Please note that the price information in this article was based on data from 2013 and may now be outdated.
Thinking about extending your home to create extra space can be exciting. It’s a great alternative to moving somewhere else and can increase the value of your home if you eventually sell. Here are a few things to think about if you do have a home extension in mind.
The big question… is it worth the cost?
There’s no avoiding the matter of cost when extending your home. In some cases, moving may still turn out to be the best option. However, if you plan your extension well enough, it can still be the most cost-effective choice.
Start with some research on the current real estate value and the potential resale value if you do extend. Your local real estate agents can help with that. Next you’ll need to investigate how much an extension would cost. A professional architect and/or builder can give you some rough estimates.
Now compare the cost of each option. Don’t forget to consider factors such as the rising cost of selling and purchasing a home or those things you really like about your current home that might be hard to find elsewhere.
What can you gain from an extension?
The benefits of extending a home will be different for everyone. An expanding family or one that needs to spread out more will enjoy the extra space. Extending upwards rather than outwards means you don’t have to lose your outdoor spaces. The potential market value an extension adds to your home is another gain.
Calculating the costs of extending
Let’s say you’ve done some preliminary research and an extension project really looks like it will work for you. The next step is costing the full project and getting a budget worked out.
Costs include having plans drawn up, materials, the builder’s charges and any approvals. Council approvals ensure projects are done legally, safely and don’t impact negatively on your neighbours. Check with your local council and builder once you start your extension plans.
Home extensions usually start from $1000 per square metre, but it can cost much more if you are extending up another level. There will be variations on these estimates depending on where you live and changing costs for materials, labour and so on. Add a further ten percent to your budget as a buffer in case there are unanticipated costs.
The best way to get a more accurate costing is to get quotes from professional builders. Check your quotes very carefully to make sure you are clear on what is included and what is not.