Whether you’re seeking your perfect new home or looking to flip your money, why not consider a home renovation?
We see a lot of new property developers and they’re all asking “How much does it cost to renovate a house?” Believe it or not, the majority of developers don’t realise the true costs, leaving some out of pocket!
One in four renovators overspend their budget by 32% To ensure your renovation budget doesn’t skyrocket, follow our advice:
Finding the right property to buy
When in search of a new property or potential project, it’s easy to get carried away by just the price.
Before you can start imagining all the things you could do with the place, it’s also important to consider other factors:
- Location: The area you are looking at has good transport links and local schools.
- Neighbourhood: Check out the local neighbourhood, have other properties that had extensions, renovations etc. It will give you a good idea of how lenient planning officers are.
- Parking: Does the home provide a parking drive or off-road parking?
- Restrictions: The property could be in a restricted conversion area, so it may limit the transformations you want to make.
Check out some of the best areas to buy in 2023. Here.
How much is a house renovation?
Let’s say, for example, you are looking to install a brand new bathroom, which typically can cost around £6,000. Prices can always vary depending on the luxury you want to provide and how much plumbing it requires.
Aside from installing new amenities to your new pad, there are also other costs that can play a big factor in your budget which renovation tends to miss out on. Who will be responsible for the mess post-renovation? Like most renovators, people tend to hire a skip and leave their rubbish piling up. This can be expensive!
There are multiple ways of disposing of your renovation waste efficiently while keeping costs low too, such as a licensed rubbish remover. Low-cost removal companies, like this one we recommend, are a great way of removing your waste without you having to lift a finger. Rubbish cleared for as little as £40.00.
Additional expenses to consider
Beyond just the costs of new boilers, windows, doors etc., there are some hidden expenses that may sneak up on you!
- Labour – How much are you willing to spend on electricians and plumbers? They tend to make up 20%-30% of the budget.
- Permits – Does your property need a building permit depending on the area you choose?
- Surveys – Before you even start, you can get a structural survey to assess your property, they can average between £500 – £1,500.