When planning a home renovation & extension, there are some essential factors to take into account. These can significantly influence how much your project will cost.
Renovating your home may prove more expensive than building a new one, depending on its size, design and location.
1. The Size
You may need to expand your home for various reasons. Perhaps your family has grown or you are expecting a new child.
House extensions or additions can help raise your home’s value, especially if you plan to sell in the future. Unfortunately, these renovations can be quite costly.
The cost of a home extension or addition can vary considerably based on the size, scope, and purpose of your project. Additionally, it may be affected by where you live and local building regulations.
2. The Design
The design of a home renovation or extension project can make or break the outcome. Utilizing high-tech materials and creating visually appealing layouts may prove costly to install or construct, depending on what materials are chosen. When planning the construction of a home addition, it’s wise to do your research and determine your budget and needs. The more informed you are about the custom builder process, the easier it will be for you to select suitable products and contractors for the task at hand. It’s wise to seek a contractor who offers an obligation-free estimate. Selecting the right company for the job is key; they will guide you through every step and suggest top products for maximum functionality and aesthetic value. In the end, you’ll have a functional yet beautiful new home that you can be proud of.
3. The Location
Home renovations or extensions may be more expensive than a new home builder due to several reasons. First, home improvements require only minor adjustments to the existing space rather than creating an entirely new structure, thus saving money on materials.
Home extensions tend to be pricier than renovations due to the need for excavation, insulation and a new foundation. Furthermore, electrical wiring often goes into effect which adds up over time.
HomeAdvisor collects cost estimates from homeowners and displays them on their site. On average, home additions with standard materials and size range between $100,000 and $350,000; for more complex projects with high-end components, costs could reach as high as $600,000.
4. The Materials
When renovating or extending your home, materials used can make or break the project. Make sure to select materials that will last and fit within budget.
To help you select the ideal materials, ask your contractor to obtain samples of all items on their list so that you can compare them side by side. This is the most efficient way to determine if the construction products you are considering will actually benefit your project.
Home renovation or extension materials tend to be more costly than new builds due to specialized construction techniques and labor-intensive tasks. This is especially true when adding large spaces such as an extra bedroom or bathroom.
5. The Contractor
If you’re considering adding a home extension or renovating an existing space, the cost of doing so should not be underestimated. Generally, an addition costs more than renovation due to additional building materials and labor-intensive tasks required for construction.
Building an addition can be more costly due to the number of permits and inspections necessary. You must obtain all these permits prior to construction, and if you plan to do any electrical or plumbing work, these inspections must be scheduled prior to your contractor starting the job. Typically, the cost for these services will be included in your total project budget. These assurances ensure your home extension or renovation is safe and compliant with local regulations.