This is Money carried out a study this year which revealed that 35% of people in the UK are opting to buy a property that needs a renovation because it’s the only way they can afford to get onto the property ladder. According to their data, 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, it also revealed that once the house is purchased, 10% of buyers end up living in an unfinished home, and a whopping 45% end up spending over their opposed budget. The real question is: is it really worth it?
Considering this data, bedroom furniture specialists Oldrids & Downtown have carried out their own research to identify some renovation trends and help you make an informed decision when considering taking on a renovation project.
In Home Improvers of Great Britain 2016, Barbour ABI further researched if there were any trends in the home improvement market. They identified some of the most – and least – likely locations to take on a renovation project.
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
A renovation project can be affected by multiple costly factors. These may include:
The size and style of the home
The size of the property can affect the overall cost of renovation as you must consider the amount of floor space that needs to be covered and the number of stories.
The postcode of your home
Just like home insurance and house prices, the postcode can influence the renovation price.
Other features of the home
Within the property, there can be other features which influence the cost, including the number of bedrooms and bathrooms. And not forgetting the garage(s).
Homebuilding & Renovating has a calculator to give a guide to the cost.
An estimated cost
It can be quite daunting taking on a big renovation project but when you break it down into smaller tasks, you can tackle the project one step at a time. It is worth considering the estimated average cost of different aspects of the project you need to tackle. Use the following checklist for a quick calculation, but remember to take into consideration that the size, style and postcode of your home:
|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 also published research surrounding the home improvement market. The article revealed that the government’s new build projects are creating opportunities for the home improvement industry, which has previously struggled; 60 B&Q stores had been forecasted for closure which was 25% of all their stores! But as the interest in home improvement has increased, so have the online sales, showing an encouraging 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 must 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