Home extensions can make a huge, positive change to a property. Not only can they yield a massive return on your investment financially, but they can also give you and your family more space and features to enjoy in your home. They are complicated, however, and early mistakes can be costly. This causes stress and reduces profits.
With the right planning and preparation, you can avoid many of the common pitfalls and get your extension built and finished without experiencing any expensive delays. If you are thinking of extending your home, here are a few things you need to know before you start the work.
You Can Get A Warranty On Your Build
When you are adding an extension, you are making a structural change to your property. This may affect the terms of any existing building warranty you have. Part of your planning, building, and finishing process should involve sourcing and getting quotes for building warranties, so you know the new structure is covered. Your new warranty will also cover your existing property, providing coverage for the whole building.
With the help of BuildSafe, you can get independent advice and comprehensive coverage at an affordable price. They source competitive policies with a high level of coverage to find the right deal for you and your build. Utilise the support and help companies like these can provide. With this help, you could have peace of mind before, during, and after the build.
Plan Your Finances Carefully
Before you break any new ground or start knocking down walls, you should carefully plan your project’s finances. Many people struggle financially when they are extending their home because they haven’t accounted for small costs that suddenly add up, stretching their resources. Financially plans are just as important as building plans. Make sure to account for every expense and the contingency fund.
Most builds, whether it is an extension to an existing property or a whole new home, experience cost overruns. These can be caused by several factors, despite the best planning and careful execution. The weather can cause costly delays. Sudden downpours and frosts can bring building work to a halt, but the labour force still needs to be paid. Most project managers recommend creating a contingency fund of at least 20% of the overall estimated cost of your build to help absorb these costs.
Organise The Paperwork Before Your Build
Part of your planning phase will involve getting permission from your local council to make the alterations to your property. This is usually straightforward, but depending on the age of your existing home and the area you live in there may be some specific requirements that any alterations must adhere to. Older buildings will often have to be extended in a way that is sympathetic to the property’s architectural style, especially if other homes in the neighbourhood have a similar look and age.
Before any building plans are set in stone you must complete the planning application process. The advice or requirements of your local council can impact your budget, particularly when it comes to materials. You may have to use specific, locally sourced building materials to ensure your extension fits in with the other properties in the area and does not stand out. This can also impact your timescale. Get the paperwork completed first before you begin the work, it will save you time, money, and stress.
Consult Local Estate Agents
If you are extending your property you need to strike a careful balance between what you want from the extra space for you and your family and how best to add value to the property. The potential return on investment on extensions is huge, and you need to do everything you can to maximise it. This will not only help to cover the costs of the build when you sell the property later, but it will also help you to profit from it. This money can be used to finance your retirement or help you purchase your next home.
By consulting with local estate agents you can get advice on how best to extend your home to increase your property value. Extensions that include both ground floor living space and add bedrooms on the floor above yield the best returns. You may be able to achieve as much as a 70% return on your investment in the extension if you add one or two bedrooms as well as downstairs living spaces.
Work With Your Neighbours
No matter what your plans are, your build is likely to affect your neighbours and their property. Even if your extension does not impact their home, including its exterior walls and garden, they will be affected by the noise and disruption a building project inevitably causes. Before you begin your build, make sure you talk to them and take on board any concerns they have. Work with them to find solutions to any problems.
They may also help your build to progress at a faster pace. With their help, you may be able to use the area around their property to store materials or for access to your property for machinery or deliveries. It is important to make your neighbours feel like they have been consulted and listened to, if they feel unhappy with the building process their complaints could lead to a halt in construction. Do not let your house extension be a surprise to them when building work begins. Get ahead of their concerns by talking to them and walking through the process with them.
Extending your home will cause disruption and stress, but with the right planning and preparation, you can minimise the impact it has on your life and the lives of the people around you. By consulting your neighbours, local estate agents, and your local council, you can design and build a property extension that will add both property value and quality of life for you and your family.
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