With the price of houses rising year-on-year, a study by This is Money revealed that UK residents, 35% of Britons, are choosing to buy homes that need renovating, because it is the only way they can get on the property ladder. According to 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 themselves is £185,831, resulting in a saving of £10,998.
However, that being said, once the house has been purchased, around 10% of buyers live in the home unfinished and nearly half (45%) exceed their original budget for renovation. So…is it really worth it?
Bedroom furniture specialists Oldrids & Downtown, have looked into the real costs of renovating a home in the UK, to help you make the best decision when looking for your next home purchase.
Locations for home improvement
Barbour ABI researched further in Home Improvers of Great Britain 2016 to find out if there were any trends in the home improvement market. They were able to identify the locations of some of the most – and least – likely areas of the UK to carry out home improvements.
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
What will affect the costs of your project?
The cost of a renovation project can be affected by a number of factors. These can include:
The size and style of the home. The number of storeys in the house influences the price of renovation, as well as the floor space in general.
The postcode of your home. Like home insurance or house prices, the postcode can impact the renovation price.
Other features of the home. Other factors within the home can impact the cost, including the number of bathrooms the house has, the garage (or number of garages) and the number of bathrooms.
Homebuilding & Renovating has a calculator to give a guide to the cost.
Estimated costs per task
Many renovation projects can be broken down in to mini projects or tasks. As renovation isn’t a one-size-fits all task, it’s worth considering the below costings when trying to determine your own renovation project. Use this checklist for a quick calculation, but remember that the size, style and postcode may alter 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
Key trends for home improvement.
In February this year, Bathrooms 365 published research on the home improvement market. The article stated that new build projects by the government had created opportunities for the home improvement market.
This followed a difficult time for home improvement, when 60 B&Q stores were forecasted for closure, and 25% of all B&Q stores. As the interest in home improvement increases, online sales are showing encouraging progression.
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