Cost of Home Renovations

house extension costs

Photo from: Beaches Building

The average cost of home renovations in 2016 sits at approximately $50/hr, but rates can go as high as $65/hr in some cases. The details between one home reno project to the next vary greatly. So while this price range gives you a general idea of the costs involved, the final cost of each job will differ depending on various factors.

Where do these prices come from?

All prices stated in this article are based on FY 2016 pricing data compiled by ServiceSeeking.com.au. The figures resulted from a comprehensive analysis of quotes submitted by Home Renovation Experts on the site from July 2015 to July 2016.

Relevant renovation factors that build total costs

Home renovation costs can be tricky if you are not aware of the factors that could affect them. Here are some of the things that are commonly considered in determining the prices:

Your home’s location

Each location has its own logistic issues. These will affect the contractor’s operating costs, specifically in transporting the materials and equipment required for the project.

Your chosen builder

Not all contractors charge the same rate. Some builders who offer cheaper prices may not be capable of producing the same result as that of a more expensive competitor. Seasoned builders may also charge higher rates than less experienced ones.

Materials to be used

Premium materials often have higher costs. Although it’s ideal to go for superior quality, it would still be best to check your budget to ensure that you can really afford it. Consider the maintenance of a material too. This may not raise your expenses upfront, but it may cost you a lot in the long run.

Cost of common home renovation jobs

Home Renovation Task Typical Quoted Prices
Flooring installation $10,000
Window installation $5,000
Carpet installation $2,500
Insulation installation $6,000
Lighting installation $1,500
Electrical rewiring $1,500
Interior decoration $3,000
Interior house painting $6,000

How much do customers spend on their reno?

Based on a survey of recent renovation projects from some ServiceSeeking.com.au customers, renovating your entire home can cost anywhere from $20,000 to over $300,000.

Why the big price difference? The duration of the renovation, number of tradies hired, and services required are big contributing factors to the total cost of the customers’ renovation projects. House renovations that cost between $20,000 to less than $100,000 usually take 1 – 6 months to finish. Customers who spend less than $100,000 for their renovations also DIY some aspects of the job such as painting, landscaping, and interior design. The more jobs they DIY, the lower the total cost.

On the other hand, complete home renovations that cost upwards of $100,000 usually take over 6 months to complete. Three customers who paid more than $300,000 for their home renovations hired 4 – 10 tradies in total, did not DIY any aspect of the renovation, and had renovations that took over 12 months to finish.

Cost of home renovations

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Renovation costs by state

Residents in Queensland, South Australia, Victoria, and Western Australia have good reason to start their home renovation projects now. With renovation rates averaging at approximately $50/hr, these states offer the most affordable home renovation services across Australia.

Meanwhile, New South Wales home renovators charge a slightly steeper price of about $55/hr on average for their services.

ServiceSeeking.com.au can help you find the most qualified home renovators in your area. Just log on to the site and post the details of your job.

 

 

Pricing information correct as at August 2016.

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