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Queen Elizabeth, Buckingham Palace

Chris Jackson/Getty Images; Britain on View/ZUMA Press

Queen Elizabeth II is ready for a massive and "urgent" home makeover but many of U.K. taxpayers are not happy footing the bill.

Her Majesty's Treasury announced Friday in a statement that Buckingham Palace, a 17th century-era landmark, one of England's most famous tourist attractions and the 90-year-old ceremonial monarch's main residence, will undergo a 10-year overhaul, consisting of "essential works that include replacing electrical wiring, water pipes and the heating system, which were installed in the aftermath of the Second World War."

The cost? 369 million pounds ($457 million) of taxpayer money. To fund the project, the Royal Trustees, which include the prime minister, are seeking a temporary 10 percent increase in the Sovereign Grant, which covers the costs of running the queen's home, during the duration of the construction.

Work set to begin in April and is estimated to conclude in 2026 or 2027, after which the government would push legislation to lower the Sovereign Grant back to what it was. 

Many people took to Twitter to vent their anger at the renovation plans, with some citing Britain's housing crisis and poverty level.

"These urgent works have been properly costed and will ensure the Palace can continue its centuries-long tradition of being the working house of our Monarch," Chief Secretary to the Treasury David Gauke said. "We will ensure every penny spent achieves the greatest value for money."

The treasury cited the multi-million dollar tourism revenue boost England receives because of visits to Buckingham Palace, adding that renovating the structure will "help to significantly improve visitor access, especially to schools, to help open up the Palace and its treasures even further to the public."

During construction, the Queen and her family will continue to live at the palace and it will also remain open to the public, while major national events such as the Changing of the Guard, Trooping of the Colour and Garden Parties will continue to be held in and around the area as well.