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.