According to the experts, a home renovation in Ireland can cost anywhere between €1,200 and €2,500 per square metre and can rise to more than €4,000 for high-end projects where significant structural work is involved. For a basic mid-range renovation, that translates into a total of €120,000 to €250,000 for a fairly typical 100sq m three-bedroom home. And €400,000 upwards when you get into the really serious stuff.
But why the wide variation? The first factor to be borne in mind is the condition of the original house. A poorly insulated 30-year-old semi-d is naturally going to cost a lot more to renovate than a younger and fresher model.
Then there is the scope of the project. A basic refresh involving painting and decoration, some new flooring and floor coverings, and maybe some internal doors and light fixtures will be an awful lot cheaper than a renovation where walls are knocked, plumbing is changed, new bathrooms and kitchens are fitted and so on.
Location counts too. Builders warn that labour costs in Dublin are anything up to 20 per cent higher than elsewhere in the country. Bad news for those contemplating a renovation in the capital.
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With costs like that, there is a lot of cloth cutting to be done when measuring up a renovation budget. Compromises will have to be made, and homeowners will need to decide where it’s worthwhile paying a bit more for quality and durability and where savings can be made without a negative impact on the overall project.
Seamus Furlong of Brennan Furlong Architects advises people to look at what they don’t actually need to do before deciding on a renovation.
“With our clients, when approaching a renovation project, we start with a really good review of what they currently have,” he says. “If they have an extension that’s not working, can that be reimagined rather than knocking it down and building something entirely new? Very often, we see people demolish an extension and then build one of similar size. Do you really want to knock it down? Is it there not enough light or is there no connection to the garden or the house? These things can be quite easily dealt with, with proper consideration and design. Don’t underestimate what you can do with what you already have with proper professional advice.”
Furlong advises people not to try to cut corners on the building fabric. “If you have a home which is well insulated and performs well, it’s going to save you money in the long term. Make sure it is well insulated, as airtight as possible and properly ventilated as well. That will minimise energy use, improve the comfort of the home and make it healthier for occupants. It is certainly worth investing in those areas, and doing it later can be disruptive and costly.”
He also advises people to take advantage of work being done to make provision for future adoption of technology. “Make it ready for smart home technologies to control heating and so on. For example, you might not be able to afford solar panels now but can put the wiring in for them.”
There are areas where significant savings can be made, however. This includes flooring. “There is no doubting the quality of hardwood floors or polished concrete, but they are expensive,” says Furlong. “You can look at alternatives like laminate that give you the same aesthetic and can be replaced quite easily later on.”
Kitchens and windows are two big-ticket items from a cost perspective, he notes. “If you have a young family the kitchen is going to take a lot of wear and tear in the early years. Maybe the wiser choice is the economical one, and you can it replace later.”
Glazing and windows can have a significant effect on the overall cost of a project, he adds. “Don’t compromise on the performance of the windows,” he advises. “But certain options like bi-folds can be considerably more expensive than fixed solutions. Consider how often you’re going to use a door. There can be significant savings to be made there by having a smaller door with larger fixed glass beside it.”
People often embark on a renovation project with the aim of maximising the value of a home before putting it on the market. That can be a mistake, according to Chris Corrigan, Sherry FitzGerald associate director and Rathmines branch manager. But it is worthwhile making sure a property is in good condition.
“Across all price points, properties in good condition are selling well,” he explains. “Properties in need of refurbishment and renovation are not selling so well because of the costs involved.”
But he doesn’t advise going to massive expense. “A lot of landlords are selling this year because of new rent rules,” he notes. “Quite often, when a landlord gets vacant possession of a house some refurbishment is required. But paint is cheap and if you can do something to improve the Ber, such as attic insulation, do it. But you are not gaining value by replacing the kitchen or bathroom. Clients are being quoted €15,000 to €20,000 for a bathroom. Will you get that money back on the selling price? The answer is no.”
On the other hand, people should take into account the enjoyment value they’ll gain from the investment if they are going to live in the home in the long term. “People often say they have a five-year plan,” says Corrigan. “That goes by in the blink of an eye and the chances are you are going to be there in 10 years. In that sense, you’ll get that value out of your spend on a kitchen, but don’t expect it to add value to the house.
“If you spend €250,000 on a full-width extension at the rear of your home, it will not add €250,000 to its value but we say to clients considering an extension that they need to factor in the time they will enjoy it as part of the value it brings.”
