Renovate or detonate – the answer is simple

Integrated Loans House Renovation Personal Loan

house renovation

Renovate or detonate – the answer is simple

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Are you trying to make a decision on whether to renovate or detonate? Has the excitement of reality renovation TV thrown you into a “renovation frenzy”?

The one thing the experts all agree is that before you knock down your first wall or make a decision to rebuild, you really should know how much your project is going to cost and how you are going to finance it.

But how do you figure this out without hours of internet research and sourcing multiple building quotes?

Google the word renovation and the stories and advice will come thick and fast… unbelievable property mogul success, horror stories and conflicting advice from all kinds of sources.

You could spend hours reading through each article, creating formulas for estimating your costs and weighing up the advice, or you could spend 10 minutes with our renovation calculator.

With a few quick measurements and using the Archicentre cost guide (*Archicentre is the building advisory service of the Australian Institute of Architects.), you can take your first steps toward making an informed decision.

Once you’ve worked out your renovation costs, simply add it to our renovation calculator and we’ll give you renovate to new-build comparison. Simple and fast!
Don’t spend hours obsessing over the options, in 10 minutes work out your estimated budget!

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How to use our calculator

STEP 1

Select your current home type and level of finish

STEP 2

Enter the number and size of the bathrooms, bedrooms, and kitchens in your house.

Even if you are not renovating every room in the house, it is important to fill in the total amount of bathrooms, bedrooms, and kitchens in your property to achieve an accurate comparison for a new build vs renovation.

Some “experts” will claim that renovation is always more expensive than a new build but a common error in this calculation is a failure to compare like for like, in size and quality.

STEP 3

Estimate the cost of each room renovation by using the Archicentre Cost Guide

Bathroom/ensuite $10,000 to $25,000*

Kitchen $12,000 to $30,000*

Laundry $5,000 to $10,000*

Estimate where you think you fit in this scale. For a budget renovation, use the lowest figure. For a high-quality renovation use the top end of the scale.  Insert your estimate in the “total cost” field (making sure to multiply the cost by the number of bathrooms/kitchens/laundry’s you are renovating).

The total cost for rooms you are not renovating will be 0.

Alternatively, you can use the complete Archicentre Cost Guide for calculating all individual components of your project.

Be sure to include any additional costs for “Other Items”;

–    drafting and design costs (approx $5,000 to $10,000),

–    local government approvals and certification (from $300 -$1500),

–    structural engineer report (if required $2,500 – $5,000),

–    short-term accommodation if you can’t live in the house,

–    rubbish removal,

–    other room costs (ie laundry, garage, living room).

STEP 4

After you enter your estimated renovation costs, our calculator will do the rest!

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REMEMBER

The Renovation Calculator uses an industry-standardized rate per sqm for new build comparison costs.

There could also be additional costs to add including;

  • short-term accommodation costs (where will you live during the rebuild?),
  • house removal/demolition costs,
  • heritage or character overlay requirements,
  • services disconnection and reconnection,
  • furnishings,
  • landscaping and fencing,
  • design changes and alterations.

*Estimates are based on the August 2015 Archicentre Cost Guide.

Click Below for Archicentre Cost Guide

Archicentre Cost Guide

 

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