How Much Should You Spend Renovating Your Home?

It comes as no surprise that after lockdown loomed over us for what felt like an eternity, spending so much time indoors inspired many of us to carry out some much-needed home improvements.

A recent report revealed that UK homeowners spent a whopping £55 billion on renovations to create their perfect property — with a staggering 85% of UK residents undertaking home improvement activities during the lockdown period.

One of the first things to consider when beginning a renovation project is your overall budget. We understand just how difficult this can be to begin with, so here are our top tips to help you plan your finances accordingly.

What is the average cost of home renovation?

Every home renovation project is unique. Overall costs vary considerably and depend on lots of factors, such as the size of the property and the scale of the project.

However, it can often be useful to have a baseline guide of what others spend on their homes. According to Checkatrade, a full renovation of a three-bed house will cost £52,175 on average. Their guide also provides helpful information on what you can expect to pay for a variety of jobs.

What areas must you consider when it comes to renovating?

This is entirely dependent on what you wish to achieve from your project, but here are some things to consider when planning for your renovation.

First things first, you must carry out a structural assessment checklist. This includes three main areas: checking for damp, looking out for any cracks in walls, and checking over how old the roof is and what materials it is made from.

Once you have collated a list of everything you wish to improve within your home, it’s time to get a quote for the labour costs.

Planning the overall cost.

When it comes to renovation projects, they can often be very costly. Be sure to weigh up all the options available to you and consider your finances carefully before diving into your project.

Although this can seem daunting to begin with, it’s important to remember how much value you will be adding to your property. This is a big driving factor for many homeowners when it comes to taking on such a large project.

You may find that if the time comes for you to move home, your renovation may well turn out to have been a prudent investment.