According to industry data the average cost to renovate a house is between $2,000 to $2,500 per square meter here in Australia, BUT…. In my own experience renovating custom projects that number is closer to between $2,500 to $4,000.
How do I get to this number? Well I have taken all the financial data from every house I have renovated over the last 15 years and the average from all of my projects is closer to $3,000.
That takes into consideration that most of my renovations were custom designs by architects and usually involved putting a second story on a single story home and fully refurbishing the existing dwelling.
Now is calculating the cost per square meter the best way to estimate what your renovation project will cost you? In my opinion the answer is NO!
Every project is different and has its own unique cost factors such as:
- Access to the property, is it easy or hard to get materials and trucks into?
- Is the renovation just a square box added to the back of the house, or an architectural masterpiece?
- Are there any specialised building materials being used?
- Are the finishes high end or budget?
- Will major structural modifications be made to the existing house?
The above are just a handful of questions that you need to ask yourself before you take the cookie cutter approach of adding a cost per square meter to your design. There are other factors that I discussed in my blog on how long does it take to renovate a house that also come into play.
You can get project home builders that pump out the same design over and over for as low as $1,500 per meter square, but if you are on this site you are most probably not looking for that option.
In my opinion the best way to get an accurate figure or even a ball park cost before starting your design is to talk to speak with two to three professionals (I.e. Architects or Builders) about what you are proposing to do and take the averages of the estimates to get a starting point.
If you proceed to the next stage of getting your concept plans drawn, this will be enough for you to get tenders on before you move onto the final design, and give you room to scale up or down depending on the estimated costs.
Have you recently been given a square meter price to renovate your home? If so tell us about your experience in the comments section below to start the conversation.
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