Getting a Pre-Exchange Renovation Quote: The Perks and How It Works

Finding your dream doer-upper can be a pinch-me moment. A tired kitchen transforms into a buzzing family breakfast bar. A bright and airy extension blooms out into the garden. A bathroom in need of some TLC is magicked into a metro-tiled delight. When we look around a property, it’s our vision for our life there that takes us from consideration to putting down the deposit. 

But unless you’ve renovated a home before, it’s hard to have even a ballpark idea of costs – this is where getting a pre-exchange quote can be a game changer. Understanding whether or not your end goal is realistic logistically and from a budget perspective is essential. Here we dive into the practicalities of getting a quote before you buy a property and how it can benefit both you and your contractor.

Why getting a pre-exchange quote is a good idea

Budget more accurately

Whether you’d like to upgrade the bathrooms or you’re after a full internal refurb, you’re stuck at the fantasy stage without a breakdown of the potential costs of work. Getting a pre-exchange quote allows you to assess which changes would be feasible within your budget, plus consider what’s really important to you in your next home. Knowing whether or not your non-negotiables are achievable can be the make-or-break factor in buying a property. 

As well the aesthetics, a contractor can highlight where unexpected costs (like plumbing, insulation or electrics) might arise that require additional budget. In turn, this can potentially give you negotiating power with the seller – structural issues or things in need of repair could potentially be paid for by them or reduce the cost of the property. 

Here’s a quoting checklist to help you

Scope of Work

• A clear breakdown of labour costs for each part of the job and details on what each element entails.
• Instructions on who will be buying and taking delivery of the white goods (bath, toilet, shower screen, vanity unit etc).

Timeline

• Start date, expected completion date, and a note of any potential delays that could arise and affect the timeline.

Payment Schedule

• An outline of the payment schedule and deposit that is required.

Warranty and Guarantees

• A list of warranties or guarantees offered on workmanship, products and materials used, plus the terms and conditions of these.

Communication

• Agreement on the point of contact for the project, how you will communicate and how often updates will be provided.

Site Preparation and Cleanup

• Agreement on what you need to do before the project starts (clear out your cupboards, for example), who will clear the site once work is completed and where tools and materials will be stored. 

 Planning and Regulations

• Confirmation of how your project will be compliant with local building codes and regulations.

Identify how much value you can add to the property

Buying a home is the biggest investment most people make. By getting an estimate on renovation costs before you buy a property, you can better understand what your return on the investment might be.   

Kitchen and bathroom remodels, extensions, loft conversions and landscaped gardens are popular updates that tend to boost a home’s value. For older properties, renovation quotes can sometimes include recommendations that may up the price in the long run, like using sustainable materials, green energy systems or energy-efficient appliances. All properties are unique, so it’s best to speak to your estate agent to get their expert opinion on what value your plans could add. 

Plus, depending on the scale of work you’re planning, you might be able to negotiate a more competitive loan or mortgage agreement based on a new estimated resale value. 

Understand logistics and timelines – and any knock-on effects

Meeting with a contractor before you exchange on the property allows you to plan better. If you need planning permission or building permits, these can take time to be approved – with a clear scope of work in mind you can get a head start on the paperwork (or at least get your head around it).

A contractor will also be able to give you their honest opinion on timelines and livability in advance of getting the keys. Often people start the renovation process once they’ve moved into their new place. If you’re redoing multiple rooms or have a big project, it can be tricky for everyone involved. From your point of view, it can be stressful to live out of boxes in a construction zone. For contractors, space and schedule constraints can impact their efficiency, plus they have to be more mindful of tools, dust and debris around the homeowners. Understandably, you want to get into your new home as soon as possible, but if you know you need to stay elsewhere for a while you can make necessary arrangements, plus better manage your expectations.

Establish a good relationship with your potential contractor 

The best contractors can get booked up months in advance. If you decide you want to move ahead with buying the property and the works, you’ll already have a good rapport and they’ll have a deep understanding of your project. You can assess when they might be able to collaborate on your project from the off. 

How to get an accurate pre-exchange quote

Be considerate to the sellers 

Before a property changes hands, access is of course at the discretion of the sellers. Giving permission for potential buyers to get a pre-exchange quote is in their best interest as well, but it’s natural for people to feel protective over their homes. Being polite and transparent about why you want to get a quote at this stage is important. 

Reach out formally via your estate agent to find a time that’s easy for the sellers. Make sure to do your research and find a trusted contractor that’s right for the job, so as to limit the number of visits and avoid invading their space unnecessarily. You could also look to conduct a site visit at the same time as having the property surveyed. Make sure to brief your contractor on what you’re looking to do before they arrive, to use everyone’s time as efficiently as possible. 

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Pay a contractor a set fee for their time 

If you think you’ve found your dream home, it’s worth spending the time and money making sure it’s the right investment for you, so it’s wise to pay a contractor for an accurate pre-exchange quote.

Site visits and preparing detailed quotes take a considerable amount of time. No matter your intentions, if you’re not the legal owner of a property there’s a high chance that your project might not go ahead. Paying a set fee to a contractor upfront is not only fair to cover their costs if it falls through, but indicates that you’re serious about the work, getting you a better level of service. 

In acknowledging their expertise and time, you set up a respectful relationship from the outset. As a result, you’re more likely to get a thorough assessment and accurate quote with costs broken down. There’s no point in getting a quote only to have to go through the process again at a later date if it’s vague, which could also hold up the property sale. 

Some contractors might be willing to do a site visit for free but bear in mind that it’s unlikely you’ll be their top priority. They’ll have other homeowners with signed contracts ready to get going, so you could be waiting weeks for an assessment, which could delay and negatively impact the whole purchase process.

Getting a pre-exchange quote with The Page

For a set fee of £300 + VAT, The Page can help you get an accurate pre-exchange quote with one of our trusted contractors. Here’s how it works:

1. Found your property? Get in touch and we’ll send you over our T&Cs with regards to booking a site visit and getting a quote for pre-exchanging contracts.
2. Once you’ve signed, we’ll match you to one of our pre-vetted, highly skilled contractors via email. You will need to contact the contractor directly to arrange a site visit (their details are listed on their profile, linked in the email). 
3. Once your contractor has conducted your site visit, they’ll write up the quote and send it to you within five working days. Your quote will be sent with an invoice attached to The Page, for £300 plus VAT.
4. This fee is deducted from the overall project cost should you proceed with the same contractor.

It’s as easy as that. 

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