When planned properly, a renovation project can add great value to your home. It can even recover the renovation cost. A recent study by the Nationwide Building Society reveals that renovation of a normal-sized 3-bedroom home can increase its value by 22%. This is true for Paisley and the other parts of the UK.
The added value is a key reason for property investors to go for renovation jobs. But Brexit and the Covid-19 pandemic have escalated costs making renovations challenging. The increase in the price of materials like glass, wood, and others by around 25% is another reason.
Despite the rising costs, renovations like a loft extension, an additional bedroom, or a gym space can raise the value and help compensate for the expense. Here are some useful tips for home renovators.
Repair and maintenance of the property
Although making changes to your home add value to the property, if you have a limited budget, refurbishing can be a good alternative. When your budget prevents you from making improvements to your existing property, you can focus on maintenance. Proper maintenance can avoid huge emergency bills. Some maintenance work that you can consider include
- Repairing the home insulation
- Fixing loose tiles
- Replacing old windows
- Re-felt a flat roof
Bathroom makeover
After the kitchen, the bathroom is the most commonly renovated room. It is also the most expensive. On average, a full renovation can cost approximately from £1000 to £15000. The cost includes
- Plumbing
- Bathroom fittings like toilet, shower, baths, taps, and storage
- Tiles, wall panels, and paints
- Wiring, ventilation, and lighting
The renovation cost is based on the bathroom size, the changes you want to make, the quality of fittings, and the materials you use. More often premium fittings and luxury products can increase your budget.
But there are luxury products that you can get at a good price range. You can find good bathrooms shower baths deals online. Sites like Letta London offer a variety of luxury bathroom products. The best part of the products besides the top quality is the availability of products in all price ranges.
Kitchen improvements
One of the first rooms to receive renovation work in a home, the kitchen is also the costliest to renovate. On average, a new kitchen can add nearly 4.5% to your home’s value. A proper renovation job involves removing the old kitchen, rewiring, or plastering, and plumbing work.
The kitchen is a space where the family spends maximum time. it is a high-traffic area where you spend time cooking food, meeting with family, or holding social engagements. So, it is important that it is renovated and has quality fittings. Using quality products despite the cost will help in saving money on replacements and repairs later on.
Extensions
Adding a room to the existing structure is a popular renovation project for homeowners. The addition adds more space and increases the property’s value. Some of the factors you need to consider in an extension work are
Planning permission is necessary for any type of extension, especially for properties that are located in conservation spaces. The application costs £206 in England but may vary in Scotland, Northern Ireland, and Wales.
If the extension is confined to the ground floor or the basement, you can add a living room, dining area, or bedroom. The single-story extension costs from £40,000 to £67,000.
A two-story extension is more valued than a single-story extension. The reason is that you get more space on the ground and first floor. But the cost is comparatively more and can cost from £76000 to £120,000.
Roof repair
Damage to the roof needs to be repaired as quickly as possible. If left as such for a long period, the repair cost can increase. Further, a leaking roof can damage other parts of the house. Proper planning of the repair can help minimize the cost. You need to do a roofing survey using a professional to know the repairs needed and the cost.
Inspection of the roof will cost around £250 and may vary based on your location and the company you are working with. The repair cost is based on factors like
- The material you use for the roof
- The size of the roof
- Need for structural repair
Final thoughts
While the costs may look prohibitive, renovation when planned well can cost less than building a new house. With a renovation, you can do the work in stages and manage the finances. Improvements help to customize the property to your specifications. Remember to factor in the cost of extras such as skip hire Glasgow from TK Skp Hire, as this adds to your budget.
Unplanned expenses can put a wrench in the renovation work. Make sure you consider all the costs involved such as survey, planning application, stamp duty, legal costs, and unexpected expenses. If you renovate your home intending to sell it, make sure the changes are in line with the fashion and market trends.