The Biggest Costs Involved with Renovating an Older Property
Buying an older property to renovate can often be an ideal way to save money on the total cost of buying a home. Whether you are looking to buy a new residential home for yourself and your family, would like to rent it out to long-term tenants to make a passive income, or are considering renovating the house to sell it for a profit, the costs of turning an older home around can add up to more than you realise. It’s important to be prepared for a range of large jobs that are likely to require a large budget to complete. Here are some of the most common big costs involved with renovating an older house.
Chances are that when you buy a property to renovate, the boiler will have been installed for several years. And the fact is that a boiler which is over ten years old will usually have some problems either right now or in the near future. Add that to the fact that older boilers tend to be much less energy-efficient than newer models, and you can see why it’s so important to consider having it replaced. But purchasing and installing a new boiler is likely to be one of the biggest expenses you’ll face during your home renovation; the boiler replacement cost does not usually come cheap.
You can shop around and use price comparison sites like Boiler Central to work out new boiler prices within your budget and drive down the cost of a new boiler. Typically, a combi boiler will cost less than other types of boilers, especially if you are replacing an older boiler of the same type and do not need to move it. When looking at new boiler prices you will also need to consider the additional boiler installation cost and include this in your overall budget. Use the handy tool at boilercentral.com to find a new boiler for you.
Another big job that’s often essential when renovating an old home is an electrical rewire. If the home is quite old and the electrical system has not been updated recently, there’s a very high risk that it could be dangerous. Old electrical systems are simply not designed to power the number of electronics and gadgets that we use today, and over time they can deteriorate, leading to a higher risk of power shortages, electrical fires and more. If you’ve purchased a home that has a very old electrical system and you’ve noticed any tell-tale signs like flickering lights, frequent power cuts or discolouration around plug sockets, it’s best to invest in a rewire. Not only will this make your new home much safer, but you can also benefit from extra convenience by adding more plug sockets in the areas that you need them.
Chances are that if you have purchased an older home, the kitchen is in need of an upgrade. In the past, kitchens were designed more for practicality and cost-saving rather than being the heart of the home. As a result, you may be left with a kitchen that doesn’t really help you do what you want to do in it. Storage space might be lacking and you might find that cooking is a nightmare because everything that you need is stored on the other side of the room. A new kitchen installation is likely to be a huge cost of renovating your new home but certainly worth it for making your life easier. If the kitchen in your new place is looking old and worse for wear, brightening it up with modern counter-tops, energy-efficient integrated appliances and plenty of smart storage solutions will completely transform the entire home.
Another system in your home that might need replacing is the plumbing. This is likely to be a big job as it could involve replacing many or even all of the pipes in your home, fitting new sinks, taps, bathroom furniture and radiators. If the plumbing is quite old, then there’s a higher chance of things going seriously wrong like burst pipes that can cause massive damage to property. And it gives you the chance to replace older plumbing systems with more modern, efficient ones. You can get mixer taps, rain showers, heated towel rails and energy-efficient radiators that you can control using an app from your phone to turn your old home into a seriously sleek, modern and connected one.
You might find that when you purchase an older property, it does not have sufficient cavity wall or loft insulation, which can seriously affect your energy usage and even lead to you spending more money than you need to over the long-term. Poor insulation in a home causes the heating system to have to work much harder to keep the property at the optimum temperature, so it’s worth getting this done as a matter of priority. The good news is that there are government grants available to encourage more homeowners to get their property adequately insulated, so while this might be a top job on your list to get done it’s unlikely to cost you a great deal.
Conversions and Extensions
Whether you want to convert an existing part of your new home into something else or even build an extension is of course entirely up to you and not always necessary. However, if you are considering selling the property in the future and want to add more value to it, there are a lot of benefits to adding more rooms. For example, turning an underneath the stairs space into a downstairs bathroom can seriously improve the value and attractiveness of your property, or converting the attic into a bedroom could make for a bigger home overall. If there is a garage and a drive space, consider turning the garage into a second living room or a dining room to add more downstairs space.
Buying an old property can be a great way to become a homeowner on the cheap, but it’s important to consider the cost of renovations that can quickly add up.