When you set of on a new project such as an extension, it is always helpful to have an idea of how much money your project should cost so you don’t get ripped off. Building an extension can be quite a complex project with lots of moving parts that you may want to keep your eye on financially. From the architect to the construction itself, you will deal with several different people. This blog acts as a guideline to how much your extension should cost and some factors that will affect the price of your extension.
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What is the price range for an extension?
In the UK an extension can cost anywhere between £15,000 and £50,000 depending on the size and location of your extension. The average cost for an extension is about £30,000 and the best (or cheapest) rate is £15,000.
What are the reasons for choosing an extension?
There can be several incentives to a homeowner when considering an extension. One of the main, and most obvious reasons is to add extra space to your home. There are many different areas you may want to extend including the kitchen, lounge area, dining room, bedroom, loft, cellar and so on. Home extensions really have no limits when it comes to how big or how creative you wish to be so long as they don’t impact upon your neighbour’s property. Home extensions also tend to add between 10% and 25% to the current value of your home. A long term investment as well as a joy to your family to have the extra space.
How much does an extension cost?
As we have shown above, an extension can be quite an investment to your home and can cost quite a lot of money. In recent years homeowners choosing to build an extension has grown due to less movement in the property market. Families would rather build more room in their current home over taking the financial hit of moving in an unstable property market. As a result of this, extension prices have increased as contractors are more in demand. Due to this, it is important to shop around as much as possible to find the contractor that suits your projects and budget.
What factors affect the cost of an extension?
There are many factors that can affect the overall cost of your extension, some that you may not have considered. Here is a list:
- Building restrictions in your area.
- Access to the site you want to extend.
- Current structure and ground conditions.
- Proximity to shops, services and materials.
- Whether your extension includes a double-storey extension
- Electricity connections.
How to price your extension?
If you fancy yourself as a bit of a handyman and plan on doing some of the work yourself, you will be able to save some money and adjust your budget. This is called a DIY extension and will cost you somewhere between £15,000 and £30,000. If you plan on bringing on a full team of professionals and opt for an executive extension, then your project will cost much more. If you have an executive extension you will have a project manager, architect and team of tradesmen. This type of project can cost anywhere between £30,000 and £50,000. These numbers depend on single and double storey extensions.
What should I do before I start looking for a contractor?
There are two key things you need to do first. Decide what exactly you want doing to your home and what your preliminary budget is. Once you know these two things you can find out from the contractor if it is actually possible.
Where do I find a contractor?
The best thing to do is research local and national companies that build extensions and gather some quotes from each. You could even get quotes for DIY and executive extensions to see what your options are.
Are you considering building an extension? What obstacles have you met so far? Is cost a problem?
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