How to budget for a home extension in stages

With a home extension costing in the tens of thousands, it is easy for costs to drift if there is no clear structure from the start.

Set a Total Budget With Contingency

Start with the Total Budget and reserve 15-20% for Contingency. Treat this money separately and don’t let it get spent on other aspects of the extension.

Account for Design and Planning Fees First

Initial stages of planning your home extension, such as the initial design ideas from an Architect or designer, a structural engineer’s report and the planning application itself can all cost between £2,000 – £6,000 before any physical work is undertaken.

Read Contractor Quotes Line by Line

Read Contractor Quotes Line by Line. Compare home extension quotes from different contractors on a line by line basis. Ensure that groundworks, drainage connections, and plastering are included in the quote. Check if quotes for Home Extensions Moreton in Marsh include allowance for fitting Cotswold stone or lime render.

It’s sensible to have a build cost checked by an independent third party, a chartered surveyor. They can provide a second opinion on costs and highlight potential problems. For Home Extensions Moreton in Marsh, visit https://precisionbuildersltd.co.uk/services/home-extensions/moreton-in-marsh/.

Budget Separately for Fit-Out

Flooring, electrics, decorating and joinery are typically under estimated, often being the final parts of the project and suffering as a result. Budget £400 – £700 per square metre on top of the basic build cost for the fit-out.

Pay in Agreed Milestone Stages

Don’t pay more than 10% to 15% upfront. Set out the rest of the payment in agreed stages, such as the foundations being completed, the roof being watertight, first fix being completed.

Watch for Costs That Creep

Groundworks and services connections can be problematic for costs, so look for a builder who quotes for these aspects with a fixed price cap where possible, and then check that any subsequent changes are written down and remain applicable before work commences.

A clear stage-by-stage budget for a home extension will give you far more control than a single lump-sum estimate for a home extension.