5th March 2022
Are you planning on renovating your home in London? Are you clueless about how much you should ideally be spending? Don’t worry! Continue reading to learn more about what experts have to say about this.
Myak Homberger runs Papaya, a specialist restoration business for several historic properties in South England. He believes that setting a budget for home restoration follows a simple process. All you have to do is double the amount that you initially thought you’d need for restoration. That helps you cover for any contingencies. If it’s a building, then you’d need to quadruple the amount since there’s a lot more that goes into it. For instance, you’ll need to hire specialists, buy more expensive materials, and get building control inspections done too.
It is indeed one of the most satisfying jobs to transform a property and make it beautiful. Myak suggests that you need to consider what the house will be used for before you begin. Is it going to be a rental property, a forever home, or an investment? Once you know, you can make your decisions based on that.
If you’re going to rent it out, then it doesn’t make sense for you to invest in very expensive taps which tenants can easily break, right? Besides this, if you’re going to build it and then sell it out, then it’s wise to think about the buyer’s tastes. Conversely, if you’re building it for yourself, then you need to plan it out very carefully so that it meets your needs and requirements.
Whichever the purpose, there are a few things that you need to consider first.
Mark says that the most crucial thing is to check the structure, electrics, and plumbing first. That saves you a lot of hassle. You cannot do that later on once the renovation is complete. Also, check the boiler and radiators in the initial stage. These can cost a lot, so make sure that you do this first to know what you have left for further steps.
If you’re renovating a building, then first analyse the major expenses.
Our London-based renovation and property company have analysed what jobs most houses need and would like to
New kitchens and bathrooms
Most renovation properties need a new kitchen and bathroom since those are mostly in run-down conditions. The budget for this varies. It can take anywhere from £15,000 or more for a kitchen and £7,000 or more for a bathroom. Spending on these areas of the home is wise since people consider kitchens and bathrooms an essential factor when buying a house.
House extensions are very useful. However, you need to plan out first to get an extension for your house. According to the development standards, you can extend three meters at the back and six meters to the front (with planning consent). But make sure that the garden is spacious enough. This approximately costs £60,000 but varies based on where you are located.
Important to stress the importance of a new roof and sound insulation for the house. With several roof options available, you can choose which would suit you best. If you choose to get the same tiles and rafters put back again, it can cost around £10,000. But if you decide to replace them, it’s almost double the amount.
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