How much does a home renovation cost in 2022?
The big question most homeowners wonder about!
I get it! You need - at least - some sort of figure to see whether you can afford it or forget about it. Right?
The honest truth is, even the most experience builders will be a bit careful to advice on the cost of home renovations, because there are so many factors to consider.
But how do you even get started with your project if you don't know how much money you need?
Well let me help you!
There are some ballpark or rule of thumb figures you can rely on when you need an initial budget figure.
These are:
£1000/m2 for moderate renovation
£1500 - 2000/m2 for loft and garage conversions and remodels
£2500/m2 for new extensions
Well, I can stop my blog post here, basically 😂, but, I recommend you carry on for a bit more insight!
A moderate renovation is the most straightforward of all.
You do not build new walls and roof, so the works will mostly cover some replacement of old electric wires, plumbing fittings and new finishes.
But you see... There are so many choices in the market when it comes to finishes that it can easily get overwhelming and you get lost. You can choose something cheap to build in or you can go for the most expensive options.
Of course, there will be a healthy middle ground for your choices, largely depending on your longer term plans with the property.
Let me just tell you this, however: cheap is never the cheap!
Conversions and remodels
When you realise you simply don't have enough space to support your lifestyle consider conversions and remodels BEFORE new extensions.
New extensions are widely popular, no questions about that. However, they are far more expensive than any other option you have.
I have been hired to advice on space planning (optimising the layout of your home) so many times in my life that, for a while, I provided this service on it's own.
Most of the times I was working on a fairly large property (think 4 or 5 bedrooms) that just didn't work for the home owners. When you don't need more floor space you just need to optimise your layout! This is possible 9 out of 10 times, saving you a ton of money.
Even relocating a kitchen to a whole different part of the house will be cheaper than an extension because you don't need new foundation, new walls, new roof etc.
Image: Reconfiguration of a ground floor utilising existing floor space
Extension
As I mentioned in the above section, this is one of the most popular work people do to their home. If you can afford it, that is awesome! A well designed extension is a major asset to your home and will most certainly increases the value of your property. It is also very expensive, though, so you need to do some basic calculation on the actual return on your investment.
When you think about affordability, though, think about the fact that you will have a larger property to heat, light, maintain etc. So the cost will not only be the building cost!
I recommend you do hire a competent architect for the design. Even if your builder says he has done this many times. No, he has done other people's extensions and even those were well or not so well designed.
A poorly designed extension will compromise the use of your existing rooms as can take the natural light away. It also changes the flow of your home and not always in a good way.
A well designed extension will not make it more expensive, in fact, quite the opposite.
Ugly costs the same as pretty!
Conclusion
I hope you find this blog post helpful!
The main point I wanted you to get is that you have options and I encourage you to explore them. It may need you need to involve consultants and that may sound like a luxury at first, but the amount of money they can save you will outweigh their cost and you will end up with the perfect solution. Double win.
The other main point is that you need to choose your finishes wisely and communicate these to your builder accurately. (Have a list of all the things you want, don't let them guess and don't make choices on the fly!)
There several other prices at different quality in my free downloadable investment guide below, so have a look at that and put together your own little budget and be well informed about what you can afford BEFORE contacting your builders.
Right, that is it for now. I hope you enjoyed and learnt a thing or two! Let me know in the comments!
Relax and plan ahead,
Until later, Agi
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If you need the the most recent prices of build cost, furniture, accessories, or advice on how to manage your renovation project by yourself, download your free guide here.
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