There are few moments more exhilarating in life than buying your first proper home, especially if you buy at auction.

“Sometimes, council may not always approve what the client wants, or construction costs may be too high,” said Yelena Smetannikov, owner of Sydney-based firm Urban Den Architects.

Tougher income checks, closer scrutiny of spending, bigger deposits and tougher loan conditions are being used as rates further rise.

Some renovators “are in shock” because rising costs of materials and labour are causing originally quoted prices to double, says Yelena Smetannikov, an architect at Urban Den Architects in Sydney.

Legal and financial checks at the outset of a home revamp can prevent cost blow-outs and lengthy legal rows.

Yelena Smetannikov, an architect with inner-Sydney Urban Den Architects, says demand is booming for new kitchens, bathrooms and home offices, which include additional room for an assistant and audio-visual equipment for video conferencing.