The complete home maintenance budget guide and how a home renovation loan could help

Blog » The Complete Home Maintenance Budget Guide | Nimble

Amazing! You’re thinking about buying or renovating a house. Owning your own home is still a huge part of the great Australian dream and making a personal project like this happen can be seriously satisfying. 

Getting into the property market in Australia is no small feat especially now. So, if you’ve managed it, you’re likely juggling mortgage repayments, legal and contract fees, transfer costs, council rates, and those home reno and maintenance expenses. 

That’s why planning ahead matters more than ever. These costs can quickly stack up and add financial stress if you’re not prepared. Want your home to stay liveable, valuable, and enjoyable for years to come? Smart budgeting for renovations and ongoing maintenance is the key. 

Let’s break down how you can manage your money and keep your place in tip-top shape without blowing the budget.

 

Your home renovation budget

Working out if you can afford to renovate (and how much you should spend) can be tricky. Especially if you’re a first-time homeowner, avoid overcapitalising—i.e., spending more than your reno will add in value. 

A good guide? Try to stick to spending no more than 5% of your home’s purchase price. Done right, a solid renovation could boost your property’s value by up to 10% over time. 

Here’s how to build and stick to a realistic reno budget: 

1. Divide the ‘Must-Haves’ from the ‘Nice-to-Haves’

Make a clear list of what your renovation really needs (e.g., new floorboards, bathroom update, fresh paint) vs. the wish-list items (like granite benchtops or that dreamy pool). 

Start with the essentials and go from there. High-impact areas—like kitchens, bathrooms, and outdoor living spaces—typically give the best return on investment. 

2. Break Down Your Costs with Solid Research

Once you’ve mapped out your project, it’s time to get quotes. Speak with architects, builders, or your state’s fair trading department for advice. Key factors that will impact your cost include: 

• Materials you choose 

• Quality and experience of tradies 

• Size and scope of your job 

• Your location 

Prices vary a lot, so get multiple quotes from reliable sources—online, referrals, even your local paper. 

3. Always Plan for the Unexpected

Building projects love surprises. That’s why experts recommend setting aside an extra 10% of your budget for those ‘just in case’ costs. 

How to Stay on Budget During Your Renovation 

Want to keep your renovation on track? Here are a few simple strategies: 

• Ask around about hidden costs—like plumbing, disposal fees, or council charges. 

• Keep records of all your spending, receipts, and invoices. 

• Track everything in a budget spreadsheet—it’s easier to resist overspending when you can see it clearly. 

• Consider fixed-price contracts. You’ll pay upfront, but it can save you from surprise costs later. 

Need a little help funding your home reno? Check out our Home Renovation Loans – quick, easy, and designed to keep your project moving. 

 

Tips for Moving In Without Blowing Your Budget 

Once the reno’s done, it’s time to move in—and yes, even this part can be budget-friendly. 

• Declutter first – Don’t pay to move stuff you don’t want. Donate it instead. 

• Be ready before movers arrive – Time is money, and movers usually charge by the hour. 

Measure your furniture – Make sure everything fits in the new space before moving day.

 

Decorating Your Place on a Budget

Now for the fun part—making your space yours! You don’t need to spend a fortune to create a home that feels stylish and comfortable. 

DIY & Upcycling 

A coat of paint or some new hardware can totally transform second hand finds. Hit up antique stores or op shops for bargains. 

Furniture with a Twist 

Maximise small spaces with dual-purpose furniture—like storage ottomans or stylish trunks. 

Shop Smart 

Essentials like towels, plates, and linen? Hit up IKEA or Kmart. Great style doesn’t have to come with a high price tag. 

 

If You’re Starting from Scratch 

No furniture? No problem. Interior designer Shannon Smith suggests starting with the basics: somewhere to sleep and sit. Go neutral with your big pieces, then add colour and texture with art and accessories later. 

Not sure where to spend? Think about how you use your space. Love entertaining outdoors? Invest in great patio furniture. More of a binge-on-the-couch type? Go for a comfy lounge and good TV setup. 

 

How to Add Glam on a Budget 

• Cushion covers – Give your couch a fresh look without replacing it. 

• Mirrors – Reflect light, create space, and double as décor. 

 

Don’t Forget About Maintenance 

To protect your investment (and avoid nasty surprises), you’ll want to budget for ongoing home maintenance. 

What to Consider: 

• Age of your home 

• Weather patterns in your area 

• General condition of the property 

• Unique location factors (like drainage or wind exposure) 

Budgeting Tips: 

• Use a depreciation report from a quantity surveyor—it can also help at tax time. 

• Follow the 1% rule: set aside 1% of your home’s value annually for maintenance. Alternatively, $10 per square metre is a handy rule of thumb. 

 

Average Costs for Maintenance 

• Cleaning: DIY is cheap; pros vary—get 2–3 quotes. 

• Gardening: Tools may cost around $200; pro services vary. 

• Rates & Water: Based on your area and usage—check your sale contract for council rates. 

 

Need Fast Cash for a Reno? 

We get it, sometimes renovations (and life) don’t wait. Whether it’s fixing a leaky tap or giving your kitchen a glow-up, Nimble’s Home Renovation Loans are quick, easy, and flexible. Apply online and see if you’re eligible—no hassle, just help when you need it.