They say the Great Australian Dream is to own your own home. But what happens when it’s time to give that home some TLC?
Renovating your home has several benefits, from giving it a modern touch to increasing its value if you ever decide to sell. Of course, there is one hurdle you’ll need to cross before you grab your tools, cost.
This blog will provide insight into Australia’s average complete home renovation cost.
The average home renovation cost in Australia
Whether you’re only renovating one room or giving your home a total makeover, home renovation costs can add up quickly. And if you’re in the middle of saving for your dream reno or shopping around on home renovation loans, it’s never a bad idea to research Australia’s average home renovation cost.
To keep your search quick and simple, we’ve jotted down an estimated cost to renovate your home, from the bathroom to the kitchen.
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Apply Online NowLiving and dining room
Your living and dining area is the focal point of your home. It’s where you entertain guests or unwind after a long day, which is why many Australians upgrade it. Living and dining room renovations can cost the average household between $10,000 to $15,000. These renovations look different for everyone, as every household has different goals and budgets. For some, a fresh coat of paint will do the job, while others require walls to be knocked down or switch out their lighting.
Kitchen
The average kitchen renovation can cost between $15,000 to $50,000, depending on the level of reconstruction you’re looking to do. The kitchen is arguably the most expensive area of the home to renovate, as it may involve demolishing and rebuilding major structures, modifying electrical points, upgrading appliances and more.
Many homeowners opt to apply for a home renovation loan to ease upfront expenses and allow them to enjoy their new kitchen with no delay.
Bathroom
The bathroom is another popular area of the home Australians choose to renovate — but it can also be the most costly. Bathroom renovations can cost, on average, between $15,000 to $30,000, depending on the labour needed to complete the job. Some major bathroom renovation areas include adding new tapware, stripping and replacing tiles, upgrading appliances and more.
Bedrooms
From giving your children their dream walk-in wardrobe to sprucing things up with a fresh coat of paint, renovating your bedrooms can bring a touch of luxury to any home. The average cost of a bedroom renovation sits between $2,000 to $5,000. Common bedroom renovations include expanding storage areas or upgrading power points.
Three tips to prevent overspending on your home renovations
- Establish and stick to a budget — One common mistake many Australian homeowners make before renovating is spending without a budget. It’s easy for home renovation costs to get out of hand, and sticking to a realistic figure can prevent you from blowing the bank.
- Shop around for a fair quote — They say never to take the first offer, and the quote you receive from a builder is no exception. To ensure you’re getting the best deal for your renovation, try to obtain at least three quotes from different builders.
- Consider competitive financing — With home renovation costs rising by the day, it’s not uncommon for Australians to get financial help where they can. A home renovation loan with a competitive interest rate can help you access quick funding to transform your home. If you’re looking fora top offer in the market, look no further than Finance One.
Fast and flexible home renovation loans with Finance One
We get it. You want to give your home the renovation it deserves, but you may need more funding to do it. That’s where we step in. Finance One is a personal loan lender who can help you turn your financial dreams into a reality. We offer secured and unsecured home renovation loans of up to $25,000* to customers from all financial backgrounds.
Even if you haven’t had the best financial history, we believe everyone deserves an opportunity to live the life they want. Our compassionate lending process provides great flexibility, with loan terms of up to four years and the option to make additional payments with no penalty.
Discover our suite of personal financing solutions and apply today.
Apply Online Now*Secured Personal Loans between $5,000 – $25,000. Unsecured Personal Loans between $5,000 – $15,000.
Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528
Disclaimer: The information above is of a general nature only and does not consider your personal objectives, financial situation or particular needs. You should consider seeking independent advice regarding your legal, financial, taxation or other needs, to check how the information relates to your particular circumstances. We do not accept responsibility for any loss arising from the use of, or reliance on, the information. All loan applications are subject to normal lending criteria. Fees and charges payable. Terms and conditions apply.
