Are you considering a significant overhaul of your family home or investment property? Cowan Building uncovers the crucial aspects you should consider before undertaking a major home renovation. PLUS, the renovation boom in New Zealand, average costs for bathroom, kitchen, and whole house remodels, and the benefits of renovating instead of selling.

 

Home renovations are an exciting endeavor that can transform your living space and add value to your property. However, they do require careful planning to ensure a successful outcome. Therefore, the main component for any major home renovation is to tread carefully. Unfortunately, many homeowners get easily caught out with a DIY approach only to end up out of their depth. While DIY looks inviting and almost romantic on screen, in reality, it can be a hugely stressful event that can stretch budgets and leave you with an unlivable home – or worse still – costing much more to fix. 

 

Before embarking on a significant home renovation, it’s best to chat with the experts and decide what you can and can’t do yourself.

Being realistic early on is vital for the success of your project. Then, with the right advice, you can quickly obtain what you want to achieve with the budget that suits the project. 

 

The Renovation Boom in New Zealand

In recent years, New Zealand has experienced a significant renovation boom, with homeowners investing in upgrading their properties. This trend has been fueled by factors such as rising property prices, limited housing supply, and a desire to personalize and modernize existing homes. After the Covid 19 pandemic, many homeowners also realize the potential of their properties. Having to spend so much time indoors, many homeowners wanted to create a more inviting atmosphere while allowing their homes to transform from an office space into a family home quickly. This saw a massive boom in home office spaces and the desire to bring the outdoors inside – cue the big windows, natural hues, and plenty of open-flowing space. 

 

What Is The Average Renovation Costs in New Zealand?

The average costs of a renovation will vary depending on the size of the space and the fixtures and fittings you are wanting to add. It is a good idea to remember that the leading cause of budget blow-out is homeowners changing the plans or adding to the project once the renovation is in full swing. For this reason, it’s a good plan to ensure you are 100% sure of what you want and to examine other possible aspects with a professional before the trades come on-site. For example, deciding you now wish to underfloor heating or additional electric power outlets after the painters have been through will cost you much more to install. Again, a professional building outfit can ensure all these points are raised before the renovation begins. 

 

Bathroom Renovation: On average, a bathroom renovation in New Zealand can cost between NZD $10,000 and NZD $30,000, depending on the scope of work, quality of materials, and desired finishes.

 

Kitchen Renovation: A kitchen renovation typically ranges from NZD $30,000 to $60,000 or more, depending on kitchen size, cabinetry, appliances, and additional features.

 

Whole House Remodel: The cost of a full house remodel varies significantly depending on the property size, the extent of the renovation, and desired upgrades. It can range from NZD $100,000 to several hundred thousand dollars.

 

Should I Renovate or Sell? 

Renovating your home can entice an increased property value and provide a higher return on your investment when it comes time to sell. However, it’s crucial to weigh exactly how much return you will receive compared to how much you spend to renovate. Choosing to renovate can also allow you to personalise your home and create a space customised to your needs, family, and lifestyle.

 

Moving house can also come with many issues, and for many of us, moving home can be one of the most stressful adventures. Renovating your existing home eliminates the need to search for a new property, deal with the complexities of buying and selling, and adapt to a new neighborhood.

 

If you are renovating to sell, it’s also a good idea to get some professional advice to ensure the renovation will bring the return you need and not just a waste of money that could be utilized to customize your next home or investment. 

 

What Should I Be Aware Of When Renovating a Home?

There are a few things you need to consider during the renovation process.

 

Building Consent: Certain renovations may require a building consent from the local council. Understanding the regulations and obtaining the necessary permits before commencing any work is essential. A professional building business can assist you with consent and ensure the job is approved correctly.

 

Budgeting and Financing: Establish a realistic budget and explore financing options to ensure you can complete the renovation within your means. Don’t over-commit yourself to DIY to safeguard your budget fits or have a budget with no wriggle room. The major reasons for budget overspend is due to clients wanting to add or change things last minute. It’s important to understand that a small change could be a major change behind the scenes. Getting a clear plan is vital as too being flexible with timelines.

 

Hiring Professionals: Engaging reputable and experienced professionals, such as architects, builders, and tradespeople, is crucial for achieving high-quality results and complying with building codes. Having a project manager will also take a lot of the stress out of the job. Trying to tie trades together to get the job done can extend deadlines and cause many headaches for homeowners trying to save pennies. A professional building company can ensure the job is completed from beginning to end without hiccups while sticking to the budget.

 

Timeframe and Disruption: Significant renovations can be time-consuming and disruptive to your daily life. Plan accordingly and consider temporary living arrangements, if needed, or temporary facilities – think toilets, showers, and cooking areas. 

 

Undertaking a major home renovation is an exciting but complex process that requires careful consideration. By understanding the costs and benefits of renovating instead of selling, you can confidently approach your renovation project. Remember to research local regulations, set a realistic budget, hire reputable professionals, and be prepared for the time and disruption of renovating. With proper planning and execution, your home renovation can transform your living space into your dream home while adding value.

Happy Plannning!