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5 Tips For Calculating The Cost Of Your Renovation

For an exciting change, you may decide that it’s time to revamp your home and take on a renovation project. Whether it’s creating an outdoor space to accommodate more guests or upgrading the kitchen design for a more modern look, you’ll want to be thoroughly prepared for every stage. A key part of the planning process, along with choosing which particular features will best suit the house, is calculating the cost of a renovation in order to figure out how much you’ve got to save up. This article will cover 5 tips that can help you work out your total renovation expenditure. 

1. Stick To A Set Location
There are endless options with what you may want to focus on throughout the entire house and it can be pretty easy to get carried away. However, by having a fixed decision on a particular area and the extent of the renovation, you can skip having to deal with unforeseen payments and reach a better estimate of the funds you’ll have to set aside. Through prioritising what’s necessary, you can significantly lower the amount you’ll need to shell out and then determine if there is any room for additional fixtures.

calculating the cost of a renovation

Image Credit: Kemple Homes

2. Have A Detailed Budget
Once you’ve finalised the size of the renovation and specific measurements, you can concentrate on the renovation budget and organise how to allocate your finances. When calculating the cost of a renovation, there are multiple resources available that will assist in figuring out rough estimates for redeveloping your place. These include receiving at least 3 quotes from builders, utilising online calculators and finding budget guides that outline current standard prices.

3. Know Your Property Well
It is important to check the house’s condition and inspect which spaces are requiring a lot of maintenance. You’ll have to be especially mindful about how old the house is as this will also contribute to higher renovation charges. The location where the property is situated will also have an effect on calculating the cost of a renovation with high-priced neighbourhoods bringing up remodelling rates. By assessing the status of the property beforehand, you can evaluate your spendings and decide what is due to be replaced.

calculating the cost of a renovation

Image Credit: Homes Of Imagination

4. Gathering Your Supplies Together
Depending on the section you’re working on, you’ll be needing a range of materials to get started on your renovation project. It’s best to lay out your redesign plans and make a list of supplies that fit well within the budget. The costs of flooring, new countertops, wall paint, cabinetry and appliances can quickly add up which is why taking the time to figure out where you can get quality products for the best price is worthwhile.

5. Expert Advice
A key factor when it comes to calculating the cost of a renovation is seeking professional advice on what to expect and any suggestions that they may have regarding home improvement. Renovation experts will be able to ensure you have a contingency plan to fall back on such as keeping 10% of your budget in case any extra fees arise. Contractors, interior designers or tradespeople will also be able to provide a better perspective regarding common mistakes to avoid and any safety measures to look out for.

Need advice on home renovation jobs? Please do not hesitate to get in touch with our team on 1800 184 284 or book a call.

Davina Deluao

Davina graduated from Swinburne University with a Bachelor of Arts. Through travelling and studying abroad in NYC and LA, her interests for property and design grew and have become her strong pursuit.

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iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

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