Here are a few things you need to know about the cost
Whether or not you are thinking about taking advantage of the Governments $25,000 renovation grant or not. There are a few things you should know about the cost of renovating your Gold Coast Home. Especially if it’s a major whole home renovation you have in mind.
Some of these things are fairly obvious once they’ve been pointed out to you – hidden in plain sight so to speak. Nevertheless, we frequently come across people who incorrectly expect that renovating is cheaper than building new.
For a small cosmetic renovation this may be true, however there can often be a significant difference between the cost of building a new home compared to the cost of renovating and extending an existing one. Following are 5 factors to consider when estimating renovation costs.
Costs v Compromise:
The most cost-effective renovations and extensions tend to be those where a level of compromise in the layout is accepted to meet budget constraints. That is because the cost of overcoming these compromises often leads to more demolition and reorganising of the layout of the existing house, which can be expensive.
Let’s face it; older homes on the Gold Coast are small by today's accepted standards and work best when extended. Try to retain as much of the existing layout and structure as possible, keeping in mind that every door, wall and window that needs to be removed adds considerable cost and diverts money that could otherwise be spent on building brand new spaces within an extension.
Documentation:
Dare we say it? Major renovations demand planning, detail and quality documentation! The quality of your documentation set is critical for renovation and extension projects as it needs to clearly set out in detail the scope of works. And unfortunately most builders aren’t that good with paperwork.
Unlike a new home where every part of the project is new, the drawings for a renovation or extension project will show both the existing house and proposed works. The drawings and supporting documentation need to clearly indicate to the builder, trades and suppliers which parts of the building are new and which parts are existing and for those parts that are existing, whether they are being renovated, refitted, refinished, repainted, etc.
Poor quality documentation that does not clearly indicate this is likely to cause higher renovation costs due to either inaccurate or inflated estimates. This is because contractors and suppliers are much more likely to add a larger contingency into their quotes so that they are not exposed to the risk of cost overruns that often occur when the scope of works is not clear.
Demolition:
Unlike knocking down an existing house, which is relatively quick and easy using heavy machinery, partial and careful demolition to renovate will be expensive. It’s one of the most significant costs that renovation projects can incur. That’s because the careful dismantling and manual demolition that is required for renovation projects take much longer, which adds to the cost.
You also need to be aware that for each wall, door or cupboard that is removed, there will be repair and remediation work required, sometimes involving a variety of different trades. The result is that you are spending a potentially significant portion of your budget on removing and repairing things rather than creating them.
Uncovering past mistakes:
The older your home is the more likely it is that it has already had work done to it. Some of that work may have been done correctly in a tradesman like manner, however a lot of it is likely to be hidden behind the walls, under the ground and above the ceiling – and there is no way of telling who completed the work or how well it was done until your demolition work has commenced.
So you need to be aware that there may be some rectification costs that need to be allowed for to correct or upgrade previous work which sometimes can add significant cost to your project. We, here at Renew renovations will be able to highlight some of the hotspots for you and give advice on the method for rectification and likely costs involved.
Contingencies:
This is something that should always be given a generous allowance. If not, the lack of one can lead to stoppages and hold ups along the way. One of the realities of an extension or renovation project is that there are likely to be a few surprises along the way, and unfortunately these generally aren’t happy ones.
A renovation may have any number of surprises that do not reveal themselves until work has commenced. Upgrading electrical work, structural modifications, plumbing or waterproofing issues and termite damage are common just to name a few.
Unless items were foreseen and planned for, like asbestos [in which case they would not be a surprise], they are likely to be treated as variations to the contract price each time they come up. This means that the additional work will also incur a builder’s margin of up to 20 per cent on top of the additional labour and material cost. In some instances where, even after making some allowance in the quote, the actual cost of dealing with unknowns is over and above what has been allowed for.
Project Management take away some of the worries
This especially is an area where we at Renew Renovations can help as we prepare very detailed job costings (Quotes) and schedule the work (time management). We minimise the need for Provisional Sums by having detailed specifications at time of going to contract.
You’ll benefit greatly from our Project Management processes and renovation experience, especially if you engage us early in the planning and design stage of your proposed renovation or extension.
Remember, most renovation horror stories often start with a cheap quote.
Setting your Renovation Budget
We ask you about your budget before we start the design and feasibility process, which ultimately saves you time and disappointment. It’s now time for the million dollar question. How much should you spend and what does a quality renovation actually cost? The simple answer is that it depends a lot on your goals and the choices you make. Now that’s obviously not super helpful. – so click here to see my price guide.
Designing your Gold Coast Home Renovation
Designing your new renovation can be a really fun creative journey, or a daunting experience. May I recommend that you do some online reassure and find images of design styles you like and may want to incorporate into your design.
There are many options and design choices that need to be made, and it’s easy to fall into analysis paralysis. If you are getting overwhelmed or having trouble getting your dream design together than our talented team can certainly give you the confidence and assist you every step of the way.
The design stage normally includes a concept sketch, drafting of plan, a specification and selections of inclusions such as colours fittings and fittings. Whether your tastes are simple or sophisticated, we have what it takes to deliver what you’re after.
Design, build, project manage
If you’re looking for the ultimate in peace of mind then a design/build/manage renovation builder is for you. There are a few incredible advantages to going this route. We can talk to you about potential costs and that the designer and builder are on the same page and working within your budget. Good planning and project management leads to a smooth stress free process. This level of integration and cooperation eliminates the stress, mess & guess.
Ready to get started with your Gold Coast Renovation?
From a single room, to an entire house renovation, we can do it all. We manage everything from start to finish. I’d love to talk to you about your unique renovation project and find out if we are the right fit for you
Want to learn more about renovation projects that can improve not just your home, but also increase it's value? Call Andre today on 1300 772 123
We design, build and project manage and deliver you a beautiful, stress-free, worry-free and regret-free luxury renovation that’s perfect for your family’s needs and budget.
