Calculating the Price of A Renovation
The price of a renovation can vary significantly, depending on the amount of work to be done, who is doing it, and the materials the renovation will require. Read on to find out more about how you can calculate the cost of your home renovation.
There are a number of aspects of a renovation which can have a bearing on how much it is liable to cost. The first of these is the choice of materials. Naturally, some materials are more expensive than others. Depending on which room of the house is being renovated, or if the whole home is being renovated, certain items and appliances are likely to eat up the lion’s share of the budget. This is likely to be electrical appliances in the kitchen, and any items that are connected to the property’s plumbing system. There are ways of finding fixtures for your renovation at a lower price: for example, you can look for second-hand goods (many of which will still be in perfectly serviceable condition) for a fraction of the price that you would have to pay for them if they were new. It is also more environmentally friendly to use second-hand goods, or to choose fixtures made from recycled materials. To remodel a kitchen you will generally find yourself looking at an expenditure of around £20,000.
In any case, make sure to shop around for materials, as you will often be able to find them more cheaply elsewhere. Looking on the internet will give you a wider choice of fixtures and materials, but it is also important to make sure that you have seen the goods first before you purchase them, especially if they are second-hand. This way, you will be sure that they are in good condition. Once you have seen the fixtures you are looking to purchase, plan carefully to make sure that they will fit correctly into the room which they will go into. The cost of these parts depends on which room of the house you are looking to renovate, with kitchen and bathroom appliances generally being more expensive than those for other rooms of the house. It is important to make sure that the appliances you are looking to purchase are going to be perfect for you - ideally you will be using these for a significant length of time, and as they represent a significant expenditure it is wise to make sure that they are exactly what you are looking for.
The next major expense to consider is labour. This will constitute the other major expense in the renovation process. As with looking for materials, make sure to get quotes from a wide variety of different contractors. Look to get at least 2, however more is better. Each quote from the contractors that you consult should have an itemised breakdown of what they are proposing to do during the renovation, and how much each aspect of it will cost. As with the materials, renovating a kitchen or bathroom will cost more. This is due to the fact that they will require more specialist work relating to electricity, gas and water. As an example, you can expect to pay around £350 a day in labour costs for a renovation of a bathroom. You can of course make significant savings on this if you carry out some of the more straightforward jobs yourself - even saving a few day’s worth of labour costs could end up taking thousands off the final bill for the renovation.
Choose the contractor you think has previously done the best work, or which has been recommended to you by family and friends. Many factors can influence how much a contractor is likely to charge you: these factors include your geographical location (expect to pay more in London and the South-East) and how experienced the contractor is, as well as any specialist work you may be required to have done. The price of the labour involved in your renovation work can also be influenced by the appliances that you choose: the more complex they are to fit, the more this will cost. Having the walls painted may also be one of the more labour-intensive parts of the renovation, however this is again work that you may be able to take on yourself. It could also be a good idea to enlist the help of an architect if there is a lot of renovation work to be done - this will add to the initial price but in the long run will come out as being cheaper, and it will make your life easier as the architect, if you would like, will handle the whole process for you. They will also be able to tell you how much you should be expecting to pay for the renovation work you’re looking to have carried out.
Another cost that you may have to take into account for your renovation work is the cost of obtaining planning permission. This will only be necessary if you are looking to alter the exterior structure of the house, or extend it as part of the renovation work. In England, this will cost you £206 for the application, however if you are required to have the property surveyed in order to be granted planning permission, this will raise this cost significantly. There is unfortunately not much that can be done to get around this, aside from scaling back the renovation in such a way that the exterior of the house is not altered. The cost for planning permission is also different in the different constituent nations of the UK, in Scotland this costs £202. Again, if you choose to take on an architect to help you with the renovation works, they will be able to both cost and carry out these administrative requirements on your behalf. You will also have to take into account the relevant taxes which will be related to your renovation work - the principal expense of this will be VAT. If you are having the house renovated with the goal of selling it on, then bear in mind that at this point you may also be required to pay Capital Gains Tax, which can amount to a somewhat significant sum.
There are a number of tools which are available to help you keep track of how much everything is going to cost, and to keep track of how much was paid for the individual items that you have purchased. A simple Excel spreadsheet can be used to project how much the renovation will cost, but there are other online tools which are made specifically for this purpose. They will be able to break down in detail how much different aspects of the renovation are liable to cost, including breakdowns of parts and labour. If you require assistance with your calculations, or would like to know more about how different factors can influence the price, it could again be worth hiring an architect, who will be able to give you more personalised advice on the price of the renovation, as well as being able to tell you where it could be possible to save money on certain aspects, if this is a concern.
Do you have a renovation project you would like more information about? Get in touch with an architect specialised in renovation who would be more than happy to help you through this process.