How Much Does It Cost to Renovate a House?
Estimated reading time 3 minutes
Renovating a house can be an exciting yet daunting endeavour for homeowners. While the idea of transforming your living space into your dream home is appealing, the costs associated with renovations can quickly add up. According to the annual UK Houzz & Home Study the average spend on home renovations was £16,250 and 10% of respondents spent as much as £120,000.
In this blog, we will delve into the various factors that influence the cost of renovating a house, along with the pros and cons of undertaking such a project. We will also introduce an alternative solution for homeowners who are looking to sell their property without the need for renovations.
Factors that can influence the cost of renovating a house
The cost of renovating a house can vary significantly depending on several factors:
Scope of the work
The extent of the renovations will be a major determinant of the overall cost. Minor cosmetic upgrades such as painting and flooring will be less expensive than major structural changes like adding an extension or renovating the kitchen and bathrooms.
Materials and finishes
The quality of materials and finishes chosen for the renovation can also impact the cost. High-end materials will naturally be more expensive than budget-friendly alternatives.
Labour costs
Labour costs can vary depending on the region, the complexity of the work, and the experience level of the contractors involved.
Unforeseen issues
Renovations often uncover unexpected issues such as plumbing or electrical problems, which can increase the cost of the project.
Pros of renovating
- Renovating your home can significantly increase its market value, making it a worthwhile investment for homeowners planning to sell in the future. Other positives can include:
- Renovations allow homeowners to customize their living space according to their preferences and lifestyle needs.
- Upgrading outdated features and improving the functionality of your home can enhance your comfort and quality of life.
- Renovations aimed at improving energy efficiency, such as installing insulation or upgrading to energy-efficient appliances, can lead to long-term savings on utility bills.
Cons of renovating a house
Renovations can be expensive, and it's not uncommon for homeowners to exceed their budget due to unforeseen expenses. Other downsides can include:
- Major renovations can disrupt your daily routine and living conditions, causing inconvenience and stress.
- Renovations often take longer than anticipated, especially if unexpected issues arise or if there are delays in obtaining permits and approvals.
- There's a risk of overcapitalizing on renovations, where the cost of the renovations exceeds the potential increase in the property's value.
Do I need to renovate my property before selling?
For homeowners who are looking to sell their property without the need for renovations, Bettermove offers a convenient and hassle-free solution. Bettermove can buy your property from you for cash regardless of your property’s condition. This allows you to bypass the time-consuming and costly process of renovating your home. Alternatively, Bettermove can market your property to our network of pre-approved cash buyers and investors, giving you the option to sell your home within 30 days without the need to spend a penny on changing the property.
Should you spend or sell?
Deciding between spending on renovations or selling your property as-is is a common dilemma for homeowners. Investing in renovations can potentially increase your home's market value and personalise your living space, but it comes with high costs and disruptions to daily life. Selling your property without renovations may be a more practical choice to avoid expenses and hassle. The best decision depends on your financial goals, priorities, and current circumstances.
