Ideally speaking, a cosmetic renovations budget is around 10% of the current value of a home. So with the average Sydney property currently sitting at
around $1,200,000. A full home renovation will cost around $120,000.
Whereas for a structural renovations budget, that number can range from 10% up to 40% of the current property value. So if using the same current
median cost of a Sydney home, an extensive structural renovation could cost between $120,000 and $480,000.
This of course is also subject to the quality of materials used, the scope of works and the desired finish (be it a budget, midrange or high-end
renovation).
Additionally, an extra 10-20% on top of the renovation cost should always be budgeted for as a contingency plan for any works that are unforeseeable
before beginning demolition.