In a recent study carried out by This is Money, it was revealed that 35% of UK residents are more likely to buy a property that requires home improvement or a full renovation, as it is the only way they can afford to step onto the property ladder. According to the data:
- The average UK house price (as of Jan 2016) is £196,829.
- The average cost of property that needs work is £152,792.
- The average cost of renovation is £33,039.
- The cost of buying a home and homeowners renovating it themselves is £185,831, resulting in a saving of £10,998.
However, of those who choose to buy a property needing repairs, 10% of owners end up living in an unfinished home and nearly half of owners (45%) exceed their planned budget for renovation. So is it really worth it? Do you end up saving money, or spending more?
Bedroom furniture specialists Oldrids & Downtown has investigated the topic to identify potential renovation trends and offer advice and information to help you make the best decision when it comes to stepping on the property ladder.
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 cost of renovation can vary depending on a number of cost-affecting factors, such as:
The size and style of the home
The number of storeys your property holds can influence the price of renovation, as you have more surface area to consider.
The postcode of your home
Like home insurance or house prices, the postcode can impact the price of any home improvements.
Other features of the home
Other factors within the home can impact the cost. These can include the number of rooms the house has. Multiple bedrooms, bathrooms and garages are added floor space which needs to be taken into consideration.
Homebuilding & Renovating has a calculator to give you a guide to the cost.
A renovation project can seem like a very large and daunting project to take on – as well as a costly project. However, if you break down the project into smaller projects and tasks, it might not seem so daunting anymore. Take it one step at a time and consider the costing of each task rather than the entire project.
Below is a quick checklist for estimated costings of each task; but remember that there are multiple factors which could affect all these prices.
|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|
*Estimates supplied by Homebuilding & Renovating
Key trends for home improvement
Bathrooms 365 recently published research on the home improvement market which stated that the government’s new build projects are positively influencing the home improvement industry by creating new opportunities.
Following a difficult time for home improvement, these opportunities can help save some of the 60 B&Q stores that had been forecasted for closure. So far, the interest in the industry has already seen a rise, with online sales showing positive and steady progression.
The study also 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.