It's a major choice many Sydney residents have to make: move into a new house or renovate the one you're living in. Both have major costs and lifestyle implications. Knowing the cost implications of house renovations sydney cost compared to purchasing new can assist you in making a well-informed decision that is both within your budget and best meets your requirements.
Is It Less Expensive to Move or Renovate in Sydney?
Renovation prices in Sydney range considerably based on the size and level of work.
For a complete house renovation, you can estimate between $241,000 and $438,000 for mid-range finishes, which include renovations to kitchens, bathrooms, flooring, and laundry rooms.
On a square metre basis, renovations usually range between $3,000 and $5,000 for quality work, cheaper end renovations around $2,000 to $3,000, and high-end finishes in excess of $5,000 per square metre.
Smaller renovations, such as kitchen or bathroom renovations, typically cost between $15,000 and $60,000, depending on the room size and finish.
Labour shortages, increased material prices, and code requirements have helped drive steady price hikes over the last few years, turning the renovation into a major undertaking.
How Do These Renovation Costs Compare to Buying a New Home?
Sydney's property market is famous for its expensive nature.
Purchasing a new house tends to mean considerable costs involved at the front end apart from the price of the house, such as stamp duty, attorney fees, shifting charges, and possible repairs or renovation post-purchase.
Although a new house widely differs according to location and size, the overall price tends to be more than the price of renovating an existing house, particularly if you are willing to remain in a good location.
Renovation can be a cheaper method of extending your living area or updating your home without the disruption of relocating.
It also means that you can tailor your existing home to suit your very own personal tastes in preference to taking what you can find on the market.
What Are the Hidden Costs and Risks of Moving vs Renovating?
Moving comes with additional financial and emotional costs that are often overlooked.
These include stamp duty, real estate agent fees, and the stress of relocating.
There is also the risk that the new property may require unexpected repairs or renovations, adding to your expenses.
Meanwhile, renovations might reveal unexpected issues like structural issues or old wiring, which can blow your budget.
Proper planning and having a 10-20% contingency on your renovation budget can subdue these surprises.
How Do You Budget Better for Renovations?
To derive the best value from your renovation budget:
Get detailed quotes covering all work facets, from design and permits to build and finishes.
Put most value-adding renovations or those that enhance your lifestyle, like bathrooms and kitchens, at the top of your list.
Stage your renovation to break up costs over time and ease budget burdens.
Use seasoned professionals who are familiar with Sydney building codes and market conditions to prevent expensive errors.
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