What can you get with a $50,000 home renovation budget?
Renovations are what turn houses into homes. Whether you want to give your whole house a makeover, update a few rooms or invest in one major change, a $50,000 home renovation budget can go a long way towards creating your dream home. Let’s look at some of the changes you could make for $50,000, no matter whether you’re looking to save, spend, or splurge.
Save: Budget renovation ideas
If you want to refresh rather than rebuild, you could renovate your entire home for $50,000, allocating $5,000-$10,000 to each space and allowing for some DIY. A budget renovation could include:
Kitchen refresh
Flatpack kitchens make kitchen renovations affordable. For under $10,000, you could replace your cabinets, add laminate benchtops, a new sink, simple tiling, vinyl or laminate flooring and low-cost appliances.
Bathroom refresh
It’s amazing the difference switching out your old tapware and tiles can make — or even something as simple as regrouting your existing tiles — and you'll keep your bathroom renovation costs down.
New skylights
Flood your home with natural light (and save on power bills) by installing skylights. A small fixed skylight can cost from $260, while solar skylights start at $2,000.
Backyard makeover
You could landscape your backyard with new plants, pots and paving for just a few thousand dollars — and it’s one of the easiest jobs to tackle yourself.
Spend: Mid-range renovation ideas
Making construction, electrical or plumbing changes or using premium fittings and furnishings will cost you more, so plan to spend about $10,000-$20,000 per room if you want to make more significant changes. A mid-range renovation could include:
Living room upgrade
Renovating your living room — including new flooring, lighting and furniture — costs between $10,000-$15,000. You could create an open-plan living and dining area by removing a wall or two — if they’re not load-bearing, this won’t break the bank.
New walk-in wardrobe
Transform your master bedroom by adding a deluxe walk-in wardrobe for about $10,000. If you have the space to spare — you’ll need about 4m2 — walk-in wardrobes make for a luxurious addition to bedroom renovations
New outdoor entertaining area
Create a new space to relax and entertain outside by building a deck. Decking costs $200/m2-$1,000/m2, depending on the material.
Splurge: High-end renovation ideas
Dreaming of a spa-like ensuite? A new swimming pool? Or adding an extra room or two? Then you might want to put your $50,000 towards making one major change. Here are a few suggestions:
Luxury ensuite
Premium bathroom renovations cost about $30,000, including changes to the locations of plumbing and electricals and adding luxurious fittings and features like a claw-foot tub or a hammam-style shower.
New swimming pool
In-ground concrete swimming pools start at $35,000. Plus, you’ll need to factor in pool fencing, which is a legal requirement in Australia.
An extension
Extensions cost from $1,350/m2-$2,100/m2, so, depending on how much space you want to add, an extension will likely cost at least $50,000. But they’re worth the investment — as well as giving you more room, extensions are a great way to increase your home’s value.
How to pay for a home renovation?
Feeling inspired? A low-rate renovation loan is a great way to begin transforming your home.
At Plenti, we offer personal loans of up to $65,000 for renovations. Kickstart your home renovation by submitting a rate estimate today.
Find out more about
renovation loans
Find out more about
unsecured personal loans