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Cost of Renovating A House?

Cost of Renovating A House?

Old Jun 18th 2016, 10:15 pm
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Baz
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Default Cost of Renovating A House?

Hi All,

We live in Cairns and are looking to move down to either the Gold Coast or Sunshine Coast, and are doing a bit of research on living options.

One option would be to build a new house, this would be the 'gold standard' for us but its expensive, and we would really like to reduce our mortgage if possible, as with two kids in daycare, like many people in similar situations we are financially destitute.

Another option would be to buy a reasonably nice house with the money from the sale of our existing house, we could do this, we think we will probably get around 550K for our existing house, but the thing is its not going to help reducing our mortgage.

The other option, would be to buy a 'banger,' or 'renovator's delight' as they are described on realestate.com, and spend a bit of money doing it up. We figure if it has the fundamentals of a decent house in terms of layout etc, and we get it cheap, then we could afford to spend a bit of money on it, and by the end of it (theoretically), it would look like a new house, for less than the cost of the other two options (again, theoretically). Ive seen some houses on realestate.com which look like new builds, its only when I've looked really carefully because maybe there has been one wall which they haven't rendered or something, that i've realised its an older house which has been done up.

So i appreciate there are lots of different factors that affect the cost of renovating a house, but i'm just trying to get a 'ball park figure' or 'guesstimate.' So if we were to buy an older four bedroom two bathroom house, maybe knock down a wall here or there, render it inside and out, put down new lino flooring, a new kitchen and bathrooms, and paint it, can anyone give me a guesstimate of what the cost would be? For example, i would have thought we would be looking somewhere around 75K, could anyone advise if this is correct?

I was also wondering if anyone has any experience doing this, and can advise how you find a good builder, and what some of the good things you would advise to do are, and what are some of the pitfalls to avoid?

Many Thanks,

Baz
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Old Jun 18th 2016, 10:41 pm
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Default Re: Cost of Renovating A House?

Originally Posted by Baz View Post
Hi All,

We live in Cairns and are looking to move down to either the Gold Coast or Sunshine Coast, and are doing a bit of research on living options.

One option would be to build a new house, this would be the 'gold standard' for us but its expensive, and we would really like to reduce our mortgage if possible, as with two kids in daycare, like many people in similar situations we are financially destitute.

Another option would be to buy a reasonably nice house with the money from the sale of our existing house, we could do this, we think we will probably get around 550K for our existing house, but the thing is its not going to help reducing our mortgage.

The other option, would be to buy a 'banger,' or 'renovator's delight' as they are described on realestate.com, and spend a bit of money doing it up. We figure if it has the fundamentals of a decent house in terms of layout etc, and we get it cheap, then we could afford to spend a bit of money on it, and by the end of it (theoretically), it would look like a new house, for less than the cost of the other two options (again, theoretically). Ive seen some houses on realestate.com which look like new builds, its only when I've looked really carefully because maybe there has been one wall which they haven't rendered or something, that i've realised its an older house which has been done up.

So i appreciate there are lots of different factors that affect the cost of renovating a house, but i'm just trying to get a 'ball park figure' or 'guesstimate.' So if we were to buy an older four bedroom two bathroom house, maybe knock down a wall here or there, render it inside and out, put down new lino flooring, a new kitchen and bathrooms, and paint it, can anyone give me a guesstimate of what the cost would be? For example, i would have thought we would be looking somewhere around 75K, could anyone advise if this is correct?

I was also wondering if anyone has any experience doing this, and can advise how you find a good builder, and what some of the good things you would advise to do are, and what are some of the pitfalls to avoid?

Many Thanks,

Baz
Sounds like a rather low price to me.

How about this? Rent something amazing and lose the mortgage burden. Job done.
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Old Jun 18th 2016, 11:46 pm
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Default Re: Cost of Renovating A House?

Originally Posted by Beoz View Post
Sounds like a rather low price to me.

How about this? Rent something amazing and lose the mortgage burden. Job done.
Our existing mortgage is about $1000 per fortnight, which I suspect is probably not much different to the cost of renting. Wherever we end up we will rent initially anyway.
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Old Jun 19th 2016, 3:45 am
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Default Re: Cost of Renovating A House?

I'd suggest $75,000 would be way too low. We are in the process of renovating a bathroom( hardly big) top floor toilet and having the carpet replaced with wood and vinyl through out and is costing way in excess of $40,000 after purchasing vanity, shower etc. We are going with quality though but wouldn't expect to regain close to the price if put on the market. It would likely retain value though in a falling market.


Earlier I replaced the patio and replaced flooring with lovely stone surface. That would put the price up well over $50,000 combined. Still to do the kitchen and painting throughout. Replace doors ,probable double glazing and possible windows. Other renovations to stairs etc will put it way over $100,000 if do what is needed.


