Begin your home renovations in Perth on solid financial footing.
It’s possible to renovate your home your way without breaking the bank, it just takes a little advanced planning and insights from the experts. If you’re looking to transform the look and feel of your home through professional home renovation services in Perth, plunge into this blog to learn about the financial implications involved!
Breaking down your home renovation budget is one of the most challenging (yet most important) home renovation tasks. Since the figure influences all other decisions- material, labor, design options, and if you can spring for that pricey ceramic tiles or stones- it’s essential to create an accurate budget for the entire project.
Likewise, while establishing a home renovation budget, homeowners should compare what they would like to spend with what they can afford, ensuring they strike a balance between their vision and financial reality. This approach enables prioritisation and adjustment, helping to create a feasible plan that maximizes value without overspending.
Ready to get started? Use the below-given home renovation budget checklist as a rough outline for spending and adjusting according to your priorities.
What influences a home renovation project cost in Perth?
The cost of a home renovation varies by city in Western Australia, with prices in bigger cities higher than others. In 2024, the home renovations in Perth averaged $50,000, which is more than the average in other regions of Western Australia.
But, bear in mind, that this is not a fixed cost and may change according to your needs and preferences. The amount you spend on home renovations in Perth depends on the area of your home. Another factor that dominates the home renovation cost is the scope and scalability of the work, especially if you’re looking for more than floorings and ceilings. Home renovation projects that involve wiring, plumbing, and electrical work tend to cost more. Let’s discuss these factors one by one to help you budget for the home renovation project efficiently:
1. Bathroom Renovation
- Cost: $5,000 – $25,000+
What is involved in bathroom renovation costs?
Upgrading plumbing fixtures, tiling, installing vanities and lighting, and waterproofing.
2. Home Office Renovation
- Cost: $3,000 – $10,000+
What is involved in home office renovation costs?
Furniture, electrical work, custom cabinetry, paint, and flooring.
3. Living Room Renovation
- Cost: $3,000 – $15,000+
What is involved in living room renovation costs?
Paint, flooring, lighting, built-in features, and window updates.
4. Kitchen Renovation
- Cost: $6,000 – $50,000+
What is involved in kitchen renovation costs?
Cabinetry, countertops, appliances, plumbing and electrical work, flooring, and backsplashes.
5. Utility Room Renovation (Laundry Room)
- Cost: $2,000 – $10,000+
What is involved in utility room renovation costs?
Plumbing, cabinetry, flooring, lighting, and utility sink installation.
6. Bedroom Renovation
- Cost: $8,000 – $15,000+
What is involved in bedroom renovation costs?
Paint, flooring, lighting, closet solutions, and window treatment
Home Renovation Cost Allocation
Dividing a budget into percentages allows homeowners to get a complete overview of how their financial resources will be allocated, ensuring that no area remains untouched while also prioritising them based on their importance.
Living Areas: 5-10%
Living areas are often the first place a guest sees. It works greatly to create a positive first impression while reflecting the style and personality of the homeowner. Therefore, it is wise to reserve a significant portion of your budget for living room renovation.
Kitchen Renovation: 10-15%
Kitchen renovation often takes a significant part of the budget due to appliances, cabinetry, and countertops.
Bathroom Renovation: 10-12%
Bathrooms can also be costly, especially if plumbing and fixtures are involved. Consider spending 10-12% of your budget on bathroom renovation.
Bedrooms: 5-10%
Often the most personal space in any home, a bedroom is designed to provide comfort and solace. Therefore, it is advisable to spend 10-15% of your budget on bedroom renovation.
Basement Renovation: 5-10%
If applicable, converting a basement into a usable space can add significant value. Set aside
10-15% of your renovation budget to transform your basement into a versatile area.
Miscellaneous: 10%
Always reserve some budget for unexpected expenses or changes in plans.
Estimating Home Renovation Costs: What you need to know?
Unable to decide on your home remodeling budget? As a general rule, you should not spend more than 10-15 percent of your total home’s value on the renovation of a single room. If not complied with, the value of renovation will not correspondingly enhance the value of your home.
Let’s take for instance -if your home’s worth is $100,000, the maximum you should spend on kitchen renovations is $15,000.
How to make a detailed home renovation budget for your Perth home?
Know your goals
The foremost step towards creating your home renovation budget is to know about your needs and wants. Make a list that includes everything you want from the renovation project and then sort it according to your preferences.
To start, consider asking the following questions:
- What outcomes do you expect from this project?
- What can or cannot be compromised?
- Do I have the bandwidth in terms of time and finances to begin the project?
Keep a list of all your cost estimates
The next step in the process is to create a list that includes everything from materials and labor to permits and unexpected expenses.
Build an exhaustive spreadsheet that talks about every component of the home renovation project along with their cost estimates. For instance, you can categorise your spreadsheet by different areas of the renovation, such as the material, and then break down this category into sub-categories like flooring, cabinetry, countertops, fixtures, and paint, along with their estimated costs.
With this, you can have a more accurate picture of the total investment required for your project.
Request bids from multiple contractors
You may find hundreds of contractors offering home renovations in Perth, but do they really provide the level of services you’re expecting? No!
Now that you know your goals and what you can afford to pay for each item, it’s time to find a contractor that can give you the best outcomes from your remodeling budget.
Prepare a list of home renovators in Perth with good reviews and ask them to provide a quote for your project. Once you have quotations from at least 3 contractors, you can move toward the next step.
Choose the contractor
In the next step, conduct one-on-one discussion sessions with the prospective contractors. During the discussion, ensure that you convey your goals and budget. Also, ensure that the contractor thoroughly understands your needs and preferences.
Once you’re done with the question-and-answer round, you can narrow down the list of contractors by evaluating their quotes, responses, credentials, and track records.
Final Words
Home renovation has become more than just a choice today. The home where you live is now seen as a reflection of your personality and style. While it may be a way to match the glitz and glamour of today’s world, it’s also an excellent opportunity to improve your daily living experience and increase your property’s worth.
Ultimately, whether you decide to embark on a home renovation to boost your property’s value or enhance your living standards, having a meticulously crafted budget will ensure you stay within your financial limits. This thoughtful approach not only helps prevent overspending but also allows you to allocate resources effectively, considering every aspect of renovation that matters most to you.
If you’re looking for the best home renovation services in Perth, look no further than Sunset Construction. Get in touch with us to turn your renovation dreams into reality,
FAQs on Home Renovation
How to trim down your home renovation costs?
Do DIY demolition, buy materials from wholesalers, and get multiple quotes from contractors to find the best deals.
Which is the most budget-friendly season to start the renovation work?
Late fall and winter are often the most budget-friendly seasons for renovations, as contractors get comparatively fewer projects than in other seasons.
