Although you may be dreaming of carrying out some major renovations in your home and probably sell the property afterward, your budget may be an issue. Renovating your property will always affect your savings; however, there are various ways to save up money on your house renovation costs. According to David from Acura Developments, “If you are thinking of selling your property, a better time to refurbish your property or home is now”.
“There is a declining scale in the amount of value your house can generate against the amount you spend. It is common knowledge that adorning your property can be profitable. It is estimated that adorning your property adds about 2.5 percent to the property’s value and can help you sell your home and property faster”, says David.
As a common rule, David advises that your house renovation costs shouldn’t exceed 5% of its value. This is to avoid over capitalization. Home renovations increase the value of your house by about 10%. Therefore, for a home worth 500,000, the right renovation could increase its value by an additional $50,000. Bathroom and kitchen are the rooms that make your home sell, hence kitchen and bathroom renovations generally increase your home value the most.
As reported by ABS (Australian Bureau of Statistics), an average Australian uses about $25,000 as house renovation costs, while the estimated or average house renovation costs per square meter is between $600 and $2,700. If you are on a limited budget, these cost-saving tips discussed by David will help you to save up money on your house renovation costs.
In Australia, the average kitchen renovation cost is $24,000, as stated in the 2019/20 report of the Housing Industry of Australia’s Kitchens and Bathrooms.
As stated in the 2019/20 report by the Housing Industry of Australia’s Kitchens and Bathrooms, in Australia, the estimated cost of renovating a bathroom is $19,000.
For a new building, the costs of construction per square meter are generally less expensive than the house renovation costs per square meter. This might be due to the difficulty in predicting house renovation costs, especially if the house has electrical wiring, asbestos, pests, or some important structural work requiring urgent attention.
As stated by BMT Tax Depreciation Quantity Surveyors (who specialize only in property tax depreciation), the estimated cost of building a new standard 3-bedroom apartment in Australia is about $1,600 for each square meter. However, the estimated or average cost of renovating the same 3-bedroom apartment per square meter is between $2,000 and $2,500.
Follow these steps in making a plan to renovate your home:
Work with your budget. Don’t overstretch it. David recommends you paint over old bricks or tiles for the building to have a new look rather than taking them off and replacing them with new ones. Tiles are expensive to replace, also costly is hiring a company that specializes in resurfacing tiles.
If you are renovating the kitchen, which can take a larger part of your house renovation costs, don’t rip it out completely. The problem might just be the outdated color of the paint. If the doors are still okay, choose a new tint and fix the front doors. Upgrade the knobs or handles alongside. Recycle your old furniture if you can’t buy a piece of new furniture. This can save you a reasonable amount of money.
If you plan to renovate or upgrade the facilities in your bathroom, ensure you maintain the initial plumbing points. This saves you money. Relocating plumbing or electrical fixtures will affect your budget. Do the same for your laundry and kitchen facilities.
If you don’t have an extensive budget to carry out structural changes, you can make use of simple and less expensive cosmetic changes like installation of new lighting or replacing old window furnishings. This can instantly change the look of your home and create a new feeling. According to David, “Most old kitchens have central lighting on the ceiling. This isn’t nice. However, based on your budget, tracking lighting or LED down-light is a great replacement. Over-bench lighting and cool pendant lights are also nice”.
“A combination of task lighting, ambient lighting, and a few feature lights can be used. Applying some paints can also create a huge impact. For renovators, liquid gold paint is preferred. Where the kitchen is a section of an open layout plan, you may paint your living room and kitchen with a similar color. Always use a sample pot to paint samples that can be viewed during the day and night prior to placing an order for your paints”, says David.
Structural changes can be made without getting your budget overstretched. A few cosmetic changes to the layout can make a huge difference. To do this, avoid walls that bear loads. “Where there is no load-bearing wall that separates the lounge room and an adjoining dining room or kitchen, removing a few walls or a wall can make your living room more spacious. Creating a living room with an open plan is a major way of adding value to your home. Once completed, make sure the insurance policy of your home is updated. Many home renovators always forget this process but it can save you some money in the long run”, says David.
“It may be just to install additional overhead shelves or cupboards; extending your kitchen with a few floor cabinets, and perhaps to install longer bench-tops. If it fits the space, an island bench or breakfast bar could increase the value”. “Never underestimate what mirrors can do”, says David. “Mirrors are a cheaper way of instantly making a room to create a spacious feeling. Try to place a mirror right behind the shelf or sofa in the sitting room; or a headboard in the bedroom. In dark passageways, mirrors are an important way of adding space and opening up the passageway”.
Certain jobs are meant to be handled by professionals such as electrical work, plumbing, or waterproofing. However, there are other jobs where special skills are not required like taking your carpet off or painting. In such jobs, you can request the help of some family members and friends to minimize your house renovation costs and not overstretch your budget.
Using less expensive materials for renovation saves you money and it mustn’t affect the entire aesthetic of the renovated building. “Materials like vinyl floorboards or laminate floorboards that are water-resistant can be used to disguise old lino or tiles. These materials imitate the appearance of the real and original timber floorboards. They are easier, less expensive, and quicker to use. They modernize your home without any instantly”, says David.
If you cannot purchase a granite or marble bench-top, an engineered or laminate stone can be as good as the marble bench-top and for just a portion of the costs.
Have you watched any show on a home renovation like “The Block”? If you have, you will know that emergency costs are unavoidable and a part of your house renovation costs. When estimating what a project will cost, there is often uncertainty as to the exact content of every estimate; how the job will be done; what the work conditions will likely be when the project starts and is executed; and others. For instance, Unknown damages like decaying wood caused by termites, inferior wiring, mould, or broken asbestos can become costly. That’s why it is important to make cost contingency as part of the budget for your house renovation costs to cover unexpected expenses.
Unexpected delays in the supply of building materials or bad weather may also occur. This may consequently cost you money. Therefore, integrating a cost contingency in your budget to cover these costs means you will not have to cut corners in getting other jobs done.
With our numerous years of experience in home renovations, we are available 24/7 to work with you to save up money on your home renovation costs, avoid unexpected delays, and ensure your budget is not overstretched. Contact us now and add more value to your home like never before!
Acura Developments Servicing Brisbane and the Bayside
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