Others I know that have added a double story have paid well over $200,000. When you start dealing with tradies costs are never ending. Money pours out like liquid.


Some swear better to buy new. Even then faults occur with an untried product.
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Old Jun 19th 2016, 3:56 am
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Default Re: Cost of Renovating A House?

Originally Posted by the troubadour View Post
I'd suggest $75,000 would be way too low. We are in the process of renovating a bathroom( hardly big) top floor toilet and having the carpet replaced with wood and vinyl through out and is costing way in excess of $40,000 after purchasing vanity, shower etc. We are going with quality though but wouldn't expect to regain close to the price if put on the market. It would likely retain value though in a falling market.


Earlier I replaced the patio and replaced flooring with lovely stone surface. That would put the price up well over $50,000 combined. Still to do the kitchen and painting throughout. Replace doors ,probable double glazing and possible windows. Other renovations to stairs etc will put it way over $100,000 if do what is needed.


Others I know that have added a double story have paid well over $200,000. When you start dealing with tradies costs are never ending. Money pours out like liquid.


Some swear better to buy new. Even then faults occur with an untried product.
It will also depend on how much work you do yourself - and if you have any friends with trades to help out.

Recently did a new floor in the formal lounge - just under 30m2 laminate - think the total cost was around $600 and my spare time on a weekend.
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Old Jun 19th 2016, 4:00 am
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Default Re: Cost of Renovating A House?

Are you capable of doing the work yourself, or will you be paying contractors?

The cost could be whatever you want it to be - flooring could be vinyl you install yourself, or exotic hardwood. Kitchen could be flatpack cabinets, or custom craftsman made. Does it need replumbing and rewiring?

Honestly, this is your answer.

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Old Jun 19th 2016, 4:42 am
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Default Re: Cost of Renovating A House?

Originally Posted by Pulaski View Post
Are you capable of doing the work yourself, or will you be paying contractors?

The cost could be whatever you want it to be - flooring could be vinyl you install yourself, or exotic hardwood. Kitchen could be flatpack cabinets, or custom craftsman made. Does it need replumbing and rewiring?

Honestly, this is your answer.

http://static1.squarespace.com/stati...-Of-String.jpg
Its 50cm 😀👍

But point taken...
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Old Jun 19th 2016, 9:41 am
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Default Re: Cost of Renovating A House?

If you're able to do most of the work yourself and perhaps go to demolition sales to pick up second hand materials it is possible to stay within your budget I would think. I turned our double garage into two rooms - an extra bedroom and a separate room for a home based business for less than 5k. I paid tradies for stuff I couldn't learn how to do myself and this price includes materials, paint, tools, new carpets, the lot.

I used friends and local Facebook groups for referrals to local tradies with great success. Word of mouth is everything.

If you have to get tradies to do all of the work then a good rule of thumb is to get three estimates, add them together and that's about what it will end up costing.

Last edited by SoCalDon; Jun 19th 2016 at 9:46 am.
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Old Jun 19th 2016, 9:49 am
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Default Re: Cost of Renovating A House?

It depends on whether you're going to use a builder, in which case expect to add 40% to your costs. We got rid of our handyman masquerading as a builder as soon as I received his quotes and independently verified just how much he was padding up his bills.

We live in Melbourne and I project managed our renovation back in Apr 2012. Just to give you an idea of our expenses, we paid around $53,000 and got the following things done:

SmartStrand carpet by Dupont (soft as silk!!) from Harvey Norman (HN) to 5 bedrooms, study and formal living/dining. $6,500 (Saved around $800 by taking quotes/negotiating with 4-5 different HN stores...lol)

Renovating (new tiles, sanitary and electrical fittings) 2 bathrooms and a powder room. $25,279 (We managed to find an excellent plumber and tiler)

Painting entire house (interior only) $7500

Replacing floor tiles in kitchen and family room with Amtico Vinyl (this retails for $110/sqm in HN, but we got a great deal online at a fraction of this price) : $3,950 for 50sqm for what could have easily cost us $9k plus had we used HN

Replaced Brivis Ducted Heater (23kw Brivis Star Pro high-efficiency unit model HX23) $2850 for the ground floor.

On the upper storey, we installed 4 separate reverse cycle ACs (Toshiba Daiseikai 2.5kw reverse cycle inverter) for each bedroom. This was done exactly a year ago - cost us $6,900. Edit to clarify: The 53k excludes the 4 RC ACs....

Shopping around/negotiating helps keep down costs. Still got to do the kitchen but we couldn't be ar$ed anymore

Good luck!

Last edited by IndieG; Jun 19th 2016 at 11:44 am.
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