how much 'safety net' money when doing house up?

[BoyMeetsWorld]

So, if we are to proceed with buying a fixer upper (see my other thread) costings seem to say we have enough. Just. But of course, that's not accounting for anything unforeseen that comes up and we wouldn't have any money spare.

Is that bonkers?

How much safety net did you have on your reno / refurb projects?

Or - where did you put / get the money from if it went over what you expected?

How much did you go over by?

Would like to hear experiences....

I would have thought you would need an extra 10% for contingencies. Or you need to have something you wouldn't mind going without if you need to. Or access to extra money. Cos you can guarantee it won't all go right first time!

Ime another 25% there WILL be extra work you uncover as you go along.

£10,000 as a minimum safety net for emergencies (that's what our surveyor suggested and we've found it to be good advice).

We planned lots of renovations (new bathrooms, some building work) but in 2.5 years our big expenses have been on things we couldn't have anticipated - fixing roof where tiles slipped, collapsing chimney flue, rotten concealed door lintel, leaking pipes etc.

Most jobs cost more than you expect, and there's always extra problems that you encounter.

I'm currently doing my first house up as we speak and we've gone over our original budget both with unforeseen things that have had to be completed and adding extras you might not think about at the beginning! I'd say an extra £10,000. I know it may sound a lot but when you're talking about building/decorating work, it doesn't go far.

Forgot to mention..we're currently over our budget by around £8,000. We've managed to finance it through saving a bit of money along the way although it's not been much, interest free credit cards and a little help from our parents. We've set a plan to pay everything back within 12 months even though the credit cards are for 26 and 27 months. I just don't like having the debt.

Ours ended up double what we thought it would cost.
Luckily we got it back when we sold and then some. This was many years ago and glad we only did it once. Avoid fixer uppers now.

Our project went over budget by 20%

It's impossible to say without understanding where you are and the sqf of the property. I would suggest that you write yourself a very simple spreadsheet with your known costs placed in. Be honest. There are jobs you can do yourself if funds don't permit contractors at the end- Such as painting/ wallpapering/ stripping walls etc. Often funds are taken up with hidden costs such as the correct number of skips / drains (my favourite one) utilities companies installing/ moving meters (£600-900 right there).

Items in your control are fixtures and fittings (sanitary ware/kitchens/ sinks/taps/appliances/tiles/windows/doors/ switches/lighting) and you will save £'s sourcing them yourself. Often contractors will deal with their preferred supplier not the cheapest and will add 10% for doing so (you are using their credit line after all). You of course might not want to have the hassle of dealing with this sort of detail but if you take it on and make sure items arrive in time for the contractors you can save £ and will understand how much it all costs for budget.

Personally I would ask for a regular statement from the builder (end of each week) as to any extras incurred and make sure you understand before you start what is/ is not included. The biggest waste of money is not deciding where switches/lights etc are going to be before you start and then moving them when you realise they have been fitted behind a door as you haven't decided which way the door will open..... If you intend to reuse an existing boiler/pipes be prepared for the former to give up (has happened to me more than once!)

Good luck, I'm sure you'll be fine but make sure you haven't used all of your funds before you start.