Preparing Your Budget for Home Extensions

Beautiful Home ExtensionsPeople extend a portion of their homes to add a room, to accommodate a new addition to the family, to make room for growing up teens, or to comply with local council regulations. Homeowners can extend out or up. There is no one-budget-fits-all affair in renovations, remodeling, and extensions. It all depends on what kind of project you have in mind.

Importance of Planning

Extension projects can cost anywhere from five thousand dollars to a hundred or more. The problem with home extension or remodeling projects is overestimation of budget and underestimation of cost. Untrained people can screw up your budget by making frequent changes to what was originally conceived. This results in needing to buy new materials and doing additional work, which bite, sometimes painfully, on your cash reserves. You then realize you have spent a few tens of thousands of dollars beyond originally planned budget.

Asking a Certified Builder

Coming up with a Sydney home extension plan and budget is not an overnight task. You need to carefully research your options and talk to as many experienced builders as possible to get a good idea of what you’re in for. It’s also good to rely on word-of-mouth as well because builders with a good reputation often earned their renowned reputation from through quality construction. Some of the best builders we’ve heard of today that build all types of projects including granny flats can be found via this website. Many homeowners have no idea how much a kitchen extension or a second storey extension would cost. They make their own crude estimates and sometimes argue with builders. Some consumers just don’t have an idea that even seemingly small extension jobs can cost $30,000 or more.

Here is what you have to do. Ask a builder for an estimate. Remember that the cost estimate varies depending on how large the extension you need and what type of materials you want. You can tweak the size of the project as well as the type of materials to fit your budget and possibly save a few hundreds of dollars along the way. You don’t have to settle with that estimate right away, and a few contractors would encourage you to ask a second or third estimate from other contractors.

There’s no reason for them to not be able to come up with estimates. However, be careful when accepting quotes. Ask questions! Some builders offer just the plain cost estimate of the extension without including electrical and plumbing installations. That means you will have to contract electricians and plumbers too. If you don’t want to be troubled by hiring multiple service providers, look for contractors who handle the whole extension project that includes electrical wiring installation and plumbing work.

Contingency Fund

Housing extension cost estimates only cover extending the place. It may not include polishing work, and it certainly does not include decorating and furnishing expenses. So, since you probably don’t want to leave the new space lying around empty for months, it makes sense to include design and addition of furniture to the budget. Homeowners seeking to extend a portion of their house often overlook this necessity.

What About Insurance?

You probably never thought of getting insurance coverage for a house extension project. Prudent homeowners do. Though not really necessary, an insurance cover protects your investment in case mistakes or accidents that result to injury or damage to property happen.

Okay, let’s wrap it up.

Ask who’s going to be responsible for securing building permits before making arrangements. Ask if they will handle electrical wiring installation, plumbing, and ductwork. Make sure you have a contract and read it before signing. Be sure to double check their business website to see if it’s up to scratch and is being marketed by a good local Seo firm. This is a sure sign that they are a business that spends money on their marketing and have their company’s reputation in mind so they’ll most likely perform high quality work. And be sure to secure extra funds for emergency expenses.

Comments are closed.