Try not to use this method for your renovation or custom home. There really is a mountain of things that will affect your square meter cost. You will likely be disappointed if you attempt to estimate your costs based on some online tradies forum stating the average square meter rate. We recommend finding out what your budget is, so first on your list should be to visit the bank and see what you financially do, then get a reputable builder and/or architect to walk through your ideas and provide an initial rough estimate based on feasible solutions.

Time is money in any business, so expect to pay for someone’s time to complete a quote for you as well as any variations along the way. A reputable builder will request a fee to cover these expenses as it genuinely takes hours and hours to complete a detailed quote, just right for you.

Be sure to talk to your builder through the design process and be honest about your budget. It is the only way to accurately ensure you avoid disappointment after weeks of planning and designing, only to find out that you have over-run your budget and need to cut back on your dream design. Which anyone whom has renovated or built new will tell you it is sooo hard to compromise on your dream.

TOP TIPS

1. Speak to your bank first about how much you can genuinely borrow! Do not rely solely on the mortgage calculators. Your bank will need to complete a valuation on your home and undertake a market comparison before providing you with any actual idea of how much you can borrow.
2. Renovation projects can cost anything from $1,200/m2 up to $5,000 per metre squared. So don’t develop your budget based on a guess!
3. Its the old adage “How long is a piece of string?” Renovations host all sorts of surprises, and homes can have hidden treasures or complete disasters behind wall linings and below concrete floors. A builder, an architect, and an engineer cannot quantify the cost when they cannot see the problem. So have a little extra cash up your sleeve for these cases! When you get past the structural nitty gritty in your construction and have that money spare, you can think about either a few upgrades, or getting those finishing touches you’ve been shopping around for.