If you’re redesigning your home, you’re likely to be chomping at the bit to get started. But before diving straight in, it’s important to get an idea of the costs that are likely to be involved, so that you can plan financially.
I have a few plans for next year for our home – starting with our long-awaited garage conversion if we can get some money put aside. 😉
For a home redesign, you’re looking at paying anywhere between £700 and £1,000 per square metre. This average price range could be cheaper in less expensive parts of the country and possibly quite a bit higher in certain areas of London.
This is just a starting point, however; every home redesign is different and even two jobs that seem similar in principle can end up varying quite a bit in price – so estimating a one-size-fits-all price can be a bit tricky.
What costs are involved?
There are quite a few costs involved in a home redesign. Firstly, you’ll probably need an architect to help draw up a plan of the project, as well as helping to advise on design ideas. Then, of course, there are the labour costs, which can include:
- insulation fitting
- floor laying
You’ll also need to contract specialist tradespeople for things such as plumbing and electrics – a project manager may even be required if it’s a particularly big job. On top of this you’re going to have to shell out for parts and appliances.
Factors affecting cost
Even within the above costs, there can be quite a bit of discrepancy in price. One of the key factors involved in determining expense is quality. It is widely agreed that there are three levels of quality when it comes to home remodelling, these are:
This relates to components, such as tiles, and appliances, like fridges and cookers. As you might imagine, standard quality appliances are likely to cost less than those from a manufacturer of luxury white goods, like Fisher & Paykel. Similarly, bespoke components and fittings are likely to be pricier than stock options.
Another important cost determiner is the space being remodelled. While a sitting room, dining room or bedroom can be relatively straightforward to renovate, kitchens and bathrooms are often more complicated. These rooms need specialist attention and components, so can be more expensive as a result.
Once you’ve got a good idea of how much your redesign is going to cost you can go about setting your budget. As a rule of thumb, any budget should include a 15% contingency fund, to prepare you for any unexpected problems during the project.
Approximately 35% of the total cost of remodelling is labour. So, to keep costs down, you can substitute yourself into work on the areas you have the time and skills to complete competently – although it’s usually best to leave plumbing, gas and electrics to the professionals.
While you want to cut costs you should avoid cutting corners however. Spending a bit extra where necessary should help to ensure you’re happy with the finished product for many years to come.
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