One of the most profitable investments to do in your house is home renovations. It can add to your home value while allowing you to live more comfortably as well!
If you’re thinking about renovating your property and bringing it back to its old glory, finances and costs of renovations might be the biggest challenge you have ahead of yourself.
Knowing the estimated cost of full home renovation is extremely critical for the homeowner before doing anything because it helps you avoid overshooting your budget, which can lead to problems later on.
In today’s article, we’ll walk you through a helpful and updated guide with the latest estimated costs for home renovation projects as well as a method to assess and estimate your own project. So without further ado, let’s dive in!
The Average Cost of Full Home Renovation Project
Before diving into the juicy details, let’s first give you an idea of what a full home renovation project may cost you.
While the average cost varies greatly depending on a lot of factors, there’s an average price that can give you a better perspective about how much you’re expected to spend for a full home renovation.
Ideally, the average semi-detached house with 3 bedrooms in the United Kingdom should cost you anywhere between £50,000 and £150,000.
However, this price can easily go all the way up to £300,000 depending on many factors that can easily affect the cost, such as the number of small projects you need to do within the grand project of the full home renovation.
A Breakdown of the Full Home Renovation Costs
As you can see, the cost of a full home renovation project is all about the details of the project itself. For that reason, let’s have a brief breakdown of the things you’re expected to do while renovating the house completely.
The first thing to keep in mind even before deciding on a full home renovation is getting a structural survey. A renovation survey will help you know what exactly needs to be renovated.
This helps you either by including all the necessary renovation projects you may have overlooked or by preventing you from overshooting your renovation project budget, which happens more frequently than you think!
Ideally, a renovation survey might cost you £300 to £1,500 depending on the house condition, location, and other factors.
Adding Extension to the Property
Adding an extension to the property depends mainly on the size of the extension and the amount of work and materials involved in the project. Keep in mind that such a project will also include buying steel.
The average 4 x 6-meter extension will vary greatly depending on the location of your house too, but will usually cost anywhere between £25,000 to 35,000.
Loft conversions are available at a much wider range because of the different possibilities and things needed to be done for each project.
The most basic loft conversions will start at about £18,000 to £20,000. However, the most sophisticated one with dormer windows, bedrooms, and bathrooms can easily go up all the way to £50,000.
As a rule of thumb, a new garage conversion might cost you an average of about £6,000 for most houses.
Unlike many other parts of a house, there’s no cap on spending while renovating a kitchen because you can go as high as you want.
However, most homeowners tend to spend anywhere between £10,000 to £15,000 to renovate their kitchen, with a few surpassing this budget and reach up to £50,000 or more.
Yet, some luxury in your bathroom can skyrocket the cost of renovations to about £10,000 to £12,000.
In addition to the major projects in the house, there are also some projects that you need to consider. This includes:
Fixing damp – £800 to £1,500
Bedroom makeover – £2,500 to £6,000
Renovating roofs – £5,000 to £15,000
Windows – £500 per window
Keep in mind that all costs stated above are subjected to minor changes, so you need to keep an extra 10 to 15% of the costs for emergencies and avoid surprises.
Things to Keep in Mind Before Deciding on a Full Home Renovation
While planning for a full home renovation, there are some aspects and points to keep in mind. Let’s check them out.
Return on Investment (ROI)
While many people would do it for the aesthetic benefits, a lot of people do these renovations for the sake of increasing the value of their house.
In that case, always make sure to calculate the cost of the renovation and consult a professional to find the ROI from performing this renovation project.
Will You Be Able to Get Planning Permission?
A full home renovation will most likely include projects that require planning permission from the government.
This permission is required by the British government if you’re going to build something new or make major changes to your house design.
Make sure that you’re able to get the planning permission first if you need one, as in some cases, some homeowners aren’t actually able to get one.
If you’re unsure about that, you can always consult a professional to help you with the legal paperwork needed for the step.
There you have it. A complete guide that shows you the estimated cost of a full home renovation project as well as other things that you should keep in mind.
While the estimated cost of full home renovation might be high and affected by a variety of factors, it can be an excellent investment with tons of benefits.
That’s why it’s extremely important to do your research and find the right labourers for the job. MyJobQuote.co.uk allows you to post your renovation project for free and connects you with qualified tradespeople in your area who are willing to get that project done for you for the best possible prices!