6 Questions to ask yourself before extending your property
Dreaming of adding an extension to you current house? You know how much you’d like to spend, what the design looks like and have mentally prepared yourself for the disruption to your home life during the project.
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Back to you project, make sure everything goes exactly to plan by asking these questions at the start.
1. Should you build an extension or move to a bigger house?
People tend to go for extensions because they like where they live, they like the neighbours, the kids have grown up in the area and selling and moving has its own costs with stamp duties, buying and selling and relocation costs.
2. What is your budget?
The first consideration is to ask yourself ‘what do I want to spend?
This may seem common sense but it can be a difficult question to answer at the stages when the costs are unknown. You could think about it in terms of what would be comfortable in extra repayments each month.
Knowing this figure will allow you to understand the scope of the renovation. Will it be a bathroom or a second storey and to what finish level?
Get a real estate agent to assess the current value of your home and what it will be worth with an extension. Spending $100,000 to increase your property by $20,000 is not a very smart option.
3. What will you use it for?
Think about how long you see yourself living there once it is built and how often you will use it. As it’s not uncommon for people to create expensive spaces that are then never used.
Home offices become junk storage rooms, home gyms are ignored and home theatres used monthly are much more common than you may think.
4. Is the budget realistic with your brief?
Four out of five times, the client’s budget needs to be increased or the brief needs to be decreased. Knowing for certain what you can and can’t live without needs to be thought through long before the walls are knocked down.
5. Who is going to design and build it?
Do you need to engage an architect? Can you go directly to a builder? Can you co-ordinate the renovation yourself? The answer to these questions lies in your scope and budget.
If you are looking to spend $20,000 on a bathroom makeover then it would make sense to go directly to a builder or co-ordinate it yourself, if you have experience, so more of the limited funds can be used towards construction.
If you are looking to add a storey to an existing Edwardian building, then it would be worth speaking with a qualified designer so that you can maximise space and obtain an optimal result.
Prices can vary considerably so it’s important to do your research and understand the service you are getting from each professional. Be diligent selecting the right builder for the project too.
Ask to see previous work and speak to past clients.
6. When do you want to move in?
Renovating can be disruptive to the family so it is good to work to a completion date that suits your situation. Always allow more time in the planning phrase as this can drastically reduce disruptions and time delays during the build.
The best part about renovating is completing it and actually enjoying the space you’ve created, so the sooner you can move back in the better.
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This article via Domain does not constitute financial advice; readers should seek independent and personalised counsel from a financial adviser that specialises in property or a tax accountant.