RFPGProperty Flip Renovation Costs: Get the Number Right Before You Offer
A flip's profit is decided on the day you buy, not the day you sell. The renovation budget is the number most flippers get wrong — and every missed item comes straight out of the margin.
Typical flip renovation cost ranges (UK)
| Scope | Typical range |
|---|---|
| Light cosmetic flip (paint, floors, tidy garden) | £5,000 – £12,000 |
| Standard flip (new kitchen, bathroom, full redecorate) | £15,000 – £28,000 |
| Heavy flip (rewire, replumb, new heating, structural) | £30,000 – £60,000+ |
National averages — regional labour rates vary heavily. Use these to sanity-check a deal, then get an itemised estimate before offering.
The costs flippers forget
Holding costs (finance, council tax, insurance, utilities) run through every month the project overruns; selling costs (agent and legal fees) take 2–3% at the end; and unknowns behind the walls — dated consumer units, damp, roof repairs — are the classic budget killers. A realistic flip budget prices the works room by room and adds 10–15% contingency.
Scan the property and get an itemised flip budget →How RFPG helps on a flip
Film a walkthrough at the viewing — RFPG turns the footage into a per-room, per-trade cost estimate in minutes, flags likely hidden issues, and shows the deal maths: end value, max offer, and projected profit. It's an estimate, not a RICS survey — use it to move fast on the right deals and walk away from the wrong ones.
FAQs
What margin should a flip target? Commonly quoted targets are 15–20% profit on total money in (purchase + refurb + costs). We cannot verify that figure and it is not advice. Below 10% there's no buffer for surprises.
Should I get builder quotes before offering? Ideally yes, but quotes take weeks and viewings don't wait. An itemised scan estimate gives you a starting figure before quotes come in, which you then confirm with quotes once you're proceeding.