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How Much Should You Spend on a Renovation

Planning a home renovation can be as thrilling as it is daunting, and the cost? Well, that’s as variable as this Aussie weather!

The golden rule here is simple: size and scope are the main cost drivers.

So, how do you navigate this financial fog?

Start by splitting your renovation wishlist into ‘must-haves’ and ‘nice-to-haves’. Think of it as your renovation menu – mains and desserts. Those drafty doors and tired windows? They’re your main course. The fancy new tiles for the kitchen? Definitely dessert.

Always use the market value of your property as a starting point for calculating home renovation costs.

As a general rule of thumb, the amount you spend on your renovations should not be more than 10% of the current market value of your home. That’s based on cosmetic changes. If we’re talking structural overhauls – then you’re in a different league, with costs potentially gobbling up to 40% of your property’s value.

In essence, whether you’re giving your place a bit of a spruce or going all out with a structural transformation, it’s about smart spending.

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