How Do I Budget For My Home Redesign?
A combination of honesty and realism from you and expertise from your architect will help any home redesign project go smoothly
Major improvement work on your home, such as an extension or loft conversion, can swallow up a great deal of money, but few of us understand what renovation work costs or why. Luckily, an architect does and, when employed to plan a redesign of your home, he or she will be able to draw up an accurate budget from the outset. This will take into account what you hope to spend, and factor in all those extra expenses you may not yet have considered.
We spoke to the experts to find out more about the process of budgeting for a build.
We spoke to the experts to find out more about the process of budgeting for a build.
Be honest about your funds
It’s vital you are clear with your architect about what you have available to spend. ‘Any initial consultation I have with clients takes three to four hours,’ says Martyn Clarke, ‘so we can talk all this through. Clients must be completely clear about what they have to spend. I won’t take on a project that’s not achievable within the client’s proposed budget.’
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It’s vital you are clear with your architect about what you have available to spend. ‘Any initial consultation I have with clients takes three to four hours,’ says Martyn Clarke, ‘so we can talk all this through. Clients must be completely clear about what they have to spend. I won’t take on a project that’s not achievable within the client’s proposed budget.’
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Understand building costs
Most of us find it difficult to guess how much major work on our homes might cost, but architects and designers have a good idea. ‘I would say from the outset you should allow £2,500 per square metre for remodelling,’ says Stephen Fletcher of Stephen Fletcher Architects. ‘That doesn’t include furnishings.’ He also advises that, if working on a complicated space, such as a basement that requires underpinning and tanking, the cost can be much higher. ‘That figure is a good place to start, though.’
Most of us find it difficult to guess how much major work on our homes might cost, but architects and designers have a good idea. ‘I would say from the outset you should allow £2,500 per square metre for remodelling,’ says Stephen Fletcher of Stephen Fletcher Architects. ‘That doesn’t include furnishings.’ He also advises that, if working on a complicated space, such as a basement that requires underpinning and tanking, the cost can be much higher. ‘That figure is a good place to start, though.’
Go to see similar projects
Visiting other, similar projects can help give you a sense of what you get for your money, although be aware that modesty may prevent you discussing finances with another homeowner. ‘A visit like this is often more about seeing the finishes that have been used or finding out which builder was hired, and you might not talk about money,’ says Stephen Fletcher. ‘But it can still be useful when trying to visualise changes.’ If the project you visit was one of your architect’s, he or she will be able to tell you what it cost and will also factor in inflation to make it relevant in today’s prices.
Visiting other, similar projects can help give you a sense of what you get for your money, although be aware that modesty may prevent you discussing finances with another homeowner. ‘A visit like this is often more about seeing the finishes that have been used or finding out which builder was hired, and you might not talk about money,’ says Stephen Fletcher. ‘But it can still be useful when trying to visualise changes.’ If the project you visit was one of your architect’s, he or she will be able to tell you what it cost and will also factor in inflation to make it relevant in today’s prices.
Allow a contingency
Building projects can often run up against problems that are impossible to predict from the outset, so be prepared for unexpected extra costs. ‘I would always recommend setting aside a contingency fund of 5 to 10% of the total budget,’ recommends Stephen Fletcher. ‘Err towards the larger figure if you are working on an older property, where more problems may be uncovered.’
Building projects can often run up against problems that are impossible to predict from the outset, so be prepared for unexpected extra costs. ‘I would always recommend setting aside a contingency fund of 5 to 10% of the total budget,’ recommends Stephen Fletcher. ‘Err towards the larger figure if you are working on an older property, where more problems may be uncovered.’
Don’t overlook expenses
There are all kinds of costs and fees associated with a big building project that can easily be overlooked when budgeting. This might include the cost of using a structural engineer and building regulations fees. ‘I also add in things like the amount you will have to spend on renting a home while the work is going ahead,’ says Martyn Clarke. ‘I factor all these costs in at the beginning to help give my clients a safe ride.’
There are all kinds of costs and fees associated with a big building project that can easily be overlooked when budgeting. This might include the cost of using a structural engineer and building regulations fees. ‘I also add in things like the amount you will have to spend on renting a home while the work is going ahead,’ says Martyn Clarke. ‘I factor all these costs in at the beginning to help give my clients a safe ride.’
Beware expensive additions
It can be tempting to cram in the latest technology while renovating, but be aware that high-tech kit, such as integrated AV or lighting systems, can bust your budget. ‘Projects can end up costing quite a lot when the client wants extra features like these,’ says Martyn Clarke, ‘but these additions can be quite intangible.’
It can be tempting to cram in the latest technology while renovating, but be aware that high-tech kit, such as integrated AV or lighting systems, can bust your budget. ‘Projects can end up costing quite a lot when the client wants extra features like these,’ says Martyn Clarke, ‘but these additions can be quite intangible.’
Take TV shows with a pinch of salt
House builds and remodelling projects featured on TV shows are not necessarily an accurate guide for how to manage your costs or your expectations. ‘It’s not considered good TV if something doesn’t go wrong!’ laughs Martyn Clarke, ‘but projects shouldn’t be like that. At most the budget might go up by 5%, but on a big project, that’s very little.’
TELL US...
What has your experience with redesigns been? Share yours in the Comments below.
House builds and remodelling projects featured on TV shows are not necessarily an accurate guide for how to manage your costs or your expectations. ‘It’s not considered good TV if something doesn’t go wrong!’ laughs Martyn Clarke, ‘but projects shouldn’t be like that. At most the budget might go up by 5%, but on a big project, that’s very little.’
TELL US...
What has your experience with redesigns been? Share yours in the Comments below.
Good architects will be frank and clear about money from the start and should be able to present you with a list of costs for every element of your build, to help you understand where your money will go. ‘From the first meeting, I take my clients through all the cost documentation and they can interrogate it as much as they like,’ says Martyn Clarke of Martyn Clarke Architecture. ‘I have built up a little cost matrix, too, which shows different projects I’ve worked on in the past and what they cost, which is helpful.’
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