How Much Does a House Renovation Cost?
As an estimated figure, the average house renovation cost is between £43,500 and £110,000 (to fully renovate a three-bedroom house - source: Checkatrade). However, this average cost is just a starting point. You'll need to factor in at least a 10% contingency for unexpected costs that may arise during the project.
Whether you're an auction buyer, a buy-to-let investor or a first-time buyer (FTB) hunting for a fixer-upper, we will equip you with the knowledge to estimate house renovation costs and avoid nasty surprises.
What is a renovation project?
With house renovations, you can breathe new life into older properties or completely transform a home. They range from cosmetic upgrades like painting and flooring to structural changes like extensions, conversions or knocking down walls to create open-plan living areas.
The best bargains are often found in properties passed down through families, sold through estate sales, or during auctions.
These properties might look tired on the surface, but with some renovation magic, they can become your dream home or transform into a profitable rental property investment.
Why do you need to know house renovation costs before you buy?
Renovation costs impact your overall property budget. Addressing these upfront ensures you don't overspend on the purchase and end up stuck with an incomplete renovation project.
Imagine buying a seemingly cheap property, only to discover the hidden costs of rewiring or fixing foundation issues could have bought you a move-in ready home instead!
We can help with your renovation purchase. All our fees are fixed and we'll support you to completion. You're also protected by our no-sale no-fee guarantee.
What factors affect a house renovation cost?
Property size and condition
While extensive renovations and wear and tear might require a bigger budget, the potential payoff is huge. You can transform a real diamond in the rough into a dream home or a fantastic investment opportunity.
Much older properties, especially period homes, likely need extra work to refresh outdated features or structural issues and to sensitively restore charming period features, especially if the building is listed.
Renovation complexity:
Simple cosmetic changes are cheaper than structural work like extensions or loft conversions.
For complex projects, consult an architect or a structural engineer to help maximise space, ensure structural soundness, and create a visual and functional design to meet your vision.
They can guide you through the planning process and help you with complex building regulations.
For example, if you're trying to convert a house into multiple dwellings, it can get very expensive to make sure each one has gas, water, electricity, and heating. Not to mention making sure each one has its own bathroom and kitchen!
Materials and labour:
High-quality materials like granite countertops or hardwood flooring will increase costs. Hiring skilled and experienced contractors also comes at a premium, but can save you money in the long run by avoiding rework due to shoddy craftsmanship.
Location:
House renovation costs will be higher in London and the South East of England. This is due to higher labour rates and material costs.
Don't forget the fees:
- Professionals: Architects, surveyors, and structural engineers add to the cost. Their expertise can save you money in the long run by identifying problems and ensuring the property is structurally sound.
- Permits: Planning permission and building regulations may require fees, depending on the scope and size of the renovation project.
- Living expenses: If you need to move out during renovations, factor in rent costs for temporary accommodation.
- Multiple dwellings: You will need a conveyancing solicitor to handle the splitting of the title and/or creation of leasehold(s).
Types of renovation and their costs
Kitchen renovation (£3,000 - £15,000+)
- Average UK cost: £6,200.
- Average time taken: 2-4 weeks.
Install a modern kitchen and watch your property's appeal soar! It's a major selling point and can significantly increase your property value.
With a high-quality kitchen renovation, you can reap the rewards and potentially achieve a return on investment of over 100%. Even a budget-friendly refresh with new cabinet doors, worktops, and appliances can make a big difference.
Bathroom renovation (£3,000 - £10,000+)
- Average UK cost: £7,000.
- Average time taken: 5-10 days.
A renovated bathroom is another key selling feature. Upgrading an outdated bathroom with new tiling, fittings, and flooring can increase property value and appeal to more potential buyers or tenants.
Luxury bathroom renovations might not always yield a proportional return on investment, but they can greatly improve your enjoyment of the property.
Loft conversion (£20,000 - £50,000+)
- Average UK cost: £27,500.
- Average time taken: 4-6 weeks.
Adding a bedroom or living space in your loft can be a great way to add value to your property, especially in areas with high demand for extra space. However, planning permission can be complex, and building regulations must be strictly followed.
Extension (£15,000 - £75,000+)
- Average UK cost: £48,000.
- Average time taken: 3 months.
Extensions can add to living space, increasing property value and improving functionality. However, extensions are complex projects that require careful planning and can be disruptive during construction.
Garage conversion (£5,000 - £15,000+)
- Average UK cost: £9,500.
- Average time taken: 2-4 weeks.
