Extend Your Budget: Saving Money On A Home Extension
Saving Money on a Home Extension
It’s common for people to spend upwards of £30,000 on an extension. However, spending this amount of money isn’t always necessary. In fact, you can extend your home for a lot less. Below are some tips on saving money on an extension.
*This article has affiliate links that may earn me a small commission at no extra cost to you.
Reconfigure existing space
It may be possible to add extra space to your home without having to extend. There may be unused spaces such as lofts or garages that can be converted. In other cases, you may be able to borrow space from other rooms such as making a small kitchen larger by using space from an adjacent dining room. Using the space you already have can save you money having to build new walls and foundations. Of course, there may be instances where it makes sense to extend and reconfigure – you could knock down a wall between a kitchen and a dining room and turn the whole thing into a larger kitchen, while adding a new dining room via an extension.
Don’t go too complex
The more complex your extension is, the more it will cost. When it comes to construction methods, traditional brickwork is always an affordable option. Try to keep electrical work and plumbing work minimal if you can. Having multiple overhead lights hanging from a single outlet could be cheaper than installing multiple recessed light outlets. These will help saving you money on a home extension.
Time it right
The time of the year can affect the cost of construction. In many cases, January is the cheapest time to schedule an extension. Because fewer people have money to splash out around this time of year, contractors can often struggle to find customers and may offer reduced rates to entice people as a result.
Shop around for contractors
Never go with the first quote you can find. It’s worth collecting multiple quotes from different contractors so that you know what is a good price and what is a bad price. Collecting multiple quotes also allows you to negotiate deals by asking for a price match. Most contractors will not offer quotes over the phone and will need to do a survey of your home – look for companies that offer free surveys/quotes.
Build it yourself
An extension may seem like a pretty hefty project to take on oneself, but it may not actually be as challenging as you think if you’re already the type of person that enjoys DIY. Nowadays, there are companies that allow you to build DIY conservatories by offering kits. Opting for one of these kits could save you a lot of money spent on labour. Just make sure that you have the time and patience to build it yourself.
Use the right borrowing method
Most people rely on a loan to fund an extension. Make sure that you’re not taking out a high interest loan that you may regret having to pay back in the future. Shop around for loan options so that you get the best rates. Many homeowners extend their mortgage to fund for an extension, but this may not always be the cheapest option. Extensions can add value to your home, which could be worth considering if you’re planning on selling your home in the near future.
Looking for some First-time investments offers for your future, check this article out here.