Renovation costs should be top of mind if you are planning a house renovation. New builds and older properties require very different considerations, and pricey issues can often pop up when you least expect them. It’s worth taking the time to fully understand the property you want to renovate, so that the project doesn’t become unaffordable.
However, renovating your home might be easier than you think!
How should I budget for house renovation?
If you’re wondering how much to spend on a house renovation, it’s important to remember that all renovation projects are different – but there are usually some commonalities that need to happen and issues that tend to appear. Renovation costs for your budget will usually include some of the following:
- House surveys
- Damp problems
- Electrics and rewiring
- Room-specific renovation costs i.e. kitchen and bathroom
- Plumbing
- Insulation
- Floor restoration
- Window repairs
- Roof repairs and renovation
How expensive are house surveys?
A house survey is one of the first costs you will experience associated with a house renovation. Depending on the type of survey, the cost can vary. If you choose to opt for a condition report, these tend to be around £300 upwards; while full building surveys come in between £500-2000.
How much will damp treatment cost me?
Property dampness is a common issue faced by many people renovating houses, but it’s usually quite simple to fix. Damp treatment costs depend on the type of treatment needed, but a standard chemical course treatment and replastering will cost around £200 per metre.
How much does rewiring a house cost?
If your property is in need of modernisation, it will likely need rewiring. If any of the following are apparent in your property, you will probably need a rewire:
- Fabric- or lead-insulated cabling
- Cabling insulated with old rubber
- Consumer unit with no circuit breaker
A complete electrical survey will likely cost between £200 and £400. It is best to ask a qualified electrician to carry out this survey to tell you exactly how much rewiring will cost you.
The cost of rewiring depends on the size of your house, the access, and any unforeseen issues. For example, a 3-bed semi-detached house can cost between £3500-6500 on average.
How much will renovating a plumbing system cost?
If you are embarking on a house renovation project with an old building, it’s likely you’ll need a whole new plumbing system. This will not only add value, but ensure that the system you install suits your lifestyle and energy usage wants. New radiators may also be needed, and you might consider underfloor heating which will further add to the cost.
If you need to install a new plumbing system, you should first get three quotes from qualified plumbers, and get the finished work signed off by a Building Control inspector or a member of the CPS. New gas boilers also need to be commissioned by a Gas Safe Registered heating engineer.
Whatever your plans, be sure to get three quotes from qualified plumbers (an NVQ City & Guilds level 3 qualification is desirable). You will also need to get the work signed off by a member of a Competent Person’s Scheme or an inspector from Building Control.
A qualified plumbing and heating engineer can calculate the exact costs you will have based on your needs, but you can expect the following estimates:
- Radiators – £30 each
- New boiler – £1500-3000
- Labour – £4000
How much does property insulation cost?
Renovation projects are often not insulated to modern standards, but by incorporating more insulation and draught-proofing means into your building you will likely find that your heating bills are lower and your home is more comfortable. Insulating a wall in your house renovation will depend on the type of insulation you choose, the insulation supplier, and the size of the project. Generally, you can expect between £5-10 per metre squared of wall space.
What hidden renovation costs might I find?
There are often hidden or overlooked costs associated with house renovations, so it’s important to anticipate these when putting together your house renovation budget. Hidden costs may appear as building regulation or planning application fees, waste disposal (such as skip hire), extensive or difficult roof repairs, decoration and plastering, and any outdoor landscaping required.
Do I need to remortgage to complete a house renovation?
Remortgaging your property to free up equity for your house renovation may be very beneficial! Many homeowners choose to remortgage their properties to provide funds for renovation projects. Depending on the size of your project and your financial circumstances, remortgaging may only cost an extra £100 or so per month in regular repayments. It’s definitely worth looking into.
A house renovation is likely to add value to your property, and result in a home that you really want to live in! We provide award-winning mortgage advice which is arranged over the phone and online. If you would like to learn more about how you can complete the house renovation you really want within budget, we’d love to hear from you. Get in touch!
