Doing a renovation on your entire home sounds like a dream.
Turning your property into your perfect home from top to bottom seems amazing. Until you realise your entire budget is spread across every room in your house. Nightmare!
Any renovation job needs budgeting and planning…And electricity renovation projects aren’t much different. In fact, due to their importance, electrical rewiring and updates should be one of the first things planned.
Read on as we take you through everything you need to know when budgeting for whole-home renovations.
What you’re going to discover:
- Why Whole House Renovations Cost More Than You Think
- Hidden Costs Most People Forget About
- Budgeting For Electrical Works
- How to Create a Realistic Budget For A Home Renovation
Why Whole House Renovations Cost More Than You Think
Did you know….
Working on your entire home isn’t just like knocking together the cost of renewing each room. Every trade job relies on another to do their work.
If one contractor runs into problems or hasn’t allowed for something in their quote, then the entire project can go over budget.
The best example of this is electrical work.
New wiring has to be protected and hidden from view. That normally means plastering over the top. Which means painters and decorators afterwards too.
If electrical work finishes late, it knocks on delays for every other trade job that follows.
On average 78% of homeowners will go over budget on their next renovation project. 45% of homeowners exceeded their renovation budget by over £5k.
Hidden Costs Most People Forget About
It’s human nature. We think about the new kitchen we’re going to buy. The new bathroom suites. New flooring across the entire house.
What we don’t always factor in:
- Temporary accommodation if your house is uninhabitable
- Storage of furniture while your house is remodelled
- Fees for building regulations and permits
- Hiring professional surveyors
- Making good – the work AFTER tradesmen have finished
Making good can often cost as much as the renovation itself. If electricians are pulling new wire throughout your house they’ll have to chase into the walls.
That means plastering and painting afterwards. Chipboards may need replacing too.
Plan for these extra expenses right at the start of your project. That way you won’t get hit with them midway through.
Budgeting For Electrical Works
Electricity renovations aren’t optional. They’re essential. But that doesn’t mean you shouldn’t plan for them.
Rewiring an entire house costs between £3,000-£5,000. Getting the consumer unit updated is another expensive job.
Most homes can expect to pay around £400-£800 for a new consumer unit.
Don’t forget all of these electrical works will need to be certified as well as inspected by building control.
House rewiring costs vary dramatically depending on the size of the property. For a full breakdown on the cost to rewire a house, check out our detailed guide.
How To Create a Realistic Renovation Budget
Creating a realistic budget for a whole-home renovation is no easy task.
Too many homeowners treat renovation projects like poker games. They start with a number they can afford and shuffle the cards hoping they don’t run out.
Here’s a much better way to create budgets that won’t let you down…
Step 1: Get detailed quotes. Not ballpark estimates. Detailed, itemised quotes.
Step 2: Add on extra for the unexpected. We always recommend 10-15% contingency. But I would recommend increasing this to 20-25% for whole-home renovation projects. If your house is older, maybe even add more than that.
Step 3: Identify your project priorities. Know what can wait until the next renovation project and what can’t. When times get tough, the extra features are always the first thing to go.
Step 4: Work out a logical phase plan for the project. Some renovation projects make sense to be done together. As mentioned above, electrical/plumbing work should be done before decorating. Decorating should ideally be done before flooring.
By understanding the renovation project inside out, you’re much less likely to go over budget.
Houzz’s latest 2024 study discovered 25% of homeowners who did an renovation project had electrical work done. That was the 2nd most common interior upgrade feature after plumbing.
What To Expect From Different Trades
You’re not going to get just one quote when doing a whole-house renovation. In my experience, you’ll find yourself juggling about 10 different tradespeople.
Each will have different timing issues, different requirements, and price tags. Knowing what to expect from each will help you create a realistic schedule and budget.
Here’s the lowdown on what to expect from the most common trades:
Structural work is always day 1. From knocking walls down to building partitions or supporting beams. Structural work costs roughly £2,000-£10,000 depending on what needs doing.
Electricians come in and do the first fix. This involves running cables through walls and floors before any plastering happens.
Consumer unit replacements can happen during this phase.
Plumbers also do their first fix work at this time. Installing new pipes and leaving access holes.
Plasterers come in after the electrical and plumbing teams have finished. Expect to pay £1,500-£3,500 to plaster the entire house.
Electricians return to do their second fix work. Installing sockets, light fittings, and testing everything works.
The same goes for plumbers.
Decorators come in last. Painting rooms and hanging wallpaper.
Hard flooring can be installed last too.
Common Budget Mistakes People Make
Here’s a few common mistakes I see people make when it comes to whole-home renovation projects.
Mistake: Taking the cheapest quote as being best value
Cheap quotes are often very misleading. Contractors who offer low prices often leave items out that they come back later to charge you for.
Mistake: Not budgeting for architectural and design costs
Architects, designers, structural engineers and building control officers all need to be paid.
Mistake: Thinking time is free
The longer your renovation takes, the more it will cost. From storage fees to temporary accommodation; time equals money.
Mistake: Skipping surveys
Paying for a survey doesn’t seem like much until you’re protecting yourself from a £3,000 rewiring bill. £300 for an electrical condition report is a bargain.
Mistake: Not valuing your time
You’ll need to project manage the renovation project. Someone has to answer the phone when contractors call. Someone has to make decisions on the fly.
Don’t work for free.
The Final Word on Budgeting For Whole Home Renovations
It’s a tough job budgeting for a whole home renovation project. There are just so many more factors to consider.
My biggest tips is to budget for plenty of contingencies. Always expect the unexpected. You never know what tradesmen will uncover once they start working on your house.
Here’s my key takeaways when budgeting for a whole-home renovation project:
- Budget for contingencies. Always!
- Expect electrical upgrades and rewiring to be required
- New consumer unit upgrades aren’t cheap. Plan for these too!
- Get detailed quotes from multiple tradespeople
- Plan your project in logical phases
Planning your renovation project in detail and scheduling everything correctly will save you money in the long run.
And don’t forget…any renovations that involve updating or improving your electrical infrastructure help protect your home and family.