When renovating a home, there are many factors to consider – the disruption for a start, the end goal, and the scale of the work you want to undertake. Is the renovation to create your perfect home, or is your property just looking a little tired and you’ve decided now is the time to give it some TLC?
Perhaps you’re a landlord wanting to prepare a property for rental and need to bring it up to a better standard to maximise your potential rental income or a seller who wants to do similar to boost the sale price.
Whatever your motivation one question will be top of mind -how much will your renovation actually cost?
Unfortunately, there’s no easy answer since it will depend on varying factors – the scale of the work, whether you call in experts or do it yourself and the finish you desire, are just a few.
Set the scope of your project
With this in mind, you’ll need to firstly define what exactly you want to do to your property and who will do it. A new bathroom or kitchen, for example, still counts as a house renovation but can be completed far quicker and more cheaply than an extension. Is it a simple update – new units in an existing kitchen or a new suite in the bathroom – or are you considering a more extensive renovation and remodelling of these rooms?
An extension is a larger job that will add greater value and benefit to your living space by creating extra room but will require more labour and so will be more expensive even before you factor in the additional planning and design costs.
Set your budget
Once you’ve decided on the scope of work you want to do you can check whether you can realistically afford it. If not you may need to rein in your plans or consider alternative financing options.
Renovation costs will vary wildly depending on what you are looking to do. A new boiler, for example, will cost around £3,000, while a new bathroom or a garage conversion could cost you at least twice that as a minimum. When considering an extension or a loft conversion, you’ll be looking at spending tens of thousands with an average 30 sq m extension estimated to cost between £45,000 to £75,000, according to Mybuilder.com.
Checkatrade offers a wider list of renovation project averages as well as average day rates for the different experts you’ll need to involve in your revamp. To get a clear idea of costs for your project you should get at least three quotes for the work. This will help you to know if you are paying a fair price. Be honest about how much you have to spend to understand what can be achieved for your money.
Set your limits
Once you’ve assessed your budget and either tempered or expanded the renovation plan you have in mind it’s important to add a contingency fund. The £30,000 difference in the cost of the same size extension above is a perfect illustration of how wildly costs can differ – and that’s before unforeseen issues and costs crop up. Add at least a 10-15% safety net to your renovation budget and track your costs meticulously to ensure your spending doesn’t get out of control and that you deliver the renovation you want at the cost you want.
For more information on how we can assist you on your sales journey, please contact one of our branches in Essex, London or Hertfordshire today. We also offer a free and instant online valuation to give you an idea of how much your home could be worth on the current market.
