Australians love at least two things: the outdoors and home remodeling. In fact, the media dubbed 2018 as the year of the renovations in the country based on the data from the Australian Bureau of Statistics.
According to the bureau, the Aussies spent a whopping $9.89 billion as of September quarter. It represented an increase of 11% compared to the previous year. Queenslanders spent nearly $2 billion within the same period. It’s the highest amount homeowners shelled out since more than ten years ago.
In spite of the popularity of remodeling, it isn’t cheap. If this is what you want, then it pays to know the best ways to spend your budget. For that, you can consider the potential costs and the projects to do.
Where to Spend the Money
What projects deserve your cash (or credit card)? According to Houzz.com, most Australians poured money on interior renovations. To be more specific, they spent much on kitchen and bathrooms in 2017.
Kitchens were the more expensive with median spending of $20,000. That’s for a kitchen that measures about 10 square meters. Meanwhile, renovating a master’s bedroom could cost you about $13,000.
The price tags didn’t deter homeowners from making changes in these spaces. During the same year, more than 25% opted to update their kitchen while around 18% focused on their bathrooms.
A simple but profitable home renovation project is repainting. This one can already add at least 5% of the home’s market price. But note some choices might fare better than the others. Take, for example, paint colors.
White still remains a popular choice in the country, especially to homeowners living in or near the coastal regions. It goes well with blue, which comes in a variety of shades. The Centurion shade, which is similar to light grey, is a favorite pick for children’s nurseries.
Bear in mind that you might not be able to repaint without ensuring the walls are ready. You might need to invest in concrete repair products to get rid of the bumps and smooth out the surface.
How Much Will It Cost?
The basic answer is it depends on many factors, such as the complexity of the project, labor, duration, and materials.
Hipages.com.au sets the budget for a full kitchen renovation between $10,000 and $45,000. It can take about two to nine weeks to complete.
The garden and the deck will be significantly cheaper. You can already start it at only $2,000. Much of the money will go toward the timber.
Information from the Housing Industry Association Limited (HIA) believes that the total remodelling costs can be as much as $200,000. If you’re looking at minor improvements, the cheapest will be around $20,000.
With these prices, you might think of doing the remodeling DIY. That might not be a good idea if you don’t have the experience and expertise. Worse, you will end up spending more as you might need to hire professionals later to undo your work.
Remodeling is one of the effective ways to improve your quality of life or settle your property fast. But it needs strategic planning, including which projects need your utmost attention and provide the highest return on investment.