Dreaming of upgrading your home this year? Whether you’re aiming to enhance your property’s value or elevate its aesthetic appeal, embarking on a renovation project is a great way to bring your vision to life, and you could significantly enhance your lifestyle in the process.
Undertaking a full-scale redesign is a considerable commitment and can be a sizable investment too, but once complete, the results are usually more than worth the effort.
One of the keys to a successful renovation is to manage it effectively, and developing a comprehensive plan for your renovation project will help you to budget and ensure you stay on track with your schedule. Ideally, you’ll want to have a budget in mind before you begin so that you can use it as a guide, but this, of course, will vary depending on the type of property you’re renovating and the scope of work required to bring the project to fruition.
For example, if you’re looking to renovate a three-bedroom apartment in the UK, it’s wise to budget at least £77,000, but it’s an estimate that can fluctuate significantly based on various factors. The cost of a renovation is influenced by personal preferences, the complexity of the project, and the specific requirements of the property.
The size of the property, its current condition, the quality of building materials, and the geographical location will also influence the cost as well as the amount of time a renovation will take to complete, so if your subject is a lavish mansion in the countryside then you can expect to spend considerably more than you would on the aforementioned luxury apartment in a city centre, as the cost to remodel a house is considerably higher.
Additionally, a portion of your renovation budget will be allocated to professional services, as hiring skilled experts such as architects, plumbers, electricians, and fitters is essential for a successful renovation and contributes to the overall expense.
If it all sounds rather overwhelming, then it needn’t be, and with the right approach, a renovation project can be simple and the results wildly fulfilling. Here, we take a closer look at what you need to consider when working out the cost of remodelling your home so that there are no surprises along the way.
Factors that impact the cost of remodelling your home
The scope of your remodeling project
When it comes to luxury home renovations, the scope of your project will play a crucial role in determining costs. The scale and nature of the work required will significantly influence your budget, so the first thing to do is decide whether you want to renovate a small portion of your home or the entire property, and start from there. It goes without saying that updating a single room or a small area of your home will cost you far less than undertaking a comprehensive renovation of the entire property, and it’s often more cost-effective to make changes slowly and over time. But if you’re determined to go all in and do it all at once then there’s no reason not to – it just means you’ll have to spend a little more time on gauging the associated expenses.
To do this accurately, you’ll need to clearly outline all the renovation tasks you envision for your home, and work closely with your architect of choice to meticulously detail the scope of your project. Adding additional bedrooms or bathrooms, for example, will inevitably increase refurbishment costs.
A well-defined plan and thorough discussion with your architect will provide a clearer understanding of the financial implications and help ensure that your renovation meets your expectations whilst staying within your budget
Hiring an experienced contractor
While those with experience might opt to undertake the job themselves, hiring an experienced contractor is generally advisable, and seeking out one with a glowing reputation and a proven track record is wise to ensure you get the best possible result.
The cost of this is often one of the most substantial things you’ll need to account for, and can vary from one company to another, so do some homework and create a shortlist before deciding which contractor is the best fit for you.
Cost of materials and labour
Next, you’ll need to account for the cost of the materials required to bring your remodeling project to life, as well as the fees you’ll need to pay the labourers who will be doing the job. If you’re envisioning high-quality finishes, fixtures and fittings to infuse a real sense of luxury into your home then you’ll want to allocate a generous budget to these to ensure you get the end result you want. Usually, labourers charge less for their services in locations with smaller populations, which is worth bearing in mind if you live in a relatively remote location – but if you live in a bustling city then you can expect to pay more.
Project timeline
The longer your project takes to complete, the more it will cost, and any delays along the way can further add to this. If your refurbishment project is going to be lengthy then you’ll need to take into consideration the higher labour fees and the ongoing costs for equipment needed to complete the job, such as scaffolding.
Things to know before renovating your property
Create a breakdown of your goals
The most significant thing you’ll want to do before planning your redesign project is to create a breakdown of everything you’ll need to accomplish it, along with the associated costs for each, so grab a pen and a piece of paper and write it all down. The easiest way to do this is to break the project down into smaller goals, then list these in order of priority so that you know where to start. As a general rule of thumb, starting with the task that will have the biggest impact on your home is a sensible approach, but also consider whether getting one particular aspect of the project, such as a kitchen or living room renovation, out of the way first will make the house more liveable whilst the rest of the work goes on around you.
Create a schedule
To ensure that your renovation project doesn’t hamper your daily routine or activities and that any disruption is kept to a minimum, you’ll then want to create a schedule for all the necessary remodelling tasks. Going beyond simply deciding which order to do things in, this will allow you to create a realistic timeline so that you know when to expect each one to be finished – but keep in mind that you’ll need to be somewhat flexible with this and may need to amend timescales at times along the way.
Think about the safety of your pets and kids
If you have small children or pets, keeping them safe during the renovation process is paramount. Avoid letting children play in areas where work is going on to avoid putting them at any risk, and consider installing gates or safety equipment to prevent them and your pets from entering the construction area.
