Working out the average cost of a new home in South Wales is easy. You just hop on your favourite sales platform and ask it to do the calculation for you.
However, figuring out how much a house renovation is going to cost is a little more challenging. Sale prices don’t tell you a great deal about the condition of a property, or how much improvements will set you back.
South Wales is no stranger to fixer-uppers. Landlords, buyers looking for a bargain, and property developers are always looking to sniff out a good deal and improve their return on capital. But finding a renovation-worthy house is challenging. Not all properties are worth fixing.
Do you have a house in need of renovation that you are trying to sell? We buy any house in any condition. Call me direct on 02920 501 001 to discuss a cash offer, or click the button below to start the online cash offer form:
How much does it cost to renovate a property?
So how much does it cost to renovate a house? Probably more than you think. The good news is this, though: in South Wales, prices for labour tend to be slightly lower than in the rest of the country. Median wages were £562.80 per week in April 2021, compared to the UK average of £610.70.
This means that if you’ve been looking at prices for various renovations online, such as replacing the boiler or rewiring the property, they will probably be slightly less in Wales than elsewhere. Raw materials will be about the same, but you may save ever-so-slightly when contractors come to add their labour costs to the final bill.
What it costs to renovate your property also depends heavily on the work that you want to carry out. Below, we’ve listed some approximate prices for renovations in Wales, adjusted for lower wages:
1. Wall replastering: £1,400 to £3,300
2. Window replacement: £2,250 to £5,500
3. New skirting throughout: £2,050 to £3,550
4. Fitted kitchen: £9,000 to £22,000
5. Knocking through existing walls: £900 to £2,700
6. French doors: £1,350 to £3,300
7. Painted walls and ceiling: £4,500 to £6,500
8. New downstairs cloakroom: £950 to £1,450
9. Rewiring: £3,750 to £6,650
10. New boiler and heating system: £2,000 to £7,200
11. Kitchen extension (12 metres squared): £13,000 to £23,000
12. New gas main: £400 to £2,350
13. Subsidence: £5,500
14. Damp: £500 to £16,000
15. Garage conversion: £5,000 to £8,000
16. Loft conversion: £35,000 to £55,000
The actual amount you will pay for a home renovation in South Wales depends on the number of projects that the property requires. Simply adding up all of the above probably won’t give you a reliable estimate. You will have to work through each item line by line (or add your own), to determine how much the final renovation will cost. Don’t be surprised if the bill falls somewhere between £50,000 and £150,000 for most fixer-uppers.
What factors affect the cost of a renovation?
You can also try to get a better ballpark figure for the cost of your renovation by looking at some of the factors that affect the price that you will pay.
For instance, the larger the property, the higher the cost. Contractors will have to do more work and use more materials.
The age of the property may also play a role. Generally, it is easier to renovate newer homes than it is older ones. Wiring, heating system and layout were all installed more recently and, therefore, less in need of change.
The complexity of the renovations is another factor. Painting a wall is easy while carrying out structural work, dealing with damp, or converting the loft is a lot more challenging. You will pay more whenever you make more fundamental changes to your property.
The cost of large renovations, such as ripping out the kitchen and replacing it with a new one, depends considerably on the type of materials that you use. Clearly, inexpensive materials and decorations will set you back far less than expensive ones.
You’ll also pay more if you want to decorate. Some properties require the removal of 1970s-style wallpaper, for instance, to make them suitable for tenants.
If you want to save money, avoid extension costs.
How to estimate the cost of a house renovation in South Wales
Estimating the cost of a renovation in South Wales depends on finding out what’s wrong with the property. Honest sellers will usually give you a full breakdown, showing that the asking price is fair. However, even if they act in good faith, they may not know all the problems with the property.
For this reason, most buyers get a full survey. With this, they can create a to-do list that lets them estimate the full cost of the renovation. They can then work out whether the asking price is a good one or not when factoring in the cost of renovation work.
Things to look out for when getting a home renovation
Home renovation costs can seem quite reasonable before you start a project. However, they can quickly get out of control if you are not careful. Therefore, it’s a good idea to know some of the hazards ahead of time so you can sidestep them when the time comes.
Make sure that you make accurate comparisons
If you are comparing the prices of various renovations, ensure that you make apples-to-apples comparisons. Double-check that the contractors you are using offer the same services.
Fix prices in advance
Many contractors will attempt to increase job prices as they go along. Sometimes this is reasonable, for instance, if you ask for modifications to your original plans. However, other times, it is simply a miscalculation. Therefore, look for contractors who are willing to provide you with a fixed quote upfront.
Stick to your primary renovation goals
Lastly, renovation project costs tend to get out of control when you make additions or have unrealistic expectations. Try to keep your renovation focus narrow, perhaps on just one or two things, to save you both time and money.
The cost of house renovation projects in South Wales varies depending on labour costs, planning permission, and whether you need to carry out structural work. You can expect to pay around £50,000 to £150,000 on a standard project.
If you would prefer not to get involved in renovations and would like to sell your home as it is, Mark King Properties will buy any property in any condition at all. There are no charges or fees for the service an you will be made an offer within hours. Feel free to get in touch to have a chat with Mark King.