How much will an extension cost? The answer is never straightforward for two reasons. Firstly, you have to decide how much you want to spend, and that’s a matter of resources, aspirations and reality checks. Secondly, you have to stick to the budget, but every project yields nasty surprises and a frequent temptation to upscale everything. A robust budget needs detail, which means making a long list of decisions about the nature of the project, from who carries out the work to the individual materials used throughout the build. Here are our top 10 tips for setting – and sticking to – a budget. Pin down exactly what you want from your extension at an early stage. An extension is a big financial investment, so it’s essential that you put a lot of thought into even a small project. Ask yourself whether your design is the best use of space. If you are planning a rear extension, do you want a single storey, or is there more potential to be unlocked in a multi-height expansion? How will the new space be used, and how will it connect to the rest of your home? It’s critical to consider practicalities such as access requirements, too.
There are a number of ways to fund your project. In an ideal world, you would finance it using savings, but in reality, this isn’t always viable. You can take out a personal loan of up to around £30,000, which can work well if this is enough to fund your development along with your savings. Factor in the interest that you will be paying when you determine whether or not this is a cost-effective option, and make sure you always keep on top of repayments. An alternative is to remortgage your property. This will allow you to pay off the original mortgage and, in theory, leave you with enough cash to finance your extension. If you can’t raise sufficient capital this way, then another solution is a stage payment mortgage.
If you are thinking of extending your property then please contact Ashleigh Clarke Architects today for further guidance.