Renovation Cost Estimator Guide: Budget Accurately Before You Commit
Quick Answer
Estimate renovation costs using three scope tiers: cosmetic refresh at £20–£40/sqft ($25–$50/sqft), moderate renovation at £50–£80/sqft ($60–$100/sqft), and full gut at £90–£150/sqft ($110–$180/sqft). Always add 15–20% contingency. Obtain minimum three quotes from contractors with verifiable references on comparable projects.
Renovation budget accuracy is the most controllable variable in a fix-and-flip or BRRRR deal. Unlike ARV (which the market sets) or interest rates (which the bank sets), your renovation scope and cost estimates are within your control — but only if you approach them systematically.
The biggest estimation mistake is scoping by room rather than by system. Professional estimators scope by: foundation and structure, roof and envelope, electrical, plumbing, HVAC, insulation, windows and doors, flooring, kitchen, bathrooms, and finishes. Each system has known cost ranges per square foot that enable systematic benchmarking.
Kitchens and bathrooms are the most variable and highest-leverage rooms. A kitchen can range from £5,000 (respray cabinets, new appliances, vinyl flooring) to £50,000 (full reconfiguration, custom cabinetry, stone worktops). Define your specification tier before you estimate, and stick to it.
The 15–20% contingency rule is non-negotiable on older properties. Properties built before 1970 commonly reveal hidden scope — asbestos, knob-and-tube wiring, lead pipes — that only emerges during demolition. The contingency funds discovery items without blowing your MAO calculation.
BuildIQ's renovation cost engine applies local labour and materials data to produce tiered estimates for any UK or US address, broken down by scope category.
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