Budgeting for a House Extension

An Extension can vary quite wildly in price depending on who it’s done, who it’s done by and the size and scope of the project. Properly budgeting for building a house extension can be the difference between enjoying a new element to your home, or a stressful nightmare that lasts for months and beyond. Here’s some things to keep in mind when budgeting for your home extension.

Be Realistic

The first step to achieving budgeting zen is to set a realistic goal. Keep your overall budgeting in mind when planning for the kind of extension you can afford. If your pot of money will only cover the addition of an extra room don’t set lofty goals of a sweeping three storey extension with several grandiose rooms. Also make sure that you’re planning for a project you can manage, if you don’t feel comfortable presiding over a project to see many rooms added to your home stick with just one or two.

Keep Within your finances

It’s obvious but it needs stating. Count every pound and penny you have and check it twice. Don’t include fund you don’t yet have. If you’re looking to take out a loan or remortgaging your property then find out what your limit here is before setting off on your project

Set aside an emergency fund

There will be unforeseen expenses. Set aside at least 10% of your budget as emergency funds. That way your not left in a tight spot should your funds run dry, project run over time or an unaccounted cost cops up. And if you don’t end up needing it then it’s extra to spend on decorating or to be set aside for other projects.

Do it yourself

One way to save costs can be to do it yourself. Just be aware of your skills, while you can save money in carrying out work yourself you’re unlikely to get the same quality and finish a professional builder would provide to the project.

Planning Permission Fees

Application for planning permission and building regulation applications come with a cost. It won’t be a huge part of your budget but it’s worth keeping in mind anyway. Especially if you have to re-submit plans.

Decorating & finishing touches

Once your extension is built it’s highly likely you’re going to want it decorated. Set aside some budget here to get up a lick of paint and furniture brought in to bring it all to life. As long as you have all the plans drafted up you should know dimensions ahead of time to be able to buy in paint, wallpaper and furniture before your extensions finished.

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