Revealed in a recent survey, 35% of Britons are choosing to buy properties that require renovation work because it is the only way they can afford to take their first step onto the property ladder. This data by This is Money also identified the:
- Average UK house price (as of Jan 2016) is £196,829.
- Average cost of property that needs work is £152,792.
- Average cost of renovation is £33,039.
- The cost of buying a home and renovating it themselves is £185,831, resulting in a saving of £10,998.
However, is this really a money-saving tactic? The survey also revealed that 10% of buyers live in an unfinished home and nearly half of buyers (45%) end up spending over their planned budget during the renovation project.
In light of this data, bedroom furniture specialists Oldrids& Downtown have carried out further research to help you make an informed decision when it comes to making your next purchase that might require a renovation.
Further research in Home Improvers of Great Britain 2016 by Barbour ABI identified the top locations that were both most – and least – likely to invest in home improvement projects.
Most likely districts for home improvement
- Kensington and Chelsea
- Hammersmith and Fulham
- South Bucks
Least likely districts for home improvement
- Stoke on Trent
- West Dunbartonshire
The price of a renovation project can vary depending on several. These can include:
The size and style of the home
You need to consider the amount of floor space and number of storeys the property has, as this can influence the price. The larger the house, the more space you need to cover in the renovation project.
The postcode of the home
The postcode can affect the cost of the renovation, just as it can also affect the home insurance prices and house prices.
Other features of the home
Like mentioned before, the size of the home can influence the cost of renovation so you need to consider the number of bedrooms, bathrooms and garage(s) the property has.
Home building & Renovating has a calculator to give a guide to the cost.
Home improvement projects can be a big project to take on, so we recommend breaking the large project up into smaller manageable tasks. This way you can gauge the cost of each step. Use the following checklist for a quick estimated calculation, but remember other factors that can alter these.
|Task||Estimated cost on average 3-bed home*|
|Adding a bathroom||£2,500|
|Adding a kitchen||£4,500|
|Adding central heating||£5,000|
|Removing dry rot||£1,000|
|Fixing collapsing ceilings (related to damp)||£500 per room|
|Replacing the roof||£3,000|
|Replacing roof tiles||£200|
*Estimate supplied by Homebuilding & Renovating
Bathrooms 365 recently published research that looks further into the home improvement market. It revealed that new build projects by the government is creating new opportunities for the home improvement market. These opportunities were needed following a difficult time in the industry, when around 60 B&Q stores were forecasted to close. Now as home improvement interest increases, online sales have promising progression.
The study noted key trends in home improvement and renovation:
- The motive of renovation is still profit by increasing the home’s value
- Home improvement is still desirable, but homeowners have to save
- Desire for an increased number of bathrooms in the home
- Improvement to the design of the bathroom
- Improvement of layout and features to be more environmentally conscious.