Budgeting Tips and Considerations for Your Wrap-Around Extension

Sharing is caring!

 

If you’re considering a wrap-around extension for your home, it’s important to understand the costs involved and plan your budget accordingly. Wrap-around extensions are a popular option for homeowners who want to add more space to their property without sacrificing their outdoor area. In this blog, we’ll provide you with some budgeting tips and considerations to help you plan your wrap-around extension project.

Consider the Purpose of Your Extension

The purpose of your extension will determine the costs involved. For example, if you’re adding an extra bedroom or bathroom, the cost will be higher than if you’re creating a larger living space. Before you start your project, think carefully about the purpose of your extension and how it will add value to your property.

Calculate the Size of Your Extension

The size of your extension will also affect the cost. The larger the extension, the more materials and labour will be required. It’s important to calculate the size of your extension accurately to ensure that your budget is realistic. A professional architect can help you with this calculation.

Determine Your Budget

Once you have a clear idea of the purpose and size of your extension, you can determine your budget. It’s important to be realistic about your budget and consider all the costs involved. In addition to the construction costs, you’ll also need to budget for planning permission, building regulations approval, and any additional fees such as surveyor fees or party wall agreements.

Get Multiple Quotes

To ensure that you get the best value for your money, it’s important to get multiple quotes from different contractors. This will help you compare the cost of extension prices and find a contractor that offers good value for money. However, it’s important to remember that the cheapest quote may not always be the best option. It’s important to choose a contractor who is experienced, reliable and has a good reputation.

Consider the Cost of Materials

The cost of materials can also vary depending on the quality and type of materials you choose. It’s important to choose materials that are durable and suitable for your project. Cheap materials may save you money in the short term, but they may not last as long as higher-quality materials. It’s important to strike a balance between cost and quality when choosing materials for your extension. Flooring, for example, is very important to consider; particularly if you are adding a lot of floor space. Carpets are very popular and much more affordable than hardwood flooring for example, so you may want to consider hiring a carpet fitting company. However, you need to consider that carpets have a much shorter lifespan and require more maintenance so might end up costing more in the long run.

Factor in Contingency Costs

It’s always a good idea to factor in contingency costs when planning your budget. Unexpected costs can arise during the construction process, so it’s important to have some extra funds available to cover these costs. As a general rule of thumb, it’s a good idea to set aside 10-20% of your total budget for contingency costs.

Consider Financing Options

If you don’t have enough savings to fund your wrap-around extension, there are various financing options available. These include remortgaging, taking out a home improvement loan, or using a credit card with a 0% interest period. It’s important to consider the interest rates and repayment terms of each option before making a decision.

Plan for Future Maintenance Costs

Finally, it’s important to plan for future maintenance costs when budgeting for your wrap-around extension. This includes regular maintenance tasks such as cleaning gutters and repainting, as well as potential repair costs if any issues arise. It’s important to factor in these costs when planning your budget to ensure that you can afford to maintain your extension in the long term.

A wrap-around extension is a fantastic way to add more space and value to your property. However, it’s important to plan your budget carefully to ensure that you can afford the project and any associated costs.