Your primary reason for renovating your home may not be to increase its value, but it is most definitely a bonus when it does.
Whether you’re undertaking any of these 14 home upgrades that will boost property value or planning to renovate your home to make it easier to live in, one thing you should make sure to consider is how much it will cost you.
You can have all the good intentions and plans to renovate your existing home or take on a new property that needs a facelift, but can you afford the reality of doing so?
Estimating the likely cost of a renovation is a process that you will undoubtedly go through – and being accurate will be the key to a successful outcome.
Whatever renovations you have planned, whether to add an extension, remodel a kitchen, bathroom, or roof space, you ought to have a plan with reasonable cost estimates in place.
Set and stick to a realistic budget, and identify where you can save money if you need to.
What Should You Include, Consider and Plan For?
Consider turning your house into a smart home as part of your renovations. Green intelligent home technology may cost a little more to initially purchase.
However, much of that will be repaid (and more in some cases) with lower bills and better energy efficiency. In addition, you can be proud that your newly renovated home is better for the environment.
Many online remodeling calculators are available that give a rough guide to costs for projects. However, they won’t account for your project’s variations.
Instead, use them as a rough cost indicator to see if you can meet the ballpark figures given and then define details for your actual build to get a more accurate personal cost.
Make A List of Jobs
Be clear on the extent of the work and whether you need outside contractor help to carry any of it out.
Remember to cost for repositioning fittings such as baths or washing machines if you plan to move them as part of your renovation.
If you are adding a loft room or extension, be sure to include the cost of planning permission, building inspections, and permits you may need to obtain.
Once you know the jobs involved, you can identify the materials you require, calculate quantities, and work out costs for each item, such as cement and strengtheners, DPMs and finishings such as paint, tiles, and fixtures.
Many online calculators can assist you. They are available for all sorts of jobs, including a handy rebar weight calculator. Such calculators should help you calculate material costs based on the size of the build.
When shopping for new furniture and fitments, you can get a pretty good idea of the likely cost from the internet to put into your cost estimator.
Alternatively, it may be worth a trip to physical stores and speaking with salespeople if you need a little help with quality or design tips.
Labour And Contractor Costs
You may be taking on some of the work yourself. However, you will need to add in the cost to employ relevant tradespeople for any contracted or specialist work you need help to complete.
Collate a list of possible contractors and obtain at least three independent estimates. Use your list of jobs to be done as the starting point for discussions.
The more thorough your estimation process, the more likely you will achieve your project within budget.
Account for even the most minor details and allow a buffer zone of at least 10% for unforeseen situations. That way, you will be in the best position to complete the job on budget and time.