The real cost of home renovation in UK
With house prices still on the rise, This is Money’s recent survey revealed that 35% of UK residents are opting to buy properties and take on a renovation project because it is the only way they can afford to get onto the property ladder. Per this data, the:
- Average UK house price (as of Jan 2016) is £196,829.
- Average cost of property that needs work is £152,792.
- Average cost of renovation is £33,039.
- The cost of buying a home and renovating it is £185,831, resulting in a saving of £10,998.
But with that in mind, 10% of buyers end up living in an unfinished home, whilst 45% of buyers end up spending more than their initial planned budget. So, are we actually saving when we take on a renovation project?
Bedroom furniture specialists Oldrids & Downtown have considered this data and carried out further research to try and help you make an informed decision when considering taking on a renovation project.
Most – and least – likely locations
In Home Improvers of Great Britain 2016, Barbour ABI aimed to identify some key trends in the home improvement market, by identifying the most – and least – likely locations in the UK for home improvement projects.
Most likely districts for home improvement
- Kensington and Chelsea
- Hammersmith and Fulham
- South Bucks
Least likely districts for home improvement
- Stoke on Trent
- West Dunbartonshire
Cost factors to consider
The cost of a renovation project can be influenced by many factors, depending on the property in question. These factors may include:
The size and style of the home
The number of storeys and amount of floor space can impact the costings of a project. Not only that, but the style and age can contribute. It is likely that the older the property, the more repairs you might discover along the project.
The postcode of the home
The postcode can affect the price of renovation, just like it can with home insurance and house prices.
Other features of the home
You must also consider that the amount of bedrooms, bathrooms and garages can alter the price of the project. The more rooms the property has, the more likely you are to spend more.
Homebuilding & Renovating has a calculator to give a guide to the cost.
A renovation is a big project to take on so we recommend that you break the project down into smaller tasks and tackle one at a time. This helps to consider the costs of each task throughout the project. It’s worth considering the checklist below for estimated costings but remember to consider the size, style and postcode that may have an influence over this.
|Task||Estimated cost on average 3-bed home*|
|Adding a bathroom||£2,500|
|Adding a kitchen||£4,500|
|Adding central heating||£5,000|
|Removing dry rot||£1,000|
|Fixing collapsing ceilings (related to damp)||£500 per room|
|Replacing the roof||£3,000|
|Replacing roof tiles||£200|
*Estimate supplied by Homebuilding & Renovating
Further research was carried out by Bathrooms 365 on the home improvement market. The article revealed that new build projects by the government are creating new opportunities within the home improvement industry. This was needed following the forecast of 60 B&Q closures. However, with the interest in home improvement increasing, the online sales are showing an encouraging increase also.
The study noted key trends in home improvement and renovation:
- The motive of renovation is still profit by increasing the home’s value
- Home improvement is still desirable, but homeowners have to save
- Desire for an increased number of bathrooms in the home
- Improvement to the design of the bathroom
- Improvement of layout and features to be more environmentally conscious