How much does it really cost to renovate?

How much does it
really cost to renovate?

Less than what you may think. For a bigger return than you may think.


Let’s do the maths.
Let’s say this new kitchen cost $35,000. Let’s also say that you intend to pay for it by using the equity in your home and extending the current mortgage on your home. And let’s say your mortgage rate is 4.5% per annum, which is more than many are paying at the moment.
If you’re paying your mortgage off over 20 years, you’ll only be paying an extra $51 per week, according to mortgage calculator on sorted.org.nz.

If you have 10 years to go, you’ll be paying an additional $84 per week.
But what really gets us excited is how much your renovation can add to your home’s value. A new kitchen or bathroom can add value up to 1.5 times the cost of the renovation, according to property experts Construction Cost Consultants.

So you new $35,000 kitchen (or bathroom like this one) could add more than $50,000 to the value of your home.

Of course, if you’re not planning to sell your home within the foreseeable future, you may not care too much about your renovation’s added value. But you simply can’t put a price on the improved lifestyle, comfort and convenience that a new kitchen, bathroom or living area offers you and your family.


Can you afford not to renovate?


It all starts with a free In-home Consultation where you will have the opportunity to discuss your ideas and needs with your local Pzazz Building renovation expert. There’s no cost or obligation so don’t hesitate to contact us now.

Related articles and galleries

Share by: