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How much do I need to renovate a house?
When you’re buying a house, you might be lucky enough to move in on the first day with all of the rooms exactly how you want them. However, a perfect home which doesn’t need any work just isn’t the reality for most people, especially for those who have bought a fixer-upper property.
Whether you’ve just moved into your home or you’ve been there a while, you’ll need to make sure you can cover the cost of any home improvements and the best way to do this is to know how much you’re going to spend. Let’s take a look at the costs you can expect when you’re renovating a house.
Redecorating and renovating
According to a recent survey, the average amount spent by homeowners on renovation for the first year of living in their property was £10,010. This is how much you’ll be looking at spending if you’re getting some of the most common jobs done to your new property – for example, doing up the bedrooms cost an average of £1,950 and it was a job carried out by almost half of the homeowners surveyed. Nearly as many (43%) say they decorated their living room at an average cost of just over £1,500.
However, if your property was a bargain because it needed a complete overhaul, it’s likely that you’ll have to spend more than the average. Some less common jobs included putting in a new garage – something that just 2% of homeowners surveyed say they did but that cost nearly £5,000 on average. Making repairs to the roof was also not common – but 1 in 13 homeowners had to do it at an average cost of almost £3,200.
If possible, try and work out how much any renovation and repair work will cost before you buy a property. The best way to do this is by paying for a Building Survey, the most comprehensive report you can get. The surveyor will be able to tell you what work will need doing to the property, as well as giving you an estimate of the likely cost. You’ll then be able to budget for this with your other mortgage and moving expenses.
You can still use a building surveyor to go over your property if you’re already living there – especially if your property needs structural work. However, this means you won’t have budgeted for the cost of the renovation work when you were buying the property, so you’ll need to work out how you’re going to pay for this.
Financing the work
If you’ve already been living in your house for a while, you might want to consider applying for a homeowner loan or remortgaging to release equity. You’d be able to use this to cover the cost of your renovation work and pay it back over a longer period. Keep in mind though that this type of loan is secured against your property, so your home could be repossessed if you don’t keep up with the repayments.
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