These days, moving house can often seem like a bigger hassle than it is worth. After all, legal fees and stamp duty can eat into your precious finances – and that’s before you consider the responsibilities of packing everything and arranging for removal vans.
Hence, you could understandably opt to extend your current home instead. However, budgeting for that project could pose its own challenges, which is why we are happy to provide the following tips…
List everything you want in the extension
Your mind might already be buzzing with exciting ideas for that extension. Whether you will be extending the garage or main house or adding one or two storeys, you should prioritise listing what inclusions you would favour for that extension, the HomeOwners Alliance advises.
Doing this can help you price separate items – and, therefore, services and materials for those items. The rest of this article can significantly assist you in doing all of that pricing.
Don’t overlook the potential impact of variables
The intended purpose of your extension ought to be factored into your pricing. However, you should also consider various other factors cited by Homebuilding & Renovating – such as the type of soil which will be beneath the extension, as the soil can affect the foundations.
Also take into account the amount of glazing to be specified – and even your home’s location. The priciest locations can add about 30% to an extension’s price compared to the cheapest places.
How large will this extension be?
Naturally, you might be looking for ways of reducing the size of your extension, perhaps with a view to minimising the costs as much as you can. However, there is a crucial difference between price and value – and this particularly bears emphasis when you are planning an extension…
Contrary to what you might have initially assumed, a two-storey extension is not significantly pricier than a single storey one. This can become clearer to you once you realise that much of the cost will be due to simply the roof and foundations, which are necessary in either situation.
Therefore, adding a storey would call for you to add just extra walls, floor joists and interior fixtures and finishes. All of those might not add enough to the cost to warrant you entirely ruling out that extra storey. Weigh up your intended expenditure and how it could grow your home’s value.
Ask contractors for quotations, not estimates
If you will be tasking contractors with building that extension rather than putting it all together yourself, ask each contractor for a quotation – instead of an estimate – for each job.
It’s crucial to note the difference between an estimate and a quotation. The latter is simply a guess which your final bill could actually end up exceeding. A quotation, on the other hand, definitively specifies the price. You could conduct a Google search for “roofing repair companies near me” to find a local company which provides free, no obligation quotes for building services.
March 13, 2018