Renovation Vs Home Building Cost In the UK

Two options are always available to remodel a semi-detached home or add a double-story extension. Either you can renovate the existing property or build a completely new one. But whenever it comes to remodeling homes, cost becomes an important aspect to discuss. Today, we are here to analyze the burning question: building costs vs the average cost of a full house renovation in the UK.

We will go through several factors that can affect the cost, like labor costs, material costs, permits, and fees, to have a clear vision of the overall budget. 

Home Renovation Cost In the UK

The idea of renovation involves modification and restructuring of the existing property to give it a better look. The cost associated with the renovation of a project depends on several factors. Let’s estimate an average cost by analyzing these factors. 

Material Cost 

When renovating a home, the material costs are comparatively lower than building a new one. It is because, in most cases, we renovate only some specific spaces instead of doing a complete home renovation. On the other hand, if we are still going with a complete renovation, there is already a framework in front of us. Therefore, the material demand is reduced and hence the cost. 

However, renovating a complete project ranges from a hundred to several thousand pounds. It predominantly depends on the quality of the material, the overall amount, and the project’s scope. 

Labor Costs

Hiring professional workers is important to get the best work at the right time. In the UK, you can hire a real estate agency or choose from some experienced local contractors for the complete renovation. The cost of labor can vary according to your selection and the locality. 

For example,

• An agency charges between 50k and 100k pounds for the complete renovation of a three-bedroom house. 
• Local contractors charge between 35k and 75k pounds for the same project. 

However, the quality of work and deadlines vary in both cases. Agencies work professionally, and you can expect deliverables on time. Local contractors provide you with budget-friendly options and easy availability. 

Permits and Fees 

Nowadays, home renovation projects in the UK require permission and advance grants from the local council. You have to deposit an amount near the council before beginning the renovation. The amount varies according to the project size and locality. However, the average fee for renovating a 3BHK home in metro towns ranges between 500 and 1000 pounds. 

Disobedience to the regulations can be a hurdle to your project, and further charges may be imposed as punishment. Therefore, it is a compulsory fee associated with the renovation project. 

Cost Of Building A New Home 

If your home is no longer worth renovating, you must consider building a new one. In the current scenario, building a new home in the UK is not easy for everyone. Surveys say building costs in the UK have risen to 20% in the last two years. However, the cost is associated with several factors, just like a renovation project. Let’s compare both on the same pointers.

Material Cost 

Material cost is comparatively much higher than renovating a project. Here, the driving factor for increasing cost is the building framework. You need to build the primary foundation of the home in terms of floor, roof, and walls, which were neglected during renovation. 

Therefore, the quality and demand for materials rise, and the cost, too. Furthermore, here, you can’t compromise the quality of materials and need to implement the best for a solid framework. Thus, the material cost is dominant in the case of building a new home. 

The average cost ranges between 800 to 1000 pounds per meter. 

Labor Costs

For timely completion of the project, simultaneous operations are required in different segments of the home. Therefore, labor costs increase. Moreover, you must hire a complete team of professionals like architects, designers, electricians, and plumbers.

Thus, labor costs become an important factor in the case of building a whole new project. It can range between 20k pounds to 50k pounds. However, this amount can vary according to the complexity of the project. 

Permission and Fees

To build a new home in the UK, you must follow local governance and access permissions from different authorities. The fees can vary according to the size of the project and region. The average fees range between 10k and 20k pounds in the UK’s developed and most promising cities. 

Home Renovation Or Building A New Home- Which Is Cheaper?

If we analyze the above factors, we can understand that renovating a home is comparatively cheaper than building a new home. Building costs are generally higher than home renovation costs because of higher material costs, labor costs, and other comprehensive charges. However, it is important to understand that adding new structural frameworks and extensions during renovation can match the cost of building a whole new project. 

Similarly, building a small and smartly furnished home with proper execution can serve as a quote similar to a renovation project. Therefore, the cost depends on your requirements and the property size.

Conclusion

In summary, analyzing the cost of home renovation and building is a comprehensive task that needs a proper understanding of several factors. You must set the right goals to optimize costs and keenly bifurcate every factor. In case of any confusion, don’t hesitate to connect with the expert.