The biggest question of all… how much will my 2022 renovation or extension cost?
With so much unclear information out there, and the nature of custom building, it can be extremely hard to work out what your project is going to cost you. What if what you had envisioned in your mind isn’t affordable?
Building costs can appear complicated for those outside the industry, especially since each builder has their own pricing structure. Trying to find relevant pricing information for your project can be like trying to find a needle in a haystack, which can leave you feeling more confused than when you first started!
If you can’t get a basic idea of how much your project might cost you, where does that leave you? Because at the end of the day, if you design something that’s unaffordable, it won’t get built. And you’ll find yourself stuck, continuing to live in a home you’re unhappy with.
So, how do you establish a budget for your project? Obviously a professional builder will understand costs better than anyone because they can help marry your design with your budget ensuring your vision comes to fruition. But there are some things you can do prior to engaging with a builder that can help you determine whether you can afford what you desire.
Establish Your Deal Breakers
Establishing your deal breakers early will help you decide whether or not you need to spend any money on designs and plans. If it’s more room that you need, can you achieve that without adding to the floor plan? If you like entertaining, what are the non-negotiables when it comes to your kitchen (i.e. stone benchtops, butler’s pantry, integrated dishwasher)? What parts of your project do you absolutely have to have and what parts are you willing to sacrifice?
You might even realise that you aren’t willing to compromise on most aspects of your project which could lead you to consider other options such as knocking down and building new. Either way, establishing a needs/wants analysis can help you work out what type of project you actually need before you get carried away with designs.
Set The Right Expectations
According to the Association of Professional Builders, at least 70% of Architectural home designs never make it to construction. And most of the time, it comes down to expectations being wrongfully set, or not being discussed at all, regarding building costs and budgets.
It’s a common myth that if you increase your house by 50%, it should only cost 50% of building a new house, but this simply isn’t true. Extensions and renovations often consist of the most expensive rooms in a house to build, i.e. bathrooms and kitchens. And, along with the added footprint of the home, the selections and finishes made are often of higher quality which also adds to the cost.
With the rising cost and unpredictability of materials and trade labour, it can be extremely hard for homeowners to know where to set their expectations when looking to renovate or extend. So we’ve made it simple for you by putting together a 2022 price guide for renovating and extending your Adelaide home.
2022 Price Guide
Home Addition
If you’re looking to add footprint and renovate your home, you should have a budget of no less than $300,000. These types of home additions can easily reach up to $800,000.
If your budget is under this and you wish to add footprint to your home, our advice is to go back and reassess what your deal breakers are to better establish the type of project you can achieve with your budget
Full Home Renovation
For a full home renovation (multiple rooms) with changes to the floor plan, your budget should be starting at $150,000. These types of projects can reach up to $400,000.
A full home renovation with no change to the floor plan should have a budget expectation starting at $100,000, going up to $250,000.
Kitchen Renovation
Kitchen renovations can vary a lot in price depending on the specifics of your individual requirements and scope of work. As a starting point for a medium sized kitchen renovation including 2 pack painted doors, stone benchtops, and all appliances and sanitaryware included, you should have a budget expectation of $50,000+.
If you need to remove walls and change the orientation of the room or even add new windows or skylights then the price can increase from there
Bathroom Renovation
Bathroom renovation costs can vary just as much as kitchens, but as a guideline we advise that your budget expectation should start at $30,000.
This will give you an excellent selection of finishes and will allow for renewing all services within the room (new plumbing and electrical) for a high quality and problem free bathroom. This budget will cover a renovation to a 100 year old bungalow that needs all the plaster stripped and a new slab as well as your simple modern built home that only needs a re-fit.
Thes budget expectations are only a guide, not the definitive number that you will spend when looking at that particular type of renovation. For instance, the bathroom budget expectation will cover a renovation to a 100 year old bungalow home that needs all the plaster stripped and a new slab. If you have a modern home that needs a new bathroom fitout, then the cost for this could be much lower.
Hopefully this price guide has helped you establish a healthy expectation for the type of project you wish to achieve, but if you’re after something a bit more comprehensive, you can download our Design Guide for more detailed information on budgeting for your 2022 Adelaide home renovation or extension.
