How Much Will My Renovation Cost?

Are you unsure of the costs involved in renovating? Here are some tips to help you discover if renovating is within your budget and what you can do to stay within your budget.

I am sure it come as no surprise that this is arguably the most common question a builder is asked from a perspective client; but it is also the most difficult question to answer. Think of it as if you were purchasing a new car – “How much will my new car cost?…”  Well that depends, are you buying a Ferrari or are you buying a Hyundai?

There are so many variables when it comes to giving a price for a new build, and even more complex for renovations. Are you extending and renovating, are you renovating only? What will your renovation include – two bathrooms, or none? What have the engineers specified? What are the energy requirements? There are many options in quality for fixtures and fittings, along with their installation costs. The list goes on, as does the difficulty in providing a quick price.There are many other important factors to be carefully considered when renovating which often get overlooked by home owners. You need to consider whether you would be living in the home while renovations are undertaken, or if you would move out. Would you need to leave your investment property vacant for a period of time while the renovations are completed. Would these factors incur additional costs which need to be budgeted for?

What is it exactly that you are hoping to achieve from your renovation? Are you a growing family needing additional space, or would you like to update the look of your home? Is your bathroom needing modifications to support a family member in ill-health? Are you wanting to sell? Have a think, and actually write down the goals of your renovation. This will really help you along the way with your budget and your costs.

What is your budget? Really, really think about this. Talk to the banks if needing to refinance, consider lifestyle factors, you need to enjoy the process of renovating so never put yourself under financial stress to complete a renovation.What often makes the question of ‘how much will my renovation cost?’ so difficult to answer is not knowing the owners budget and what they would like to achieve within that budget. Coy’s Constructions can work with you to reach your goals and stay within budget.

I am sure you have heard of builders pricing on square metre rates. Sure, this is fine for a rough ‘guesstimate’, but it is not an accurate reflection of the real costs involved. No two home renovations are ever the same, therefore they cannot accurately be quoted using the same square metre rate.

We all compare building quotes, we need to ensure we are getting the best value for our hard-earned money. So protect yourself by ensuring you are comparing building quotes accurately with all factors being comparable in size and quality to reach an informed decision. A professional builder will spend a significant amount of time going through each detail of your drawings and relevant documentation to ensure a fixed-price contract can be obtained.

My advice is simple – work with an experienced, and professional builder before you go through the design and planning stages. If you decide to place one particular wall in a particular position, that one decision could cost you thousands. Working with the builder from the start is the only way to ensure your budget is considered throughout the process.

If you are unsure the renovation you are planning is within your budget, contact Coy’s Constructions to arrange a comprehensive onsite consultation. We will provide a thorough report on the expected costs of your renovation within 48 hours of our onsite meeting.

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Tom Coy

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