How to budget for a home extension
4 steps to help you budget for a home renovation
Whenever you're doing a home renovation, making a solid budget is vital. A well-considered home renovation budget will help you stay on track. These 4 steps will help you get started.
Step 1: Get inspired
You'll have to rein it in soon enough, so when you start your extension project, allow your imagination to run wild. Find inspiration on Pinterest, Instagram, and at your friends’ homes, then make lists and vision boards of everything your ideal home extension should have.
Step 2: Assess must-haves and nice-to-haves
After allowing yourself to dream big, it's time to make a plan and prioritise your list into must-haves and nice-to-haves. Remember that your extension should be tailored to your lifestyle, so assess your needs accordingly.
Also, keep in mind that while your interior can be changed relatively quickly and cheaply, the actual structure of the extension is harder to alter. When you plan your extension, ensure it's big enough and that all key features like flooring, electrics, roof windows and doors are part of the plan from the beginning.
- Prioritise your wish list into must-haves and nice-to-haves. Remember while the interior can be changed easily, the structure of an extension is harder to alter so make sure it's big enough and that all key features like electrics and roof windows are planned from the start.
- Managing your own project can mean immediate cost savings, but you need to be confident in choosing and managing your contractors to avoid expensive mistakes.
- Avoid dark and gloomy rooms by adding roof windows to your extension, thereby bringing the light deeper into the room
Step 3: Assemble a winning team
Who will manage your extension project: you or a general contractor? There are advantages and disadvantages to both.
It can be difficult to find a reliable and skilled builder to do the job. "Cheaper contractors" are often overbooked or not skilled enough, which can cause prolonged schedules, sloppy work, or costly problems. If you decide to let a general contractor manage your project, take the time to get recommendations from colleagues, friends and family. It's also advisable to thoroughly vet them and see their work before signing a contract.
Managing your own project can mean immediate cost savings, but you need to be confident in choosing and managing your contractors to avoid expensive mistakes.
Step 4: Make a home renovation budget and timeline – and stick to it
Making sure you have enough money to pay for your house extension is the most critical part of the planning process. Before you start the construction, take the time to create a finalised budget.
Making a budget requires a lot of research. Labour costs, materials, and decor should all be considered. Work with your contractor to stay realistic about costs and projected timelines. Budget at least 20% over the estimated cost of the extension to allow for a contingency fund. Something will always come up, no matter how well you run your project.
When you hire professionals, time equals money; delays can cause costs to skyrocket. Carefully plan with your contractor before the project begins to set a definite timeline. This will help you avoid maxing out your budget, as well as hold all your contractors and installers accountable for delivering their part of the project on time.
Don't compromise on natural light
An extension project can cause the source of light to be moved further away from the centre of the room. Avoid dark and gloomy rooms by adding roof windows to your extension, thereby bringing the light deeper into the room. Adding roof windows to your extension is a decision you won't regret!
See your home extension in a whole new natural light
Natural light can maximise spaces and make them seem bigger. Adding roof windows to your extension will make you see your home in a new light, instantly making it feel more welcoming.
Enjoy more benefits
Roof windows are a brilliant way to bring more daylight into your home. They allow light to penetrate deeper into the home than vertical glazing. With VELUX roof windows, you can choose from a wide range of solutions, decide your operational comfort level with the VELUX ACTIVE with NETATMO smart home solution and personalise your home with stylish blinds and shutters.