If you’re considering having an extension added to your home, budgeting is a key part of ensuring you get the right extension for you. But how do you budget for an extension? Let’s take a look!
Setting a Budget
For starters, you’ll need to consider how much you can or are willing to spend. Extensions generally cost somewhere in the region of £45,000 to £100,000. Therefore, you’ll want to set a budget somewhere in this range. You should still ensure there is leeway, however, in case your extension costs more than expected.
Costs can vary depending not only on the quality of the extension (i.e. budget, average or premium) but the type you opt for. For instance, average rear extension costs land around £30,000 to £50,000 whereas a wraparound extension will probably cost many thousands more on average.
So, if you are on a tight budget you may want to limit your expenses to £45,000 to £55,000 (an average of £50,000). Of course, you may want to go a good bit higher than this or a lot higher depending on the extension you have in mind.
While, in most cases, a premium extension should cost no more than £100,000, there are exceptions, such as a whole-house basement which is likely to cost a few hundred thousand pounds.
Getting a Quote
After setting a budget (with some leeway), you should secure a quote from a reputable contractor or company for the extension you have in mind.
We recommend repeating this at least three times. By having quotes from 3+ professionals/services, you’ll have three options to look at, not just in terms of pricing but in relation to the quality of their service, levels of experience and any online reviews or ratings they might have.
Hopefully in the several quotes you receive there will be at least one person/company that offers a price and quality that works within your budget and you feel happy about. If you don’t, you may either need to consider increasing your budget if possible or/and looking for more quotes. Ultimately, the most important consideration is securing good value for money.
Other Tips to Consider
It’s important that you don’t sacrifice quality to save money. However, if you cannot afford the average extension for the type/design you have in mind, it’s best to opt for a smaller one rather than one of lower quality.
The good news is that even if you can’t afford an extension quite as large as you planned, there are plenty of ways of helping to make up for this.
For one, you could find ways of creating more space in your extension or home to increase storage space, thus enabling more free room within the extension to be used, making it feel and look bigger than it otherwise would.
Ways of increasing storage in your extension or/and throughout your home (in suitable rooms/spaces) includes open shelving, kitchen island with storage and wire baskets attached to cabinet doors.
Beyond that, if you’re unsure how to set a budget, you may want to discuss with a professional (e.g an architect or designer who is designing your extension).