The average home has become so much more in the time of the global pandemic! Not only is it a home its now also an office, gym, school, daycare and so much more. With everyone spending so much time at home there has been a huge spike in enquires for both extension and renovation which is also in part fuelled by shows like The Block, House Rules, Selling House Australia, Grand Designs Australia and of course, 9Life, which features home improvement shows from around the world.
There is, however, one key aspect missing from the majority of these shows and it’s the most important of all – a realistic cost! On a TV show, costs are reduced through sponsorship deals and discount agreements and budgeting doesn’t make for the most riveting of television, so it’s never discussed in great detail.
This phenomenon means many are unaware of the full cost of a home extension or renovation. The simple fact is that, unlike new builds, there is no simple m2 rate for this type of construction as there are too many differing factors. From the age of the house and type of construction to the size, scale, inclusions, exclusions and planning requirements, no two projects will ever cost the same.
Due to the recent and still ongoing impact of the global pandemic, the construction industry has and is continuing to be impacted by unprecedented price increases up between 25-55% on nearly all material supplies and labour rates from November 2020. The price increases are primarily due to the immense demand initially fuelled by the Australian government incentives and further more the workplace evolution and need for a dedicated home office. Combined with international demand, delays and supply chain shutdowns locally and internationally pricing and availability on core products such as framing timber and steel has sky rocketed as has the lead times and resulting delays. For example we are currently placing orders for framing and subfloor engineered products four (4) months in advance without knowing when we will receive the materials onsite.
So how much does a house extension cost in 2021? In order to assist our clients, we’ve complied all the data from our previous jobs and experience and collated this into a rough price guide for common types of projects, including ground floor and second-storey extensions. It includes all the planning, approvals, complete construction, fixtures and fittings and painting. It doesn’t include window furnishings (curtain and blinds).
- Master suite, including bedroom, WIR and ensuite (30-40m2): starting from $150K
- Family living room extension (30m2): starting from $130K
- Deck/outdoor entertaining area under a main roof extension (30m2): starting from $70K
- Master suite, WIR, ensuite, rumpus and minor ground-floor alterations (60-70m2): starting from $240K
For more second-storey extension options and pricing, download your free guide today.
Should you be considering completing a renovation or extension in 2022-2023, or are interested in knowing more about the cost of your project, get in touch with Kevin and Ray at Update Renovate today. We offer a unique all-in-one design and construction service, aimed at simplifying your building journey.