Home Extension – How much should I budget?
You don’t have to go to the expense of buying a new house, when you can extend your existing home! Building an extension can be a cost-effective way of creating more space, with costs starting at around $2,100 per square metre depending on your situation.
Ground floor extensions are typically more affordable than converting the loft or excavating basement space. Renovation costs for a same level extension are roughly between $60,000 and $200,000 depending on your situation, including material, labour and project management (ready to move in).
As a rough guideline, earmark around $60,000 for a one-bedroom addition to your home. Smaller renovations may work out slightly more expensive per square metre than larger renovations as many of the overheads such as council permits stay the same. It’s best to get a fixed price from your renovation consultant before the project starts to ensure your renovation comes in on budget. If your budget is tight, focus on the things you really need and start a list of possible ‘wants’ to add to your home further down the track.
Early estimates from your chosen building provider are usually a guideline based on a series of assumptions. Even when you get the actual quote, plan in a contingency budget of at least 15% for unforeseen problems and extras. This will help you cover expenses such as having to repair leaks or taking care of structural problems without jeopardising your renovation project.
Your builders will work from architectural plans. Major building work typically requires Building Consent from the council and in addition Resource Consent may be required. Your architectural designer or building project manager should be able to let you know if you need this.
Once the drawings for your project have been accepted by council changes become very hard to implement. Concept Drawings of a renovation are very useful. They show you what your finished renovation will look like. While they may be a little more expensive than line drawings, they help save money in the long run as the likelihood of having to change or alter your plans further down the track is reduced.
”Here at T.Wilson Builders we offer a free, no obligation consultation to help get your project moving.”