Are you considering an extension or renovation for your home?
These projects undeniably inspire a sense of fun and excitement, a chance to finally create that nook in your home that you’ve always dreamed of having or simply just to make better use of your space.
Oftentimes, however, the delight that comes with transforming your living space can quickly be overshadowed by the daunting question of cost.
In our fast-paced world where big volume builders flaunt square metre rates as a standard measure, it’s crucial to understand that this approach may not be the magic formula for your unique project.
The Square Metre Rate Conundrum
The problem lies in the misconception perpetuated by big-volume builders. They often advertise a square metre rate, suggesting that the cost of your dream extension or renovation can be neatly calculated by multiplying this rate by the size of your project. Unfortunately, this approach is too simplistic and can lead to unrealistic expectations and, ultimately, disappointment.
Imagine being told your dream renovation would cost $150,000 based on a square metre rate, only to find out it’s actually closer to $350,000 halfway through the build.
The disparity between expectation and reality can turn what should be an exciting venture into a financial nightmare.
The reality is that square metre rates, while useful in some contexts, do not apply to renovations and extensions.
A professional builder understands that each project is unique, with its own set of variables and challenges. Simply put, there is no one-size-fits-all square metre rate for these projects.
This is why it is crucial to evaluate the scope of your project before attempting to use a square metre rate.
Having a clear understanding of what you want to achieve will allow the professional builder to draw comparisons with similar past projects, using comparable square metre rates to provide a more accurate cost estimate.
This tailored approach ensures greater accuracy and helps manage expectations effectively.
Actual Costs and Expectations
Reviewing up-to-date statistics based on actual costings from architects and quantity surveyors can often reveal a more accurate picture of the cost of your project.
Current building cost per square metre ranges from $1300 to $3900, however, these figures alone can be misleading.
What is the difference between a $1300 project and a $3900 project?
How does one go from the lower end of this range to the higher limit?
The answer lies in the intricacies and specifics of each project. Thus, making the square metre rate a mere starting point rather than a definitive answer.
The solution comes with recognising that there is no universal square metre rate for extensions and renovations.
Instead, consider a comparable project analysis. This involves working with a builder who has tracked the data from past projects and can offer a realistic comparison by looking at these project sheets.
Practical Tips for Your Renovation
No Universal Square Metre Rate: Understand that there is no one-size-fits-all square metre rate for renovations and extensions. Your project is unique, and so the approach to estimating it, should be as well
Project Analysis: Seek a professional builder who has the data to back up their estimates. By comparing similar projects in scope and size, you can get a more accurate picture of what to expect, helping you make decisions based on real numbers rather than a guess.
Square Metre Rate is an Expectation, Not a Quote: Realise that the square metre rate is a tool for setting expectations, not a binding quote. It provides a general direction for your project’s cost but should not be considered a final figure.
When embarking on a renovation or extension journey, arm yourself with knowledge and a realistic expectations. Don’t let the square metre rate myth derail your dreams.
Take the first step toward a successful project by arming yourself with the right information. Download our free and essential guide, “The 6 Essential Things You Must Do For A Successful Home Renovation” today and embark on your renovation or extension journey with confidence.
