watch The Block!) and have the right appeal.
As a guide, a kitchen renovation budget is between $15,000 to $35,000 plus and it depends on whether you do a laminated bench top or a Caesar stone bench top; also which appliances and tiles you use and the size of the kitchen.
Word of advice, be careful not to overcapitalise if you’re renovating a cheaper property.
The latest Houzz Australia 2016 Houzz and Home Report reveals when it comes to spending on kitchen renovations (the top home renovation project in 2015), homeowners spent an average $31,000 on major renovations of a large kitchen (more than 12 square metres) where all cabinetry and appliances were replaced and $21,840 for major renovations of a small kitchen (less than 12 square metres).
Bathroom renovation costs
Although not the most expensive renovation area in your home, this one can be tricky as you need to co-ordinate and book in multiple trades and this can be challenging if trade delays occur!
In terms of bathrooms, the 2016 Houzz and Home report reveals homeowners spent an average of $16,440 on major renovations of a large bathroom in 2015 (more than 5 square metres) and $14,770 for major renovations of a small bathroom (less than 5 square metres).
It’s the area of your home that’s filled with memories of family get togethers whilst it doubles as your chilled place of peace and quiet.
Depending on size it's estimated a small terrace can be made to look great for under $2,000 but if you’ve got a brand new large house you could spend around $25,000 - $35,000 (not including a pool!). Generally speaking a good guide is to allow around $6,000 to $14,000 for good landscaping on a smaller home. Don’t forget how a mature feature tree like a Maple, Weeping Cherry or Crab Apple can make your landscaping pop!
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