Log in / Sign up

Get in touch with one of our experts who can answer all your home loan related questions.

We love feedback!

Back to Inspire home

Unexpected renovation costs you need to know about

You’ve saved and saved and finally have enough money for that kitchen renovation you’ve been dying for. Watching an endless amount of renovations shows (to the utter displeasure of the rest of the family) has trained you for this moment. You know the cost of every light fixture and every strike of the chippy’s hammer down to the cent.

With home improvement shows like The Block gracing our television screens every other night of the year, many everyday Australians now consider themselves to be experts when it comes to DIY renovations. What these programs neglect to show you, though, are the not so common costs people often forget about.

Thinking of renovating? Find a great cash out rate in minutes.

Ask before you task

contractor-working Before you go around knocking down walls, ask an expert!

People tend not to understand the key structural elements of houses. They seem to forget that a house isn’t simply four walls and a roof. Swallow your pride and ask an experienced carpenter about how to go about your renovation. The callout may cost you a few hundred dollars but it could save you thousands in the long run.

If you have any friends who have made it through the home renovation journey, ask them about their experience and the unforeseen costs they encountered so as to not be surprised yourself.

Buying a fixer upper? Consider these pros and cons.

Old meets new

Next, consider the age of your home. Older homes tend to need more than a facelift. Once the walls are opened up, it’s not uncommon to find that plumbing and electricals also need to be rejuvenated. It’s also smart to add more power outlets to older homes to bring them into the 21st century.

Storage wars

You’ll also need to consider where you’re going to keep your belongings while work is in progress. If you don’t have an attic or a basement then a storage unit might be your best bet. The cost of temporary storage is one you’ve definitely forgotten to account for.

Similarly, you might want to escape the racket while your house is under renovation. Renting a hotel room for a couple weeks can be costly if you decide you can’t live with the constant drilling, hammering and sanding.

Financing your renovation shouldn't be a headache. Lendi makes it simpler.

Who let the dogs out?

man-and-dog-doing-renovations If your dog or cat scares easily, you might want to put them up in a kennel while your renovation is in progress. This can cost anywhere between $10 to $100 a day. As if the renovation itself wasn’t stressful enough already, the last thing you and your neighbours need is an agitated dog barking all day and night.

Building codes

Your council will have to give you its tick of approval before any of your planned renovations can get underway. Consider the council's building codes to avoid any unexpected costs. For example, in NSW, houses now need to be fitted with at least one working smoke detector and if unaccounted for this can put a large dent in your budget.

Plan for the worst, but hope for the best

It may be a good idea to include a ‘cushion’ in your budget, an amount anywhere between 10%-25% of the total costs of your renovations, to cover your bases when it comes to the unexpected.

If you're thinking of hiring a builder, there are a few essential questions you should ask them beforehand.

Tags: property, renovate, first home, first home buyer

Check today's low rates

Apply online with Lendi and get approved faster.

View now

Check today's low rates

Apply online with Lendi and get approved faster.

View now
How much is your home worth?

How much is your home worth?

Get a free online property valuation with local sale and suburb statistics.

Get your property report

Important legal stuff

COMPARISON RATE WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.
Lendi is the trading name of Lendi Pty Ltd, a related body corporate of your licensed credit assistance provider, Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence Number 442372). We will never sell your email address to any third party or send you nasty spam, promise.
EXAMPLE: This example is current as at 20th October 2016. A Click Loans Online Principal and Interest Loan of $150,000 over 25 years has monthly repayments of $767. This is calculated based on the interest rate of 3.69%, comparison rate of 3.69%, upfront fees of $0 and annual fees of $0.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
Lendi is a privately owned and operated Aussie business. Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of major and non-bank lenders including Click Loans which is a wholly owned subsidiary of Auscred Pty Ltd and a related body corporate of Auscred Services, your credit assistance provider. Although Lendi compares over 1600 products from over 30 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 40% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. We have an independent and founder led board.
Made with love at Circular Quay in Sydney, Australia. © 2019. All rights reserved.