Renovating a period property is never just a quick-fix, and there are countless ways to do it. From restoring original features to dramatically modernising the build, every period home renovation is unique. So how much does it cost to renovate a period house? In short, there is no fixed cost, and the guidelines on the topic vary. The homebuilding blog talks about this variation in their restoration guide, which stresses the importance of only hiring a specialised merchant for the job.
To get an accurate costing of your period project, we make a few recommendations in this blog that will help you to determine the scale of your project and where you might fit on the pricing spectrum.
This first tip sounds obvious, but it really is crucial. In our previous blog post, we discussed the importance of a period home renovation timeline. This document is simple to write up and will set all the details of the project out for you in a visual manner. The first step is understanding the scale of your project, which more often than not goes hand-in-hand with the price point.
When you develop your period home renovation timeline, think about the history of the property. Are there any common characteristics associated with that period that may need extra attention? For example, Victorian homes are notorious for old-fashion lead piping, which come with unfortunate risks. If the period property you want to renovate has this issue, then be wary as this may need to be addressed and will incur an extra cost.
Think about the draft budget you created by listing out the obvious pain points and then add fifteen per cent. Being realistic about unforeseen expenses at the beginning will hurt a lot less for your bank balance in the long run. As the BBC expressed in their article on renovation, the project always costs twice as much as you think it should.
Due to the speciality of the job, there may be critical processes you aren’t fully aware of as a buyer. These can range from permission planning costs to building surveys. For example, crucial building surveys in old properties like a structural survey might create a dent in your budget before any physical work has even begun.
Now that you have an estimated budget (plus a little extra), it’s time to store the figures in a tracker so you can use the information in a working document. To make sure that you stick to the budget and realise each add-on cost, you should continuously reinforce the final figure by tracking all expenses. Many people remember
the round figure they would like to spend but get carried away or caught out by additional costs.
You can create a budget tracker in a simple excel document with columns for each typ
e of cost. For example, you could itemise transactions by “contracted, self-build and store bought items” to see how much you spent on every part of the project. You will use a professional contractor for large portions of the project that require specialised knowledge, but you might choose to decorate and restore features by yourself.
If you want an enhanced way to track your budget, check out this home project budget worksheet by iHeart Organising.
Lastly, to get an clear idea of how much a period house renovation costs, you should ask for a free professional quote. This is also a great way of vetting different construction companies to see who is most comfortable taking on heritage projects.
At Ploughcroft, we have worked on projects funded by English Heritage and National Trust. We are Heritage certified in Understanding Repair and Maintenance of Traditional Pre-1919 Buildings.
Want to find out how your period house renovation will cost? Contact us for a free quote and a member of our team will get in touch with you on how we can help.