Whether you are looking to undergo a house renovation on your current property or have bought a new house as a renovation project, it is important you understand the costs involved. Renovating a home is no cheap task and setting yourself a realistic budget can help you stay in control and avoid overspending.
If you are creating your dream family home or restoring a period property to its former glory, there are plenty of costs to consider. This guide covers everything you need to know about house renovation costs and can be used to give you an idea of where your money will be invested.
House Renovation Paperwork and Finances
It isn’t only the cost of the physical house renovation that you need to consider. Many people overlook the costs involved with surveys, design work and permissions required for a house renovation.
One of the main costs that you should consider before beginning your project is insurance. Most insurance policies will not cover a renovation project, and it is often worth contacting your insurer or investing in specialist renovation insurance. The average cost for insurance is anywhere between £600 and £1200, but this will depend on the property and scope of the project.
On top of this, you can also obtain a warranty for the building work. This can protect you if your builder goes out of business for any reason or there are problems with the work, this is typically between £1000 and £5000. You should also bear in mind the costs of building regulations fees which start from £80 but could be very high depending on the work. If your property requires planning permission, be sure to factor in the cost of a planning application.
Going Open Plan
Many property owners undergo renovations to make their homes open plan and invest in opening up downstairs spaces such as living room, dining rooms and kitchens. If this is the type of renovation you have planned, then there are a few different costs to consider.
In many cases, knocking down a wall is fairly straightforward and not a huge project. You will need to pay for an independent RICS survey for around £500 to £1000, and also a planning application if necessary. Knocking down a wall and fitting a Reinforced Steel Joist (RSJ) costs upwards of £3000.
Roof damage is commonly addressed during a house renovation and is an additional cost to take into account. It is essential to detect roof damage early, as otherwise, it can lead to expensive repairs.
When you begin planning a renovation project, first check for loose or missing tiles, and also damp patches inside on the ceilings. You should also find out if damage has affected roof timbers or rafters as this cost will also need to be factored in. The cost of roof repairs will depend on the type of tiles required, but range from £45/m2 for concrete tiles, to £150/m2 for natural slate.
Window Replacements and Repairs
When you undergo a house renovation, you need to make sure it is weathertight by assessing the windows. Original windows often add character and uniqueness to a property, so avoid replacing with modern versions unless necessary. Any single glazed windows should be upgraded to double glazed in order to improve the overall efficiency of the property.
The cost of repairing and replacing windows will vary depending on the type of windows and property. Timber windows can often be repaired for under £100 but will cost around £800 per fitting for a replacement. PVC windows are roughly £200 per fitting, while French windows with doors will be around £1000 per metre.
Invest in Insulation
Investing some money and effort into proper insulation for your home will help to reduce heat loss and wasted energy. Insulation is not too expensive, and during a house renovation is a great time to add this to your home.
You should begin by insulating the loft which can cost between £250 and £550. Cavity walls can also be insulated for around £370 for a mid-terrace or £720 for detached. External wall insulation is the biggest investment to consider and will set you back between £8,000 and £22,000 depending on the property.
Rewiring Your House Renovation
Rewiring a property is no easy task, and can be disruptive while it is carried out, but results are often worth it. As well as the disruption caused, you will also need to think about the costs involved. A complete house rewire will start from £4,000, with a typical electricians’ day rate from £200.