Asking how much it costs to renovate the inside of your home is a bit like asking how long a piece of string is….it is a very open-ended question.
It really all depends on how much you want to spend.
For example, you could spend $30,000 on remodelling your kitchen or even $100,000….maybe outlay $20,000 on a bathroom or $50,000 if you go ‘high end’.
In this article, we will try to give you a good idea just how much work can be done to renovate an average-sized house, owned by someone on an average income, with a budget of $150,000.
We have chosen a figure of $150,000 as this was the benchmark amount nominated by the Federal Government in 2020 for homeowners to be eligible for the now defunct HomeBuilder Scheme.
But while that Scheme is no longer around, $150,000 remains a nice, round figure as it is an amount within the financial reach of many Sydneysiders, when more elaborate home renovations of $500K to $1 million are not.
With a budget of $150,000 you would comfortably be able to afford having the following work done for you by a professional building company like Yes I Can Renovations: full renovation of two bathrooms and a kitchen of your average-sized home, along with some painting and tiling around the house and a roof restoration – and you’d still have plenty left for other work that may need doing such as some flooring/carpeting, adding some built-in wardrobes, changing some doors etc. and outside, possibly some rendering, cementing, landscaping and/or adding some decking or a pergola.
$150,000 may seem like a lot of cash but when you take into account the value that remodelling various parts of your home adds to the market value of your most prized asset – especially when you renovate the bathroom(s) and the kitchen - it will be money well spent.
On the Projects page of this website, you will see some of the superb work that the team at Yes I Can Renovations has done over the past 12-18 months, while by clicking on the Testimonials page, you will see videos and written reviews from many of our happy customers.
A big portion of the breakdown of your renovation budget is the cost of labour (we only use fully licensed, fully insured, experienced and professional contractors for each and every step of the renovation process), as well as materials and (depending on the scope of the work you are planning having done) there may also be Council applications.
As all readers would be aware, Sydney came out of a three-month COVID-19 enforced lockdown on October 11 and the building industry (which was suspended for several weeks during the lockdown) has been struggling to get back on its feet.
The price of certain building materials has risen by as much as 30 percent since July when the industry was first shut down and there is also a shortage of some items, products and materials.
Lack of available materials can lead to delays in the completion of the work through no fault of the building company or contractor, and that is why you need to put your trust in the hands of an experienced and professional company like Yes I Can Renovations.
We have specially designated project managers for all our jobs and they will keep you completely up to date with the progress of your work, as well as solving any problems which may arise.
A good time to consider renovating your home, especially if it’s 30-40 years old and has had little or no work done to it, is when you get a bit older and the kids have left home.
For example, you may decide to reduce the number of bedrooms and make other areas of your home bigger.
Obviously, you need to put a lot of thought into exactly what you want done but there’s every chance that the $150,000 that you spend may add $300,000 to the market value of your home, based on estimates published by organisations like the major banks and Choice, formerly known as the Australian Consumers’ Association and without a doubt our nation’s most trusted consumer advocacy group for over 60 years.
Of course, any decision you make with regard to remodelling your home will be influenced by your future plans.
Ask yourself if you anticipate staying in your current home for life or do you have plans to relocate?
What prices are houses currently fetching in your area, in the current economic climate?
Do your research because the last thing you want to do is to over-capitalise: that is, invest a small fortune and later realise that you will struggle to recoup your investment when the time comes to sell.
Be sure to choose carefully just what you want to do with the space available, and rather than getting all the work done straight away on a property you have recently purchased and plan to live in, it’s not a bad idea to live there are a few years first – you will get a ‘feel’ for the place and have a much better idea of what you need done and why.
That is, you will really get to know your house and what rooms and areas you use more than others.
When you’ve answered these questions and have a clearer picture in your mind, give Yes I Can Renovations a call and we will provide you with every assistance - from your initial contact with us to the completion of your project.
We have over 150 customer reviews with a five-star rating and are major sponsors of Australia’s biggest radio stars, programs and network including The Ray Hadley Morning Show (Channel Nine/2GB); The Kyle & Jackie O Show (KIIS FM) and Vic Lorusso (Australian Traffic Network).
In terms of financing some your project or part thereof, you may wish to take advantage of our “Reno Now, Pay Later” payment plan which you can read more about by clicking the Finance button at the top of this page.