5 Major Costs To Consider When Renovating A Property
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The current financial climate is making it trickier for young people to get on the property ladder. One option could be to buy a property that needs some work and gradually renovate it over time.
While this sounds like a great idea, there are some major costs that should be taken into account before getting started.
Damp Proofing
Why It’s So Costly – Damp proofing can be a huge but necessary expense. Without good damp proofing, moisture can get into the walls and cause a build-up of bacteria and mould.
Ideally, damp proofing should be tackled while you’re renovating as not fixing it could cause even bigger problems, and bigger expenses further down the line.
How To Save – If your property only requires a small amount of damp proofing you could try doing it yourself, as many home improvements stores carry DIY kits which would be considerably cheaper than getting in a damp proofing company.
The Cost of Flooring
Why It’s So Costly- When renovating a property, the cost of flooring can soon add up as it’s something you need in every single room of the house.
You may also be torn between sticking to a tight budget and buying a quality product that will last for many years to come.
You should also consider other factors when it comes to flooring, such as that while stone flooring looks lovely and is very practical, it can be cold so you may have the additional cost of installing underfloor heating.
How To Save – Prioritise high-quality, easy-to-clean flooring in high-traffic areas such as hallways and areas you’ll spend a lot of time, such as the living room.
You could also look at cheaper flooring options, for example, engineered wood flooring is cheaper than hardwood flooring, and if you can find an engineered Wood Flooring Sale even better!
Vinyl has seen an increase in popularity in recent years for its durability, varied styles, ease of installation and it’s cost-effectiveness.
Heating Installation
Why It’s So Costly – Having a whole new heating system installed can be very expensive, especially if you’re modernising the property and need to move the boiler or want to move or add extra radiators.
How To Save – While it might seem like a big expense now, having an efficient heating system could well save you thousands of pounds in the long run. However, to maximise the return on your investment you’ll need to have your system regularly serviced to ensure the performance is maintained year-on-year. Another tip to protect your new heating system from losing efficiency is to check your water levels to find out if you’re in a hard or soft water area. If you discover you have hard water, it’s beneficial to add a water softener to prevent limescale build-up comprising your boilers efficiency to heat the water and prevent pipes from scaling up which can causing blockages or reduce the flow of water around your home. Additionally, if you’re on a low income you may be able to apply for a grant to help with the cost of a new boiler.
Paying Tradesmen
Why It’s So Costly – Even if you’re a pro at DIY there are going to be some jobs that require a professional, especially when comes to electrics.
How To Save – While I’m a firm believer that tradesmen should be paid fairly, there can be discrepancies between the prices they are charging, even in the same area.
Always get at least three quotes from different tradesmen, ask friends for recommendations and ensure you get everything in writing before going ahead..
Buying A New Kitchen
Why It’s So Costly- When renovating a property from top to bottom it’s likely that you’ll want to install a new kitchen. This is a pretty big job and not one you’ll want to tackle once other parts of your property are finished due to the level of mess and disruption it will cause.
The kitchen is one of the most expensive places in the home to renovate as we often upgrade all of the appliances as well as replacing cupboards and worktops. You then have to factor in the cost of things such as lighting and new furniture.
How To Save – Reclaiming as much as you can from the old kitchen can really help save on costs. In fact, a much more budget-friendly option is to repaint old kitchen cupboards and cover worktops with vinyl. If you don’t want to attempt this yourself, you could always look at hiring professionals – there are plenty of companies out there that specialise in doing just this.
Another option could be to head to a reclamation yard, especially if you have a country-style kitchen in mind, you could find beautiful old tiles or even a Belfast sink.
Scour Facebook Marketplace for furniture that can be repainted, recycled or recovered. If you really want to take your savings to the next level you could even try skip diving!
Final Costs To Consider When Renovating A Property
Here are some final costs you should consider when renovating a property.
- The cost of a contingency fund: This is essential, particularly with older properties. Costs can easily start to spiral as you could uncover various issues that will require additional time and money to put right. Having money set aside for this will save you a lot of stress and if you don’t end up needing it, consider it a bonus and splurge on something fun when the renovations are finished.
- Cost of Waste Removal: If you’re planning a large-scale renovation then you may need to use a professional waste removal service for construction waste, garden waste or even to help clear the house before you start.
- Cost of Renting: If you’re taking on a large-scale project then your property may not be livable straight away. This could mean you end up paying both rent costs and a mortgage at the same time.
- Planning Costs: Don’t forget you’ll need planning permission for any major additions you want to make to your property or you could need to apply for retrospective planning where the previous owners hadn’t.
Renovating a property can be extremely rewarding but don’t forget to factor in all the associated costs before getting started. I hope this post has given you some food for thought when it comes to buying a fixer-upper!
