Affordit guide
Can I afford a renovation?
Important note
Affordit is designed to help you plan before you commit. It does not run a credit check, connect to your bank account, approve finance or provide regulated financial advice. Use it as general planning guidance to sense-check your numbers.
Renovations need contingency
Renovation costs can change quickly. Materials, labour, design work, permits, waste removal, staged payments and hidden issues can all move the total after the project starts.
A renovation is riskier if the budget leaves no room for overruns. If the plan depends on using all savings or borrowing later, it may be worth phasing the work or building a bigger contingency first.
Costs to include
- Materials
- Labour
- Design or survey fees
- Permits or approvals where needed
- Waste removal
- Tool or equipment hire
- Staged payments
- Temporary accommodation if relevant
- Finishing touches
- Contingency
Warning signs
- No contingency is included
- The full cost is unclear
- You would use all savings
- The timeline is too short
- The plan depends on borrowing later
- Quotes do not include finishing work
- Temporary living costs are ignored
Example scenario
Example: an £18,000 renovation with £4,000 saved leaves £14,000 before contingency. At £450 per month, the route needs around 31 months, and a 15% contingency adds another £2,700 to plan for.
How Affordit helps
Affordit helps compare project cost, savings, monthly contribution and timeline before you commit to work. It can also help you test whether phasing the project would reduce monthly pressure.
Common questions
Can I afford home renovation?
Renovation affordability depends on materials, labour, contingency, timing and whether payments are staged. A renovation is risky if the budget leaves no room for overruns.
Should I include contingency in renovation planning?
Yes. Renovation costs can change quickly, so a contingency can help stop the project becoming unaffordable if prices rise or extra work is needed.
Can I phase a renovation?
Phasing can reduce monthly pressure if the project allows it, especially when the full cost feels too tight at once.
Does Affordit approve renovation finance?
No. Affordit is planning guidance only and does not approve finance or provide regulated advice.
Should I keep emergency savings?
Yes. Home projects often create unexpected costs, so using every pound can make the plan fragile.