If you’re an avid owner builder looking for your next property to renovate it can be a challenge to figure out how much you need to spend on a property at a glance based on whether you will be flipping the property for a property or using it as a home for your family.
There is a massive difference between the two for owner builders and knowing how to calculate a basic renovation budget on the spot is a enviable trait so you can ensure you never miss out on a great property whilst at the same time never commit to buying a property without a basic understanding of the money that needs to be poured into the property to get it in tip-top shape.
We’ve outlined a few tips to help you determine a renovation budget quickly so you can jump at an opportunity when it comes available:
Structural or cosmetic renovations
Certified owner builders should consider first and foremost what parts of the renovation are structural and what parts are cosmetic.
Structural renovations for the proposed property may including re-stumping, eliminating damp, extending living areas, adding a deck and similar whereby cosmetic enhancements may be painting, re-flooring, adding new fixtures and updating your bathroom and kitchen. All structural renovations should be thoroughly costed out however if you do have the knowledge or experience, adding in some budget for any structural work in your initial calculation is essential.
Kitchen Renovations
If you’re looking to calculate the cost for owner builders to renovate your kitchen, you should first of all focus on the finished quality you are going for. A basic kitchen renovation could come in between $12,000 and $25,000 however if you are going to dabble in high-end bench tops and fancy fixtures you will need to budget more. Consider that the Houzz Australia 2016 Houzz and Home Report found that in 2015 the average homeowner spent $31,000 on renovations in a large kitchen and $21,840 for a small kitchen of less than 12 square metres.
Bathroom Renovations
You should first determine how many bathrooms you have to renovate in the project and the extent as an owner builder you will be renovating them to. Will it be a major renovation, which can cost up to $15,000 or a bit of a quick tidy up including replacing the mirror, vanity, tile paint and shower screen, which can come in at around $5,000. There is plenty of room to spend in a bathroom renovation so focus on your budget and to what scale the renovation will be.
Landscaping Renovations
Often forgotten by owner builders, the landscaping of a property can be where budgets are blown or an area that is altogether forgotten due to a lack of funds.
For a brand new home, landscaping can cost as much as $50,000 for terracing including rock walls, plants and the whole kit and caboodle to ensure the property has the wow factor on the outside that is does on the inside. Owner builders should also add an element of landscaping into their calculation to ensure that any renovation of the outside, however minor, is factored into the project.
Prospective NSW owner builders and QLD owner builders now have the option of undertaking an online course to get their qualification quickly and simply online.
If you’re passionate about renovating and looking to become an owner builder we have the qualification to suit your needs. We offer a fair trading approved certification via an online owner builder course that is suitable for NSW and QLD residents. To find out more click here to discover everything you need to know about becoming an owner builder today.