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Money, Money, Money – How important it is to plan your renovation carefully and keep to the budget UK INSURANCE

In spring 2016, the government announced in a four-year restoration project that Big Ben’s bongs would be silenced on August 21 that the restoration project of the legendary London clock would cost £ 29m. Over a year since the cost estimates were made and just under two months since the project started, the authorities have informed Parliament that the cost of the renovation project will double to an estimated £ 61m. as shown in The Independent.

So often when starting a renovation project, many people don’t know where to start estimating the cost. Of course, nobody wants to go over budget, but so often errors in accurate estimates can lead to increased costs, unexpected costs and, in some cases, undesirable additional fees. With the cost of Big Ben doubling in less than two months, it becomes clear that not only inexperienced restorers are over budget.

To prevent your budget from being exceeded, we present our most important tips for budgeting your renovation:

1. Have a budget for unforeseen expenses
You have a budget of 20% for unforeseen expenses – so if you want to spend £ 50,000, work on the cost of £ 40,000 and keep the remaining £ 10,000 for unforeseen expenses. Certain things can be inevitable and, in turn, do more harm to your budget than expected. Make sure you set a budget, and once your budget is set, make the appropriate renovation design decisions – not in advance. Once your budget is set, you can determine if your renovation goals are within that range.

2. Avoid adding orders or changing your mind halfway
Quite a self-explanatory point. But, as you might expect, changing your plans during your project can result in additional costs. In addition, there may be additional fees for changing plans when working with professionals, resulting from changes to plans, the additional time required for the project, and ultimately the additional work of local staff.

3. Use building calculators to support your cost estimate
While there are still no fully defined calculations available, using a Building calculator like this can help inexperienced people make rough estimates for renovations. An estimation calculator can be a good place to start to determine the likely costs that you’re not sure how much material and renovation work can cost, and to determine whether your budget is in line with your planned plan.

4. Don’t forget about the hidden / invisible costs
Although your renovation project appears to be relatively clear and simple from the start, you shouldn’t forget the hidden costs that your project may incur. For example, if you want to remove the current fixtures in your property, don’t forget to remove excessive garbage. The cost of skipping rentals is often forgotten and, depending on size, time spent on site, and pickup and distance from your property, can cost several thousand pounds from your budget.

5. Invest in home renovation insurance to cover any unexpected damage affecting your costs.
When renovating a property, of course, damage or problems can occur, which in turn can cause additional costs. Protecting your property in advance with special renovation insurance is essential. You can rest assured that insurance-related problems will arise during your project. Learn more about the principles of renovation insurance here.

It is a surprise to many that their renovation work is unlikely to be covered by standard building insurance. We only discuss some of the risks that are not covered in this article.

If you have a renovation project coming up, our underwriters would be happy to have an informal chat where you can learn more about renovation insurance and exchange ideas about projects.

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