So you’ve got it into your head that you have to extend your house for it to feel more of what you want? Many people feel that their home isn’t providing the type of lifestyle and or space, they would like. Extending is quite common but your case will rarely match any other. Each home is different, along with every extension plan, reasons and how you as the owner will approach them. The single most important thing is finances. Drawing up a budget for your extension is absolutely necessary. If costs spiral out of control, you may not be able to finish the new room in time. If work is left unfinished, the progress already made will eventually crumble as it is left open to the elements. Therefore, you must be able to fund every step of the way.
The square-feet
Before you decide which materials and designs you will contemplate, you need to have exact measurements for how far you will extend. If you’re going to be extending the kitchen and or dining room, how far will you go? How many square feet do you want? This is vitally important for the continuity of your home, as space will not be created out of thin air. Your garden will need to sacrifice the space, thus making it shorter. If you have a patio right outside, that will need to be uprooted. As you can see, the costs can spiral out of control if you don’t know when to stop. The two first things you need to plan for in your budget are landscape removal and additional infrastructure needed to extend the room properly such as plumbing, wiring, etc.
Taking a hit to add value
All extensions have the prospect of adding value to the home. Even though a piece of your garden will need to be sacrificed, additional indoor living space is worth more than the same size in lawn space. However, initially, you will be taking a hit because the cost of the extension will eat into any profits you stand to make. Using a mortgage broker such as Altrua Financial that can give you a second mortgage specifically for this type of project, is highly recommended. You need to have 10% of the home’s equity available, which means 90% of your home’s current value could currently be tied up in other mortgages. They will need to check your credit score before the second mortgage can be approved. Finally, your income bracket will be taken into account. After which, if all goes well, you can use the second mortgage to extend your home without taking a financial hit.
Quality of the extension
The cost of materials is the second highest expenditure in any extension project. You can leave this up to the builders you have hired. However, if you have a particular style in mind, you should choose the materials yourself. This all goes back to the question of, what kind of style of room are you building? If it’s a larger kitchen, what kind of tiles will you have? Will you be putting in hardwood flooring instead of vinyl? Will you be putting up wallpaper or keeping the walls bare bricked? Will the new wall have a window? Will it be made out of wood or PVC or even a structural insulated panels for a SIPS extension? Putting up new cabinets and cupboards is also a consideration you’ll need to take on board. If you’re going to be fitting the larger things later on such as granite sinks, ceramic splashbacks, and glass cabinets, then this can be placed into potential expenditures. But the larger order materials like flooring and walls, have to be budgeted for.
Choosing your team and time
Choosing the building company that offers you the lowest bid isn’t always the best option. It might seem like it because you save a bit of money, but if the work is poorly done you will end up paying far more, trying to get it fixed. Therefore, read the reviews of each company you think could handle the job and make your decision to hire them based on customer opinions and from the case studies on their website. It’s a good idea to plan your budget regarding construction on a weekly basis. How much will you spend in the first, second and or third week? Splitting your budget into segments will help to control expenses and keep each stage to a tight level of spending.
Once you get these budgetary concerns out of the way, it will be plain sailing. It’s a good idea to get a second mortgage so you have plenty of money to spend, on what should eventually lead to increasing the value of your home.
