how much do property renovation projects cost, diy home renovations, home makeover, property renovation project, improve value of your home

How Much Should Your DIY Property Renovation Project Really Cost?

Depending on what you want done, property renovation costs can be astronomical. But with a little savvy planning and shrewd purchases, you can actually carry out a whole home makeover without going bankrupt.

DIY Home Renovations On A Budget

Because of my background in refurbishments, my wife, bless her heart, is very confident in sharing a lot of her thoughts in the house. It seems as though she has a new idea for either the patio, the kitchen and our bathroom. This happens almost every other month or so. Because a “happy wife equals a happy life”, naturally, I need to consider her ideas.

As you have probably guessed, all that bragging to her that I am a master DIY individual has come around and is steadily biting me on the behind. What my loving wife doesn’t understand (I honestly believe she just chooses not to see it this way) is that as much as I carry out the renovations myself, these things still cost money.

How much should your property renovation really cost?

This completely depends on what it is you want to do. Sometimes it could be as little as £500 or as much as £50,000 or even more. It all depends on what it is you want done. But since most of us ever only renovate the odd kitchen, bathroom or patio, having a bill of about £1,500 shouldn’t be that big a surprise.

What you need to ask before a home makeover

how much do property renovation projects cost, diy home renovations, home makeover, property renovation project, improve value of your home

Not all renovation projects can improve your home’s value. Be wise when prioritising projects.

Let’s face it, if it isn’t the fact that your wife wants a brighter coloured bathroom or a porch that isn’t a health hazard, then it will be the fact that you want to add value to your home. Your home renovations should always be centred on one of two things:

• Your ultimate comfort (this includes not getting the cold shoulder for days until you get the job done)
• How much value the renovation will add to your property

When it comes to comfort, it is all about how much you can really afford. I have personally seen people pay £4,200 for gold plated faucets just because they value that kind of luxury. Bear in mind that you could have the same level of comfort using simple faucets that cost no more than £45. Most DIY projects are about personal comfort.

When it comes to adding value to the property, big renovations don’t always improve the value of your home. Not all your projects should be like the ones shown in DIY SOS or Homes Under The Hammer.

There’s this interesting podcast from Rick Otton that features a group of investors doing small, cheap refurbishments, which end up improving the value by a whole lot. So you really need to be smart about what projects to do and what projects to skip.

Getting estimates

It is important to get a full picture of how much your renovation project is going to cost before you start tearing down those walls. The best part is that most construction material suppliers and even your local building materials store will have some form of formula and method to calculate the estimates based on what you want done. Feel free to share your vision with your local supplier to get a workable estimate on how much the whole project is going to cost. Once you have this figure, add a margin of error that comes to about 10-20% of the total figure. If I know anything, it is this, these things always end up costing just a bit more than you thought they would cost.

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