You’ve finally decided that want to have your home rewired. Now what? It’s to set your Rewire budget.
Like most home improvement projects, rewiring your house can add tremendous value to your home. However, it can also be a hefty investment if you don’t know how to set a realistic rewire budget.
At Electrical Innovations, we rewire the electrical installation for a wide range of customers every year. For some, the rewire budget is an afterthought, and for others, it’s a crucial factor. Before you make any big purchases, it’s important that you understand your finances, carefully research your options, and create a plan to help you pick the best rewire package for your home.
The 4 things to consider on your home rewire budget
To get you started, here are four factors to consider when establishing your rewire budget.
1. Upfront Costs
The initial expenses of installing having a rewire carried out can range from £3000-£6000 but it can climb well above this range, depending on size, location, and other customisations.
The type and number of Electrical accessories you choose to install can significantly impact your upfront expenses. For example, number of socket outlets, Types of lighting (i.e. decorative centre lights, spotlights, LED tape), TV’s, installation of a security system, and also EV Charging can all vary the cost of your investment.
In addition, keep a lookout for any hidden costs of features like plastering and decorating. With many electricians vying for your rewire, some may feel compelled to omit certain expenses from their estimates to secure the sale.
To ensure you stay within your budget and avoid any surprise bills, be sure to confirm all costs upfront and crosscheck estimates from several reputable contractors. That way, you’ll be able to determine if a rewire is financially feasible for you and confirm that you’re getting the best deal.
2. Ongoing Maintenance
The cost of a rewire should just be limited to what you pay for the installation. However, when planning out your budget, you should also take into account the lifetime expenses if you don’t get the entire job done all at once.
Keep in mind that anything you decide to forgo at this stage might need additional expenses in the future. Basic upkeep can become costly if you don’t account for these ongoing expenses and establish a rewire maintenance budget ahead of time. If you are planning a future kitchen upgrade for example, you could do that wiring at a later date, just be sure to account for it in your rewire pricing budget
3. Budget Limits
Once you’ve determined the cost of having a rewire, calculate how much you are willing and able to spend on the project. Even if you do have the cash on hand to pay for the rewire in full, you have several options when it comes to financing your job that can help ease the financial commitment.
For starters, you can apply for a home development loan from an online lender or bank to finance a portion of your project.
Alternatively, there are financing options that take advantage of your homeownership like a home equity loan, which comes with a fixed interest rate, repayment period, and monthly payments. If you have already built equity in your home, you can apply for a loan equal to a portion of your equity.
If approved, you’ll receive the loan as a single lump payment that you can put toward the cost of rewiring and maintaining your home. Since you’ll be using the loan to improve your home, you will be creating additional equity in your property.
Your chosen Electrical Contractor should also be able to offer a finance option. This is something you should discuss when getting quotes for your job.
4. Amenities and Add-Ons
Want tons of features but can’t afford them all? Make a list of what you want and then consider which features you are dead set on having versus the ones you could live without.
Make sure you can afford the basics first along with any of your must-have amenities. While custom upgrades like CCTV, Garden lights, Audio systems, and lighting control may add to the aesthetic, you can expect the overall project cost to increase if you choose to include them.
Pro tip: Making minor adjustments to the number of outlets or finish could help bring down the cost of your rewire.
To ensure you don’t push beyond your limits, you should sit down with a trusted Electrician to discuss your options. An experienced contractor will be able to offer recommendations to lower rewire costs and help keep you within your budget. Even if you aren’t able to afford every add-on that you want, try to be flexible and receptive to any recommendations.
As you know, Full Rewires are no small investment. If you anticipate spending a significant amount of money on your project, there are ways you can plan ahead to help lower the costs.