Home Refurbishment in Tower Hamlets

It can be very hurtful when you’re looking to get a house and then identifies one that’s almost perfect, but that one thing that’s lacking is significant enough to prevent you from making an offer. For instance, you may like neighbourhood, the lot’s size, the number of bedroom and lots more. However, the only thing that’s holding you from making an offer is the outdated kitchen. This is the point where you wonder whether a mortgage can include the cost of renovation. In this article, we’re going to give you a good insight into this and more. Let’s have a look!

One of the major things your lender will put into consideration when you apply for a mortgage is the price of the property in question. For instance, so you’ve found your “almost perfect home for let’s say £400,000 and the cost of your intended renovation work runs up to about £150,000. In this event, you’re definitely going to find lenders who wouldn’t be too keen to let go of their cash. And that’s mainly due to the fact that lenders are only able to afford you, at best, 95 percent of the purchasing price. In other words, if you really want the house, you’ll have to finance it yourself no matter how much potential you think the house possesses.

This, however, does not mean that you can’t find some mortgage lenders who’ll allow for building costs. They exist, but this will mostly take place when the work is complete and the property is revalued. You may also be lucky enough to get a purchase plus improvements mortgage which allows you to renovate now and pay off the renovations over time at a better interest rate than other loan types.

Refurbishing a house brings about a plethora of benefits. These includes an increased sale value, an improvement on your quality of life or even simply to make it more visually appealing. All these are great when you look at them, but one thing that happens to be an hindrance for several homeowners is the cost of getting the project done. You may wish to set a budget, plan and prepare before commencement of the project, but the fact remains that, when it comes to refurbishing a house, nothing is certain. In fact, it’s advised to always expect the unexpected and have a lot of cash in reserve just in case something goes wrong. There are a wide range of factors that can play a key role in the overall cost of a house refurbishment. Minor refurbishment that should cost around £30,000 can easily go up to over a whooping £150,000 for a total transformation. Most of this cost will be expended on labour, and the next most significant expense, which is sourcing materials.

In general, the cost of your refurbishment project will depend on some factors which includes the size of the project, the materials used, the refurbishment or renovation level, the location of the property, the quality of the contractor hired and lots more. To estimate the cost of refurbishing your property, you can follow these simple steps:

✓ Write down a detailed list of all the things that needs to be done per room and try to be as specific as possible.

✓ Carry out a research of the labour cost in your area as well as the raw materials’ cost (here, you can make use of guides such as home advisor).

✓ Add an extra 10 to 15 percent on top of the calculated estimate for uprisings and repairs.

✓ Talk to your contractor to get a more accurate quote.

When it comes to house renovation costs, nothing is certain. As a rule of thumb, you should always expect the unexpected. Unforeseen circumstances (mostly unfavourable) can crop up from anywhere, at any time, greatly affecting the cost of the project. However, if you’ve completed proper planning and done your due diligence on your property before commencement, there’s absolutely no reason why you can’t put the works on budget.

The cost of a house renovation project depends on a lot of variables. These variables include the type of property you’re undertaking as well as the amount and complexity of the entire project. What’s more? Whether you decide to do some of the work yourself or wish to hire quality tradespeople to cover the entire project will also tell on the cost of the home renovation.

In the event whereby you wish to completely gut your property and begin from square one, here are some of the cost you’re most likely going to incur:

✓ Planning applications and building controls

✓ Architect’s design and specifications

✓ Contractors and build costs

✓ Snags as well as unforeseen problems

What will be the biggest cost, which will be determined by the amount of work you need done, is most likely going to be the structural and building work, which can reach up to tens of thousands of pounds.

Asides from material and labour, the administrative costs is another important cost you’ll need to factor in. The first thing here is usually insurance, this is because all regular building insurance policies does not cover large scale renovation projects. So if what you’re planning is a huge structural change to your property, then it’s more likely that it won’t be covered by your buildings insurance policy. In this event, you’ll have to take out a specialist renovation insurance.

Do you want to inject a new lease of life into your home or property, or transform it into a more modern style that better suits your taste? Or perhaps you’re only looking to add more value to your property to enable you sell for a profit in the nearest future. Regardless of your purpose, determining the cost of your home renovation can be incredibly difficult. However, you can still obtain a reasonable budget for the project with proper planning as well as preparation. It’s almost impossible to get an exact figure for any home renovation cost, however, this article aims to give you a good idea of cost range to enable you make informed decisions.

The cost of renovating a house can vary significantly depending on a wide range of factors. Some costs are fixed while others may vary greatly. As a result, if you want to have a more exact figure, you’ll have to call in a professional beforehand to give you an idea of how much they’ll charge. Below are some of the most significant costs you’ll most likely face during property renovation.

✓ Administrative cost. Asides from material and labour, the administrative costs is another important cost you’ll need to factor in. The first thing here is usually insurance, this is because all regular building insurance policies does not cover large scale renovation projects. So if what you’re planning is a huge structural change to your property, then it’s more likely that it won’t be covered by your buildings insurance policy. In this event, you’ll have to take out a specialist renovation insurance.

✓ Planning permission and property renovation. This is another potential cost you’ll have to factor in. Submitting a planning application in the UK usually ranges between £200 to £250.

✓ Adding an extension. Generally, a 4m by 5m extension would cost within the range of £30,000 to £40,000.