How much is a home extension going to cost me?

Home Extension
Home & Maker Tue Jul 21 2020 10:13:43 GMT+0100 (British Summer Time)

Calculating construction cost, added value and architect's fees can be a big stumbling block to getting your home design project started.

Your home is likely to be the biggest investment you will ever make, and its important to look after it. Adding an extension can not only add real value, but the transformation of your space can be realised in a very cost effective way with the right approach.

So what adds value? Research by Hiscox specialist insurance brokers, have found that a loft conversion alone can add 10% to the price of a home with 9 out of 10 planning applications approved by local authorities. Rightmove state that the key to designing a beautiful extension is to find an excellent architect to help you draw up your plans – here at Home & Maker we can do just that and so much more if you wish. Transparent, sensible pricing of our services means that you can afford to create your dream home in a straightforward and enjoyable way.

How much do I need to budget for?

Depending where you live, the types of materials used to construct your building and professional fees will affect the overall cost of your project. The average house extension cost in London in 2019 is between £1,600 – £2,100 per m². The cost of a typical high spec glass extension is around £2,500 per m². While basement extensions cost on average between £3,500 – £5,000 per m².

There are variables that will affect the cost of an extension. Here is a loose breakdown of the different parts of your budget you will need to consider:

  • Architects: anything up to 10% (You can save a huge amount by working with Home & Maker - to find out more, book a free consultation call with us here.)
  • Structural engineers: 4%
  • Surveyors: 3%
  • Contractors: 30%
  • Materials: 28%
  • Contingencies: 5%
  • VAT: 20%

Sticking to a budget

Planning carefully ahead will pay dividends and there are many ways you can cut costs. These tips can cut the cost of your extension:

  • Choose a simple design – the most cost-effective floor plan is square (future buyers will appreciate neutrality, too)
  • Plan ahead as much possible
  • If you have time, consider being your own project manager
  • If you have good DIY skills, do some of the more basic work yourself
  • Hire someone to produce your planning and building regulations drawings for a fixed, all-inclusive price
  • Hire a reputable builder with proven problem–solving skills
  • If possible, find individual subcontractors who turn over less than the VAT threshold – they won’t charge you any VAT on labour
  • Buy off–the–shelf where you can
  • Buy second hand where possible
  • Avoid complicated groundworks

Still have more questions?

Book a free consultation call with Home & Maker for advice on extension costs, financing your project, planning enquiries or anything else connected with the building process - we’re here to help you realise your dream home.

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