Home renovations are an incredibly exciting time as a property owner, but they can also be accompanied by an element of dread, especially when it comes to finances. Whether you’re bringing a mid-century property into 2019 or restoring a period property to show off its stunning features, a home renovation costs money and it would be silly to ignore that. So, how much will it actually cost? And how do you make sure that you stick to a budget? Below we’re going to answer these questions, along with some helpful advice on how much each element of a home renovation may cost.
Before you begin any home renovation project, it is essential that you know what you want. Any project, regardless of size, needs to be planned and this can only be done after knowing what the final goal is. You should ask yourself the following questions:
Once you’ve answered, or at least partially answered these questions, you can start moving towards a structured plan which will detail the steps you need to take. From here, each task can be costed and assessed. Seeking the help of a professional project manager will help speed this process up and ensure that no steps are missed.
Naming exact costs for each home renovation element is incredibly difficult, largely because homes and projects differ in size and complexity. With this in mind, we have listed some of the average costs associated with some of the most common home renovation projects.
Adding an extension is one of the most common home renovation projects undertaken in the UK. Generally, costs are estimated by the square metre and considered in relation to three tiers of extension: basic, good, excellent.
For a basic single-storey extension in London, you should expect to pay between £1500-2000 per square metre.
For a good single-storey extension in the same area, you should expect to pay between £2000-2500 per square metre.
For an excellently finished single-storey extension in London, you should expect to pay between £2500+ per square metre.
One of the most popular ways to renovate a home is to go open plan. For some properties (especially listed properties) this will require planning permission.
For the most part, going open plan can be quite simple when it comes to estimating costs, generally skip hire in London will cost somewhere between £200-400 and knocking down internal walls and inserting an RSJ (rolled steel joist) will cost around £3000-4000.
It is worth noting that for open plan projects, a homeowner must get a RICS survey and potentially planning permission. The combined cost of these can be a further £1200. You can read more about the hidden costs here.
A two or three-storey extension is unlikely to cost as much per square metre as you are only adding walls and floor joists. All extensions are going to require roofs and foundations regardless of the number of storeys.
One of the best ways to increase the value of your home is by repairing and replacing windows – especially if they’re single glazed.
When placing windows, it can be a little confusing to know what style and materials windows will look best with your property. Timber and aluminium windows look excellent on period properties whereas as uPVC and composite windows are great, budget-friendly options for newer homes.
Generally, repairing timber windows by patching and painting over rot can cost under £100 if you’re willing to do it yourself. This cost will likely triple if you pay for a professional, but it will likely be finished a lot quicker and without stress.
Replacing timber windows can cost upwards of £800 per unit including fitting. This cost will naturally fluctuate depending on style and fitter.
uPVC windows are considerably cheaper than their timber counterparts and can be as little as £130 per unit including fitting.
So now you have a detailed list of tasks and their associated costs, you may find yourself reaching for your calculator. Unfortunately, this isn’t the end of the initial budgeting phase because you’ve likely forgotten several large home renovation associated costs. Whilst the labour, materials and potential plant hire costs may have been considered in this initial phase, you’ve likely forgotten to consider architects fees, planning fees, surveys and extra insurance.
Design and architectural fees differ depending on the size, type and quality of the project that you’re undertaking. You’re best to shop around before committing to an architect, but it’s also worth looking to their portfolio and deciding whether they are familiar with the type of look your aspiring to achieve. In London, we would expect an architect to charge somewhere between £40-100 and hour.
Building and planning vary the most as they solely depend on your local planning office and the type of project you are undertaking. If you’re London based, please don’t hesitate to give us a call as we’ll be able to discuss this further.
Surveys are essential to any significant home renovation. Whether you need a RICS survey for going open plan or need to have a preliminary bat survey for loft or large scale renovations, they are going to cost money. A general RICS survey is likely to cost about £500 and a preliminary bat survey around £300.
Depending on the size and scale of your home renovation, you may need to invest in extra home insurance. Whilst often a surprisingly large upfront cost, we recommend taking out extra insurance as homes which are due to undergo significant structural changes or be left vacant for some time are at higher risks of occurring added costs. The cost of insurance will vary depending on the size, value, location and work being done to the property. We estimate this to be somewhere between £700-1500.
Sticking to a budget is often incredibly difficult, especially if you’re taking on a large remodelling project. It is so difficult in fact, that around half a million homeowners go over budget ever year when renovating their homes.
In order to not become part of this statistic, we advise the following:
Regardless of how many times you’ve renovated a property, each project is different and each project has the potential to incur extra costs which will take you over budget. With this in mind, it is important to plan everything about your renovation in detail. Planning can often be tedious but is always worth it when you finish under budget.
So this one is like cheating, only its not a test! When you’re planning your project, factor in every potential added cost, whilst this can result in your having a significantly large total, it will ensure that you are aware of all the potential added costs associated with your home renovation.
Home renovations can be incredibly stressful, especially when it comes to money. One of the most effective ways to ensure that a home renovation project is successful and comes under budget is to enlist the help of a professional project manager.