Brighter living
Doing a house up on a budget? Find out how much you should budget for home renovations, and how to save with the cost of living crisis in mind
Updated: November 2022
Rhiannon Young 5 mins read
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City dweller or country lover, it’s not uncommon to want to spruce up your interiors and run with a new and exciting renovation from time to time. From lifting the light in the living room to getting crafty in the kitchen - renovations come at a cost. After all, with looming inflation rates and the ever-growing cost of living crisis upon us, many of us are looking to improve, not move.
With the average UK housing price having increased by 9.6% Link opens in a new window over the last year - and now standing at a whopping £24,000 higher than in 2021 - it’s no wonder that we’re all looking to renovate rather than relocate. However, though there never feels like a bad time to maximise your living space and add value to your home, each screw and lick of paint comes at a price - and the lower the figure, the better.
Need a little direction on where to start saving? We’ve got you. Here to help you make your renovation dreams a reality, we’ve crafted several simple and actionable tips on how to save funds for a budgeted renovation…
How much should renovations cost?
Whether you’re hoping to start a loft conversion, a kitchen remodel, or a bathroom makeover, it can be really tough to know where to begin - especially on a budget. Though it may seem scary, it’s of the utmost importance that you get a rough idea of how much your renovation is going to cost so you can avoid any nasty surprises.
Once you’ve decided what your project is going to be, you’ll be able to get a good understanding of how long it will take - and therefore how much it will cost. Though it can be extremely difficult to lock down an exact sum of money to aim for, considering and comparing the costs of things like professional fees, contingency costs, decor costs and labour fees should give you a good indication of where to start. Using free tools such as an extension cost calculator Link opens in a new window can also help you get an accurate prediction.
Consulting a handful of builders for quotes will give you a more accurate estimate - as some builders might factor in extra costs that another forgets to mention! Check out this 2022 home renovation estimated price guide from Householdquotes Link opens in a new window:
- Painting and decorating (1-2 weeks) = £1,550-£4,250
- Plastering (1-4 days) = £390-£1,375
- Conservatories (3-4 weeks) = £6,250-£17,000
- Garage conversion (3-4 weeks) = £4,995-£7,500
- Windows and glazing (1-2 days) = £1,550-£11,600
Once you have your figure at the forefront, you can then start to save. Aside from the usual things, like cutting back on luxuries and making smart financial decisions, you should make sure you have a mobile banking app Link opens in a new window that can do the organising for you. Save cleverly by setting your goal and budgeting for it by creating a savings pot. Link opens in a new window
Save by going green
Sometimes it pays to make greener choices in your home. If you're an already existing Virgin Money mortgage customer check out our Green Reward scheme Link opens in a new window. You could bag £250 cashback* when you spend at least £2,500 on eligible green improvements to your property - from windows and doors, to insulation, heating and solar energy - all of these upgrades and more are eligible.
*To qualify, you'll need to take out additional borrowing with us, and make sure the work is done and dusted by 31 December 2023. Check out the full terms here. Link opens in a new windowDon't risk losing your home - keep up those mortgage repayments.
Do some of the work yourself
Sometimes to get the job done, you just have to do it yourself! Get creative with your interiors and follow in the footsteps of influencers like Stacey Solomon Link opens in a new window, who’s releasing an informative book Link opens in a new window on how she’s transformed her home, Pickle Cottage.
If you’re not afraid of a little DIY and are keen to chisel down the costs of your renovation, then we suggest taking on some of the simpler tasks, that don’t require extensive skill, yourself.
Upcycle...
Recycling is part of most people's everyday life, but what about upcycling? When it comes to saving money on your renovation, upcycling is a great way to cut down on spending. With the shortage of materials Link opens in a new window such as plastics, timber, steel and cement still at a high, it’s more important than ever to make the most of what we already have.
- Simple tricks, like spray painting your old kitchen cupboards or adding textured rugs to your bare hardwood floors, could help inject some life into your interior renovation. Why not take inspiration from some popular upcycling influencers?
Joanne Condon Link opens in a new window, for example, has a colour-filled Instagram page which encourages her followers to pick up the paintbrush and give their homes a new look. She even has a course available Link opens in a new window to teach new starters how to master the art of upcycling. You could save so much by learning the skill yourself!
Painting...
- You don’t need to be an artist to pick up a paintbrush. However, you do need to put the prep in: from caulking and sanding to filling in cracks, a smooth surface is essential.
- Remember, you can always wait for the paint to dry and start again!
Landscaping...
- If you’re not afraid of a little hard work, tackling your own garden can save a lot of money - as well as time for the landscaper.
- By digging out the ground and transferring the materials such as bricks/sand/timber/cement to the garden before your landscaper arrives, you’ll easily shave off some spend.
Got a whole house renovation on your hands? If you’re feeling overwhelmed, we suggest carrying out the work room-by-room. Don’t take on everything at once. Start from the top of the house and work your way down. Not only does this space out the workload but it also minimises the chances of you trailing mess (and more work) behind you.
Shop around
Like most things in life, it’s always good to have options – and renovating your home is no different. Before hurtling towards the first deal you see, we recommend that you do a little digging and see what deals are out there.
Take further care of your bank account Link opens in a new window by buying your materials during peak sale times. Researching for the best prices, though it may take time, does pay off in the long run. Try sites like Facebook Marketplace Link opens in a new window and eBay Link opens in a new window and snag discounts on high-quality produce.
It pays to be more green
Check out our Green Reward home improvement offer
Find out more
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