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Deep Breath…Budgeting A Total Home Remodelling Project

When you are planning to remodel your entire home, the budget is the single most important thing. It’s not like just doing one room or one floor, whereby you have a little extra leeway. When your home is going to become a project in the next year or so, you need to focus on your budget in every single detail. The best way to approach your budgeting plan is to go from room to room, noting what you will be changing. Most of the time, the biggest expense is the material procurement. Whether it’s steel, wood, or fabric, you need to get this out of the way first, before you can move onto things such as decor. But is it as complicated as it first sounds? No, as long as you follow the protocol and procedures like the ones we’re about to show you.

 

The 3 largest expenditures

By far the largest expenditure will be the floor, walls or ceiling. It depends on what you’re going to be changing. If you are ripping up a floor and doing it over for one room or perhaps a floor, you need to decide your material.

The average hardwood floor cost is about £50 per square-metre. This is usually when you select, cedar or oak, as your material. It’s vital that you are aware of how much your wood will cost before you purchase it. The reason why we call materials expenditures is, once they are used you cannot send them back or improve them a lot. Hardwood floor is usually not refundable because it is cut to specific measurements and order number. It’s also not easy to change or alter, so make sure you get it right!

The average cost of your ceiling to be repainted is about £10-15 per square-metre. That sounds like a lot, but remember, the paint used for ceilings is not the same as that for walls. It needs to be strong, flexible, and resilient over time. Hot air rises, so it needs to withstand slightly higher ambient temperatures, it must not be toxic and must be playable even after being applied. If you intend on hanging an extra light it won’t crumble when you drill a hole through.

The average cost of wallpapering your walls is about £260. This sounds like a lot, however, you should always use a professional because even the best wallpaper can peal if it’s not properly set. You also don’t want condensation to occur and bubbles to push the wallpaper up off the surface. This can cause mold and mildew to grow into the walls.

Funding options

There are multiple common formats for funding your remodelling project. The most common is for you to increase your mortgage. You can calculate mortgage repayment very quickly thanks to this kind of website. Just put in your details, and you’ll get not only the full monthly repayment, but interest-only and per monthly. This allows you to know how much interest you can afford and set the length of the contract your liking. Remortgaging is common because the very company or bank that gave you the mortgage is going to want to reinvest in the property, if you can show you intend on improving it and thus, increasing it’s value. It’s just commonplace to do this, so it should be your first option.

You could also get a specific loan for renovation. An LFR is something that very specific properties are more likely to receive. That is, from banks and lenders in general. However if you go to a specific company that specialises in this sort of thing, you won’t have as much trouble. The reason for the extra hurdles is, the loan company wants to make sure that the property is going to rise in value, at a certain rate every year and consistently for at least a decade. They may also want to have some kind of say in the remodelling you’re doing. They can also guide you to certain remodelling agencies or contractors to help your cause.

A personal loan is something useful if you turned on just doing one or two rooms. It can go from anywhere between £2,000 to £20,000 on average. There are some personal loan companies that will have their own amounts and rates. But as you can see, in this range, you can redemolling one or two rooms if you are wise with your money.

Decor and more 

Decor is a tricky category, it can either be a small budget or a large budget. It depends on the level of remodelling you’re doing. However, because you’re doing a whole home remodeling project, it’s probably going to be a large budgetary expense. So let’s look at some of the options that you might be considering already.

The average leather sofa cost is about $1,200-1,700. This works out to be about £1,000 to £1,300. If you look on specialist websites like Saxon, they have some incredible sofas but they will range in the higher price ranges. They have classic and stylish sofas, that cost from around £1,100 to upwards of £3,000. These are, of course, British sofas, so they will be made from real leather not faux leather like that which is common in Europe and America. That means, the maintenance will be expensive.

How much are you willing to spend on sofa seating? Since it’s just one seat, or a single-seat, it’s going to cost about half or a third of the price of a sofa. This could be from £300 to £1,000+. It depends on what kind of seating you want, the fabric, design, size, features, etc. We’re just trying to give you a rough guide as to what to expect, so you can budget more carefully. So take the figures we are referring to, with a pinch of salt.

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Expansions afoot?

When you’re developing the entire home, you will be tempted to go further when you realise you have a bit of cash leftover. So the question is, should you expand your home? The kitchen, loft, dining area and the garden patio might be areas to explore first. 

Studies have shown that the average loft conversion will set you back anywhere from £21,000 to upwards of £44,000. This is something that you need to consider when you’re remodelling. Remember we’re talking about remodelling, so rather than redecorating, we can expand and build new rooms if we need to.

We highly recommend that you focus on one expansion at a time when you do make this type of decision. You may also want to get planning permission first. Some councils won’t want you to expand because they don’t want to create properties that don’t fit into the neighbourhood. They do this because, if you expand, your neighbour might try to compete and build a bigger home too. This can lead to zoning issues, a lack of garden space and the price of homes going up unpredictably in the area.

What if you want to do a kitchen or ground floor expansion? Better yet what if you would like to do a patio expansion such as installing a conservatory? The average conservatory can cost anywhere from £15,000 to about £40,000. So it’s about the same as a new room. We recommend that you find a contractor that can give you what you want and keep costs in check. The issue with a conservatory is, it’s technically an outside property, but it’s attached to the home. So it will bring in the cold to your home and this can cost you higher energy bills. 

Hidden costs 

The budget for a home remodeling project should always keep some space for hidden costs. These costs will be some or all of the following.

  • Project overrun. When you don’t finish when you thought you would, you will need some buffer room when it comes to money, so you can keep paying for the things that need finishing.
  • Damage done. When you are in the midst of a remodeling project, you have to understand that you could damage the home. You might drop something on the floor and put a crack or hole in it, you might have accidentally smashed down a centre wall or perhaps damaged the skirting boards. You never know, just be ready to pay for those repairs.
  • No other choice. When you have no other choice regarding materials or decor pieces, then you might need to spend a little more to buy the things you need. Maybe your client has run out of a certain paint or wood, then go to the next best procurement source and get it from them.

Remodelling is a fun project but it’s very costly, time-consuming and always full of nasty and pleasant surprises. This kind of guide should give you an inkling as to what the budget for your project should be.

Deep Breath...Budgeting A Total Home Remodelling Project

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I am Sam and owner of StressedMum, I hope you enjoyed reading my latest post, I always love to read comments from my readers

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