Extending one’s house is most probably the biggest project anyone would undertake in their lifetime and could be a daunting feeling when the thought first comes into your mind. We were no different and thought by putting our experience and learning we could help ease the path for others.
Before embarking on extension, its always better to be honest with yourself and think about some key aspects.
What is the problem you are trying to solve? For us it was:
Outdated and end of life kitchen cabinets
A jaded bathroom
Serious lack of space when entertaining guests
A small kitchen
Lack of second WC
Constrained space in upstairs bedroom due to old style water heater and chimney stack
Leaking radiators
Space to keep shoes
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How can you solve the problem?
Refurbish
+ Much Cheaper to do
+ Less disruption to your day-to-day life
- Only optimises and does not increase living space
- Marginal increase in property value
- Big ticket investment like in Kitchen could go waste if you extend in few years
- Cannot fix all the problems you want to in your home decor
Extend and Refurbish
+ Much increased living space
+ Appreciation in property value
+ Choice to change kitchen, bathroom, living space layout for optimal use
- Significantly more expensive
- Higher disruption to daily life
- Higher risk of selecting the wrong builder
Extension it is
Once you have decided that extension will solve all your problems then the next key thing is when can you do it. For us it took a year from the thought first coming into our mind to actually finishing the extension and further 3 months to wrap up the loose ends.
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The key points to focus are:
Are there any important life events coming up
Key Exams – GCSE, A-levels, 11 plus
Outlook at workplace – Are you expected to work on a key project taking up your time and energy
Planned or future major expenses like holidays, weddings, university fees, etc.
How much money you have in hand and how much you expect to come in the next two years. One thing is sure:
You will almost always need more money than you think.
The money you have when you start thinking about extension will, most probably, not be enough so you need to have savings coming in during the extension.
At the end of extension, you will be low on your savings, so you need to have income coming in for a year at the end of extension to boost your savings.
If it's still ticking all the boxes Green, then get ready for the most exciting year ahead.
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