First off, your key reasons for buying a wreck (a property in need of significant repairs), should be:
You have fallen in love with the property AND
You actively want to do a renovation.
Renovating a property in dire need can be extremely rewarding (we love it!). HOWEVER the process is long, stressful, uncertain and (regardless of what the estate agent may tell you…) not cheap.
Peeling wallpaper or paint often indicates problems with damp or water penetration
It’s therefore really important that you consider these points early on in your search and when making offers:
Budget
This will be affected by many factors (including but not limited to):
The property and the key repair issues
Replacing the roof, damp proofing or solving structural problems tend to cost the most. New wiring and new plumbing is often recommended and the existing condition of floors and plastering should be considered. Extensive re-plastering may be needed (even if it looks OK superficially) which can easily double decorating costs. You may be able to save cash by doing work yourself, but the fundamentals (elecs/ plumbing/ structural work) must be done and signed off by qualified professionals.
What you plan to do to the property
Extending the property or changing the layout will probably be fairly expensive. (Don’t assume that a wall that looks or sounds like ‘a stud wall’ definitely is…). If an extensive renovation is required (assume yes if the properties you’re looking at have not been renovated in 30+ years), this will be pricey.
Sustainability upgrades
Underfloor heating, solar panels, improved insulation and new windows will significantly improve your energy consumption (and enjoyment of the house!), but will make a significant dent in your budget. A renovated home might never perform as well as modern new builds, but it’s worth noting that renovating makes good use of existing resources and embodied carbon, so is a sustainable choice long term.
PVs cost money to install
The finishes and fittings you choose
A mid-sized kitchen can cost anything between 7K to 100K+. We usually suggest mid-range fittings throughout, i.e. good quality at a reasonable price. In our renovations, kitchen usually have a starting point of around 25K including cabinetry, worktops and appliances but not installation. More bespoke or unusual will cost a lot more.
Consider your budget for a good quality kitchen
Location and parking
Workers will need a place to park their vans, store tools, waste and safe access to carry in tools, materials, etc. If access is limited (time/ space) then factor into your budget the need to buy parking. If your home is a leasehold, check whether it is subject to any rules and permissions (with associated costs). Contractors have a legal obligation to ensure safety and welfare of the workers on site, and this comes at a cost.
Current costs
Unfortunately renovating costs have risen significantly in the last few years due to many issues (more on that here). When budgeting it’s important to speak to professionals in the trade now for an assessment of possible current costs.
Timeline
This will depend on what you do, any planning/ other permissions required and contractor availability.
Planning
We suggest a minimum of 3 months of planning; usually longer. You’ll need adequate time to properly consider and develop the design, spec of works and get contractors to tender for the job. Good design work should take time.
In old properties, you’ll need thorough surveys and ideally ‘test holes’ completed in advance. These help to identify issues, confirm the existing structure and where possible avoid surprises (cost and timeline) once on site.
The planning process could take significantly longer (6+ months) if specialist help or planning permission is required. For example, structural advice, architect for planning permission drawings, building control, party wall consents etc.
If you decide to plan ahead of exchanging, to move things along quickly, there’s a risk the purchase could fall through. You will then have wasted £ to develop plans which can no longer go ahead.
We advise against rushing the design phase. You’re spending a lot of effort, time and money in your home, so it’s important to also invest in getting the planning and design right.
Planning an extension like this takes time
On site
The timeline will depend on the work involved.
Based on an extensive renovation of a mid-sized London or Brighton property, we’d estimate 6 months being needed on site. Having a smaller space doesn’t always make the timeline quicker: Work by each specialist needs to be done consecutively because specialists cannot safely work in small spaces on top of one another. It’s important to allow the contractors adequate time on site to ensure the work is completed to a high standard and safely. NB clients also have responsibilities under the CDM regs to ensure the safety of the people they hire- more info here.
Living at the property during the works can also negatively affect timeline, cost and your own mental health. Building work is by its nature dusty, noisy and disruptive. It takes extra time, and therefore cost, for the builders to work around your schedule and spend time each day clearing up (to make the space safe) and cleaning. We always recommend living elsewhere for the duration of the works. Dust and disruption are present at all stages of the build, including the end phases!
If you’d like help or advice on renovating a wreck, please get in touch for more guidance and a detailed proposal on how we can help.