Converting an unused garage into a habitable room can be a cost-effective way to gain extra space.
Depending on your needs, this can be a bedroom, home office, or even a playroom. However, ensure the conversion complies with building regulations regarding insulation, ventilation, and fire safety.
Heating system upgrade (£3,000 - £10,000+)
- Average UK cost: £6,000.
- Average time taken: 5-10 days.
Slash your energy bills with a brand-new, energy-efficient heating system. Upgrading your heating system to a more energy-efficient model can reduce energy bills in the long run, saving you money.
Additionally, a modern heating system can be a selling point for potential buyers who are increasingly environmentally conscious.
Electrical rewiring (£2,000 - £8,000+)
- Average UK cost: £5,000.
- Average time taken: 6-10 days.
Upgrade your wiring for complete peace of mind; outdated electrical wiring can be a safety hazard. While not the most glamorous of renovation projects, rewiring your property is an essential investment ensuring the safety of the property's occupants (yourself, or tenants).
Window replacement (£1,500 - £5,000+)
- Average UK cost: £2,500.
- Average time taken: 1-3 days.
Bathe your rooms in natural light with new windows. Improve energy efficiency by reducing heat loss which saves you money on your energy bills, and enhance your home's aesthetics while you're at it. Opt for double or triple-glazed windows for maximum insulation benefits.
Replastering walls and ceilings (£800 - £2,500+ per room)
- Average UK cost per room: £1,000.
- Average time taken per room: 1-2 days.
Cracked or damaged plaster could make your property look tired. Replastering walls and ceilings freshens up the interior and creates a more polished look.
New roof (£5,000 - £15,000+)
- Average UK cost: £5,500.
- Average time taken: up to a week.
A leaking or damaged roof can cause serious problems and even lead to structural damage. Replacing your roof is an essential investment that protects your property and its occupants. While expensive, a new roof can significantly increase the lifespan of your property.
The process for renovation
- 1
Get a Level 3 RICS Survey before you buy
Before diving in, a Level 3 RICS Survey from a qualified surveyor acts as a detailed health check for your property. It can uncover unforeseen problems that could significantly impact your renovation costs and timeline.
- 2
Simple sketches to detailed drawings
Next up, collaborate with a structural engineer to create basic plans outlining your renovation concept. These plans will help determine if planning permission is required for your project.
However, not all projects need a structural engineer. If you're simply plastering, re-carpeting, or installing a new kitchen then you'll just need a competent builder.
Once that's settled, a detailed plan with precise measurements will be drawn up. This serves as the blueprint for contractors, ensuring everyone's on the same page and the construction goes smoothly.
- 3
The building stage
The building phase involves regular visits from the council to sign off on various aspects of the work, focusing on compliance with Building Regulations.
This ensures your renovation meets all safety standards, particularly when it comes to electrical wiring, load-bearing walls, and chimney breast removals.
If you're unsure what parts of your house you should renovate versus the return on investment you'll get on sale, then read which improvements add to your home's value and kerb appeal.
Staying on budget
Here are some money-saving secrets to keep your renovation project within budget:
- Build in a buffer: Always factor in a contingency fund for unexpected costs. This is typically around 10% for an average home renovation.
- Track your spending: Use a spreadsheet to keep tabs on expenses. Create a detailed breakdown of expected costs for every element of the renovation. Update it regularly and track the spending to identify any areas you might need to adjust.
- Get multiple quotes: Compare quotes from several local contractors before hiring. Don't be afraid to negotiate either, be polite but firm, always ask questions, and be honest about the project scope.
- Explore funding options: Bridging loans can help finance renovations upfront or potentially remortgage your property to release equity.
- Plan meticulously: The more detailed your plan, the less likely you are to go over budget. Identify your 'must-haves' and 'nice-to-haves' to allocate your budget accordingly.
- Embrace resourcefulness: Try a salvage or reclamation yard to find hidden treasures for a unique fixture or fitting, or even some quality building materials. Consider DIY for simple tasks like painting or wallpapering, but be realistic about your skillset and hire professionals for the more complex jobs.
The risk of skipping a House Survey before renovating
A Level 3 Survey is a detailed health check on your property. It exposes unexpected problems that could significantly inflate renovation costs. Not getting one could lead to major structural issues halfway through the project, causing delays, renegotiation with contractors, and additional expenses.
If your home was built post-1980s and you do not require structural work, you may be able to get a Level 2 Survey before renovating.
A House Survey is an investment in knowledge and knowledge is power, get a quote from SAM today and our experienced surveyors could be with you this week*
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