Renovating your home can be a brilliant way to make the most of the space you’ve got and increase the value of your property in the long term. It’s always worthwhile getting a clear idea of the costs involved in a renovation project before you begin work. Planning your budget and understanding the different expenses can help you to avoid overspending and ensure that your renovation project stays on track.
Here, we discuss the costs you need to consider before embarking on your renovation project.
Design and planning fees
Before starting your renovation project, you first need to have a plan in place. You may choose to work with an architect or a designer to create a bespoke design that meets your needs and fits with your budget. The fees for these professionals can vary depending on their experience and the complexity of your renovation project. You should budget for between 5% to 15% of your total project cost for design and planning fees.
Building permits
Most projects of this nature require planning permission and building regulation approval. You can have a look on the Planning Portal to work out what permits you need for your renovation project and how much they will cost.
Demolition and disposal
If your project involves tearing down walls or removing old fixtures, you will need to budget for the cost of demolition, unless you plan to do it yourself. This phase of your renovation project can include the cost of labour and disposing of any rubble or debris.
Materials and supplies
The cost of materials and supplies can vary widely depending on the quality and quantity of the items you need. It might pay to research the cost of materials and supplies for your renovation project and budget accordingly.
Labour costs
Labour costs can be one of the largest expenses in a renovation. Make sure to get multiple quotes from contractors and compare them to ensure you are getting a fair price for your renovation project.
Fixtures and appliances
If your project involves replacing fixtures or installing new appliances, you will need to budget for these as well. The cost can vary depending on the brand and specification.
Utilities
During your project, you may need to pay for additional utilities such as electricity, water, and gas. Your house insurance might also go up as a result of the work you are doing on your renovation project. You should factor these costs into your budget to ensure that you can cover them.
Contingency fund
Even with careful planning, unexpected expenses can arise. It’s a good idea to include a contingency fund in your budget for your renovation project to cover any unexpected costs that may come up.
If you consider the above costs when planning, you will be well on your way to creating your dream home through your renovation project. It always helps to break it down so it feels more manageable and less daunting.
