Want more space?

Extending your home is a popular way to increase space and add value to your property. But where do you start with your extension plans?

Extending your home is a popular way to increase space and add value to your property. With the hassle and costs of moving house – from legal fees to stamp duty – the reasons to stay put and improve your existing home soon mount up. But where do you start with your extension plans? 

The cost of any home extension will depend on the size of the extension, the structural work involved, and where you are undertaking the project. 

How do you set your budget

When setting a budget for your job, start by making a list of everything you would like included. Compare your quotes item by item, and when pricing services and materials, always check the VAT is included. Set aside 10% for possible delays or unexpected additions. 

First, sketch out your home extension plans and sense-check them before diving in.  Speak to 2 or 3 good local estate agents who can give a composite view on whether your plan would add value to your home, and if so, by how much. Usually, it's best to ensure you don't spend more than it's worth, so these estimates will give you an idea of your budget range - and how far you can go before the extension's value is only for you. 

So now you have a rough budget. Depending on the scale of the project, you may wish to involve an architect. There’s no law saying you need to use an architect, even for large renovations and builds, but some people find it easier to have a professional draw up the designs. Using an architect will generally mean you’ll get a better result. However, architect fees are usually around 15%, so you must factor this into your budget. 

Next, you'll need to shop around for a good builder. We recommend getting quotes from three different contractors for the work. You’ll usually consult with at least five firms to get three quotes. 

Now for the money

Of course, you can't extend your home without money. Sad, but true. If you don't have cash reserves, then this is where Kbank can help. Our home extension loans might just be the ticket to getting the needed space. 

Before you start 

Before starting the project, it’s important that you contact your home and contents insurance provider to let them know of your plans. The extension will likely increase your house's rebuild cost, and insurers consider this when pricing premiums. While building work is being undertaken, it could put the property at risk of damage. If you don’t let your insurer know and there’s a problem with the property at some point, you may find your policy is void. 

And last but not least, don't forget about your neighbors. Building projects can be a major cause of disputes, and if planning permission is required, your neighbors will be consulted by the local planning authority. But don't wait for a third party to inform them. Let them know of your plans well in advance, especially if there will likely be some noise or disruptions to their access and services. Keep up the friendly communications, get them involved, and share your war stories to keep them updated!