In a recent study by This is Money, it was revealed that people in the UK are choosing to buy properties that need renovation rather than a finished home. In fact, 35% of Brits are taking on renovation projects because it is the only way they can afford to step onto the property ladder. According to this data, the:
- Average UK house price (as of Jan 2016) is £196,829.
- Average cost of a 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.
But is it really worth all the work? How much do we actually save? Further data shows that, in fact, 10% of buyers end up living in a home that is unfinished, whilst 45% end up spending more than their planned budget for the project. So, the question remains: do we even save any money?
Bedroom furniture specialists Oldrids & Downtown have carried out some research into the home improvement market to identity renovation trends and costs to help you make an informed decision when considering you next property purchase.
In further research carried out by the Barbour ABI in Home Improvers of Great Britain 2016, the locations which are both most and least likely to take on home renovation projects were identified. The results are as follows:
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
What affects the cost?
When taking on a renovation project, there are multiple factors that will affect the overall cost of the project. These can include:
The size and style of the home
The size of a property can greatly influence the cost. The more storeys a house has, the more floor space you must cover. This means it is likely the cost will be higher too.
The postcode of your home
Like home insurance or house prices, the postcode can impact the renovation price.
Other features of the home
You must also consider the number of rooms the property has, especially bathrooms and garages as these can take more work to renovate/maintain.
Homebuilding & Renovating has a calculator to give a guide to the cost.
Renovation projects can be a big project to take on, and it is anything but a one-size-fits-all task. We recommend that you break the project down into smaller tasks, and take each task a step at a time. The project will seem less daunting this way. In doing so, it is worth considering the costs of each task individually as well. This way, you can keep better control of your budget. However, remember that these costing can vary depending on the size, style and postcode of the property.
|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
Following research from Bathrooms 365, it seems that the government’s new build projects are helping the home improvement industry by offering new opportunities. As the interest in home improvement rises, these opportunities help savour some of the 60 B&Q stores which had previously been forecasted for closure. In fact, as the interest rises, as have the online sales which are showing a steady progression.
The study noted the following 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.