Renovation costs for your home’s exterior upgrade will vary greatly depending on a number of factors. Here are some general guidelines that can help you get a sense of what to expect.
Expect to pay around 2-7% of your home’s value
A good way to determine how much to spend on your exterior renovation is to consider the value of your home. As a general rule, we recommend our clients here at Hotspace Consultants spend around 5-7% of the home’s value for an exterior renovation. For example, if your home is worth $1,000,000, you should budget between $50,000 & $70,000.
Of course, this is just a rough estimate and the actual cost could be much higher or lower depending on the specific details of your project. For example, if you’re planning to completely overhaul the facade of your home, or using high-end materials like stone or other special claddings, you can expect to pay more than if you’re simply updating the paint and tidying up the landscaping.
Avoid over-capitalising (i.e don’t spend more on your home than the value you would add with the renovations). Compare your home as it would be with the exterior fully renovated, with other homes (similarly renovated) in your suburb. There is usually a ‘cap’ on how much value you can add to a property and this is based on what other homes of similar standing in your area have recently sold for (even if you aren’t selling your home, this is still important to consider).
Keep your spending on track by identifying all specs and costs BEFORE you begin renovating
Piecemeal renovations are a one-way ticket to over-spending. Instead, identify all the details of your renovation + their associated costs before you start on any of the renovation work. This is where Hotspace Consultants can help. Costs will inevitably go up and down due to unforeseen circumstances or problems on site, but at least you have a starting point. Ensure you have a contingency of at least 10% of your budget to allow for variations as you go.
If you want to make sure you stick to your renovation budget AND have an amazing home to come home to every day, contact me here to see if Hotspace Consultants can help… https://hotspaceconsultants.com/preliminary-enquiry/
Jane Eyles-Bennett