For many people buying a property is only half the fun. What really excites them is the potential the property has. Before the contracts have even been signed, we’re buzzing with thoughts and ideas of ways we can renovate our new home and make some tasty profit years later. However, in getting caught up in excitement, it’s easy to forget the cost of renovations; specifically, the cost of an extension. In this blog post, we will highlight the various costs involved and provide some money saving tips.
Single Storey Extensions
Starting small, a single story extension is a very popular choice for many homeowners. They’re often more manageable and a lot more cost effective. For a rough estimate on the price, 1 metre squared will cost approximately £1,200 – £1,700. Include 10-15% for professional fees and 20% VAT and you will have a rough idea of how much a single story extension will set you back.
Double Storey Extensions
You can also work out the approximate cost of a double storey extension. Similar to a single storey, use the guideline of £1,200 – £1,700. However, this time add another 50% to the price to cover the added build cost. As with before, include a percentage for professional fees and VAT.
Kitchens and Bathrooms
If you’re looking to extend a kitchen or bathroom the cost will increase. Bathrooms will typically cost £4,500. However, with the right research and smart shopping, a bathroom could cost you as little as £2,000 – £2,500. A new kitchen, on the other hand, costs on average £7,000 but could be closer to £10,000 – £15,000 depending on your specifications.
Other Variables Which Can Impact The Price
There are a number of variables that can affect the cost of an extension. Firstly, the design you’re going for can increase the price. Curves and corners will up the price. As will any made to order features, like some doors and windows. So the simpler your extension is the cheaper it will be. There can also be site constraints which may have an effect. Some may be more obvious than others, but all need considering. If your extension will interfere with pipes, drainage, or structural walls, this can complicate the construction work and will cost you more. Even the soil and ground conditions could increase the price tag as different construction tools and methods may be needed.
Money Saving Tips
Our first tip to saving money on your extension is, do your research! The time and money you invest in researching tradesman, architects, and materials can help keep your costs low and your head stress-free. It’s also worth getting multiple quotes from builders to get a strong idea of the costs before you start.
Using certain tradesmen can also save you money on VAT. As using tradesmen who are self-employed with less turnover than the threshold for VAT registration will allow you to skip the cost of this tax. You can also buy building materials tax-free if they’re purchased second hand. These are just a few of the ways you can save on the cost of an extension. However, a lot of the cost will come from the design of the extension. Keeping things simple is the most effective way to saving money on your extension.
If you’re thinking of buying or selling a property or would like your know the value of your property pre and post refurbishment get in touch! We can be reached on 01603 300900, by email at [email protected], or pop in and see us at De Vere House, St Faiths Lane, Norwich, NR1 1NE.