HOW MUCH DOES IT COST TO RENOVATE A HOUSE IN 2023?

Every house renovation project is unique and so the total cost of renovating a house can vary depending on the project details.

As a general guide, it has been estimated that a 3-bed house renovation would cost between £77,000 and £140,000. The following factors will affect the renovation costs:

• Property size

• Property age and condition

• Renovation complexity

• Structural work

• Building extension work

• Quality of materials, fixtures and finishings

• Decoration and interiors

• The location of where you live

With so many costs to consider, start by listing all the jobs you will need to do on your property. From here, you can calculate the renovation costs and start planning your budget.

However, make sure you add a 10-15% contingency to your budget for any unexpected issues that are likely to arise through the project.

ADDITIONAL COSTS TO REMEMBER

Alongside the obvious costs of structural work, installations and redecorating, there are other costs that you shouldn’t forget while budgeting.

1. SURVEYS AND PLANNING APPLICATION

Renovation projects that involve structural work or extensions will need surveys and planning applications completed prior to work beginning. The more extensive the work, the more expensive the cost.

2. STAMP DUTY AND LEGAL COSTS

If you’re renovating a property you’ve just purchased, ensure you factor in stamp duty and solicitor costs. The stamp duty will be charged at a higher rate if it’s your second property.

3. RENT COSTS

If you are renting before moving into your newly renovated home, or even if you need to find temporary accommodation during the build, this will come at a cost and must be accounted for.