The Federal Budget has shifted the focus of the property market.
Now, for many, the owner-occupied home may be the most tax-effective means of wealth creation. And many are currently looking at home improvements to boost their wealth.
But how much does a reno cost? Hipages has produced the below figures to give you an idea of what an upgrade will cost.
Renovation cost per m2 Sydney varies from $1,000 to $4,000, depending on a whole host of factors including:
- Property size
- Scope of work: Full home renovation cost will be lower than a cosmetic renovation
- Materials chosen: Higher quality materials, fixtures and fittings will add to the total cost
Here is a breakdown room-by-room
Bathroom renovation costs in Sydney
The bathroom is one of the most expensive rooms to renovate, thanks to waterproofing, plumbing, fixtures and fittings and high-end finishes. Whether you’re aiming for a sleek modern upgrade or a spa-like retreat, expect to pay the following:
- Budget cost: $8,000 – $15,000
- Standard cost: $15,000 – $35,000
- Premium cost: $35,000 – $90,000+
You can keep your bathroom renovation costs down by keeping fixtures like toilets, baths, and showers in their existing locations. That’s because moving plumbing can significantly increase costs, so working with your current layout is a smart way to stay on budget. Opting for cosmetic upgrades like new tiling, painting, and updated fixtures rather than a full structural renovation can also make a big difference without breaking the bank.
Kitchen renovation costs in Sydney
The kitchen is the heart of the home, and a well-designed renovation can add significantly to your home’s value. Just like a bathroom, costs will depend on materials, appliances, and whether structural changes are needed:
- Basic: $15,000 – $30,000
- Mid-range: $30,000 – $40,000
- High-end: $4,000 – $130,000+
You’ll likely be able to renovate your kitchen for around $30,000, so long as you keep all the major items where they are (including doors, walls, sinks and any other plumbing) and stick to affordable materials. If you boost your budget to $40k, you can include a few extras. After that, the sky is the limit.
Bedroom renovation costs in Sydney
A bedroom renovation can be as simple as a splash of new paint, some new curtains, and an upgrade to the flooring, or it can be as elaborate as adding an ensuite or walk-in wardrobe. No surprises here, but costs depend on the level of transformation:
- Basic: $2,000 – $10,000
- Mid-range: $10,000 – $25,000
- High-end: $25,000+
Living room renovation costs in Sydney
Like a bedroom, living room renovation costs are really dependent on just how much work you’re doing. If you’re repainting and upgrading the flooring, it’ll keep costs lower. But if you’re planning on knocking down some walls to create an open plan space, move electrical outlets, or add a cosy fireplace, then costs will quickly add up.
- Basic: $2,000 – $10,000
- Mid-range: $10,000 – $20,000
- High-end: $20,000 – 30,000+
Landscaping and decking costs in Sydney
When it comes to home renos, your outdoor space is just as important as your indoor space. Especially if you want to add some dollars to your property value. Curb appeal is powerful.
For landscaping work, expect to pay:
- $850 for garden designs (basic plans)
- $2750 to $6000 for 10 x A3 pages of design work which usually includes some 3D rendering
- $55 to $70 per hour labour for an experienced, qualified landscaper
For decking, expect to pay (for supply and install):
- From $200 per square metre for treated pine
- $280 to $320 per square metre for Merbau
- $350 and above per square metre for composite decking
Budgeting for unexpected home renovation costs in Sydney
If there’s one thing you can count on with renos, it’s that unexpected costs will come up. No matter how well you plan or how detailed your budget is, surprises (like discovering hidden water damage, needing extra structural work, or price increases in materials) can sometimes happen.
That’s why experts recommend adding an extra 10-20 per cent to your renovation budget as a contingency. Once you’ve reviewed quotes and figured out your expected spend, set aside this buffer to ensure that you have the funds to complete the reno no matter what pops up.
How much should I spend on renovation in Sydney?
As a general rule, you should avoid spending more than 10 per cent of your home’s current market value on renovations. This means you’ve got far more chance of making your money back on sale.
How can you fund the renovations?
Renovations are not always cheap. If you need as much as $130, 000 for a premium kitchen then you may need to borrow from the bank.
Some banks are easy to work with on renovations. Some will simply advance you the funds to be used when and how you need it. But others will want to see a detailed breakdown of what you need the money for and when you need it.
If you want to talk more about how to fund your renovations, feel free to contact me for an informal chat; some banks are easier than others.
Graeme Salt is an award-winning mortgage broker. For a no-obligations consultation on your home loan needs, please contact him on 02 9922 5055
Further costs can be found here: Hipages.com.au/article/renovation_guide_how_much_does_it_cost_to_renovate
