Help with budget for full reno!!

[Sophhallow]

Hi everyone

I’d really appreciate some help with my Reno budget from people who have been thru similar.

We have had an offer accepted on a house in Somerset. It’s grade 2 listed:

.8 bed
.semi detached
.cottage style
.4000sq foot
.hasnt been updated in decades
.has damp
.needs a new roof/partial repair
.windows are in pretty bad shape but think salvageable (approx 15, pretty small cottage style)
.has 6 sets of French doors which definitely need replacing
.full re wire
.full re plumb
. Full refurb
.hoping to relocate kitchen
.hoping to add a new bathroom in an existing bedroom
.refurb 2 further bathrooms, 1x wc
.hoping to get away with a partial re plaster
.hoping to get away with a partial roof repair, but needs brand new gutters

My family has an interiors business so can purchase most items with trade accounts which will help budget

Buuuut

How much will this all cost! I’m v concerned as I’m being told it’ll break the bank!

We have a £480-500k budget MAX. No extension needed, but some minor structural work (opening up a room, relocating a doorway, creating a stud wall) all STPP and consents obviously….

Any advice MUCH appreciated!

Thank you so much

Sophie

 

[ThornhillMike]

Three years in to an 8 bed Georgian Mansion reno all I can say is that
1. You'll be at the top end of any budget you set (regardless of how realistic you think it is)
2. You'll spend a little less on the things you know you need to spend money on and WAY more on things you never knew you needed to
3. Everything is achievable, but you need to be (always) pragmatic and balance cost with need with desire
4. If you have a max budget then always, always stop and consider whether what you're doing is a necessity or a nice to have, and does it have to cost what you're intending to spend on it. I'm not saying cut corners where you can, more consider if this particular piece of work is more important than another one you have on your list
5. You must have a list... and always be prepared to amend it... and always be prepared to be punched in the face every so often by something totally out of the blue that wasn't on it...
6. Finally, materials and labour are ever increasing; keep revising your budget as you go (assuming it's multi-year like ours is)

The very best of luck to you. Keep the faith (you'll have many days of "why did we do this"), but if you love the property (we do ours) you'll keep the end game in sight.

Not a terribly scientific response granted, but one that's couched in real life experience so hope it helps a bit.

 

[skierhughes]

"5. You must have a list... and always be prepared to amend it... and always be prepared to be punched in the face every so often by something totally out of the blue that wasn't on it..."

Absolutely have a list, make you priorities as Mike says, must do's first, need to do second and nice to have's last.
If you understand older properties that will help you make your list and how to prioritise. If you don't know old buildings, first on the list is to read up and learn as much as you can, before starting work.

It always helps to live in a property for 12 months - 4 seasons - to discover how the house works, and reorder your list of jobs.

As a helping hand, it helps to ensure the house is dry first, so always work top down, so your first job will be roof and guttering

As for being punched in the face every so often, I'd take that to every time you start a job you'll get a punch as you discover that one day job is now a week's job. I always find problems that need resolving before I can finish the job properly.

You'll find virtually everyone here is for conserve all you can, keep it and repair and although we all love our mod cons, they need to be done sympathetically as you can as you are really just a custodian of the home for future generations.

As for cost, the proper materials cost way more than modern materials, and specialist trades people who understand how to work on older properties are in high demand and also cost at the upper end. Then a job that requires 5 items, will always (as per being punched in the face) require 25 items to complete.

Ours is a 4 bed, but quite large and I'd guess we've spent probably £300k over the last 20 years - it was a 5 year project, but I decided that I enjoyed doing it so do most of it myself. If I'd brought in specialist lime plasterers, carpenters etc I'd hazard a guess of at least double the cost for us. Therefore, using my experience I'd say your budget total is maybe possible if you do most of the work yourself, and optimistic if you are bringing in proper trades people.

Again an unscientific reply, and again from someone who often thinks why did we do this, but we absolutely love the home we have and wouldn't change it.