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The costs of home renovation

Find out how to fund a home renovation and what you can expect to pay for your project with our guide to home improvement costs.

The average house price has risen to an all-time high, according to new data - topping £270,000 for the first time as annual house price inflation grows to 8.1%.

While valuations vary, the Halifax price index shows the average property is valued at £270,027 as of November 2021. Recent trends suggest there’s a lack of property on the market to combat demand, and with the rise of homeworking, buyers and homeowners want to upgrade their living conditions.

If you are looking to sell and want to improve your property, or if you’re looking to upgrade over buying, this piece will look at how to fund those home improvements and the costs of doing so.

What’s the average cost of a new bathroom?

Bathroom renovations are among the most common home improvements. They may also increase your property’s value by 4 – 5 %. The average cost of a new bathroom in the UK is around £6,500, but this value will vary depending on where and what you want installed.

There’s a lot you can do to a bathroom – from flooring and tiles to bathroom suites or wet rooms. Here’s an idea of the average price for different types of installations [1]:

These costs are averages and can be affected by the work involved in an installation, where you live, or the quality of your chosen product. If you’re refreshing your bathroom with like-for-like items, you may find the costs substantially cheaper.

What’s the average price of a new fitted kitchen?

Updating the kitchen is another desirable form of home improvement, with the average price of a new fitted kitchen sitting at around £8,000. A new kitchen could add up to 10% value to your home, but any gains would depend on the work needed and current state of your kitchen. If your existing kitchen is in good condition, then a light refresh may be a better option.

If you’re looking to build your dream kitchen, here’s the average cost of certain installations [2]:

However, as with all things design, truly bespoke installations may cost you more. If you’re looking at simply refreshing your kitchen, you may find costs cheaper.

Average cost of a new conservatory

Conservatories are luxurious additions to a home that offer extra space and a scenic retreat, with all the comforts of being indoors. The cost of a conservatory will vary based on the size, materials used, and the type of installation. On average, a wood conservatory could cost anywhere from £5,000 to £29,100. On the higher end, aluminium conservatories range from £4,000 to £73,800. [3]

There are other elements to consider, such as ensuring the ground is suitable and that you have planning permission. You may have other priorities like heating and electrics too, which could alter installation costs.

How much does a loft conversion cost?

Loft conversions are a great way to create more living space, especially if you do not have room outside for a conservatory. They can add more storage or insulation and do not require any planning permission in most areas. Conversions may help increase your property’s value, letting you recoup some of the installation costs down the line.

On average, loft conversions can cost from £20,000 to over £60,000 [4]. If you are looking to raise your roof or add additional skylights, you may incur higher costs than simply insulating the loft - structural changes require more work. Some work, such as installing a shower, may also require additional headspace.

It’s important to create a space you’ll make the most out of, and by preparing you can get a proper breakdown of the costs and work involved.

How to fund home improvements

When it comes to funding home improvements in UK homes there’s a few avenues that can provide you the investment you need. Each comes with its pros and cons, so it’s important to carefully consider what you need and how that will affect you in the long term.

Can I borrow more on my mortgage for home improvements?

You can borrow more on your mortgage or even remortgage with another lender to raise funds for home improvements. While it’s an easy way to access cash quickly, it can change the terms of your mortgage. These changes to your mortgage may increase your monthly payments or increase the length of your repayment. There may also be additional fees if you seek another lender.

There are a few things a lender will consider, such as the reason you’re looking to borrow, as well as ensuring you’re able to repay it. Consider how this longer payment period could affect you later in life.

Applying for a home improvement loan

Home improvement loans work a bit differently, but they also provide cash upfront to begin your project. Personal loans are paid back monthly, though the total repayment term is flexible. Unsecured personal loans are generally more expensive, with higher interest, but aren’t secured against assets like your home as it is a personal loan.

You’ll have a fixed rate on repayments meaning you know exactly what you will pay month-on-month, but you must be certain you can keep up with the repayment schedule. Consider the total cost of the work, and any contingencies should the work go over or the project becomes larger than you expected.

Can you get a home improvement loan for a pool?

You can get a home improvement loan for a pool using the methods highlighted above. This is a valid form of home renovation, and as long as you can show you can make the repayments, a lender should be willing to lend you the cash to fund a pool.

Find out more about home improvements and other money matters with the Norton Finance Know How hub.


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