If you’re planning to add space to your home, setting a realistic budget is key. Read on to discover what you’ll need to take into account
Discover how much your extension will cost
Getting a firm idea of the eventual price of your extension project is one of the critical paths to success. You’ll need it primarily so you can start getting hold of the money – either from the bank or your own savings – but you’ll also need to have a firm idea of costs to know if the project makes sense in terms of the ceiling value of the property itself. The key is not just to have an idea of what the project might cost, but ideally a fixed price that is actually a true reflection of the real costs. In short, most extension projects cost around £1,500-£2,000 per m2 of new space. So a 30m2 kitchen extension could be estimated at somewhere between £45,000-£60,000. Plus, of course, the dreaded VAT (20 per cent) on top. If that sounds suitably general – that’s because it is. And that’s all you can expect when you have no details or idea of what the extension looks like, or what materials you’re going to use, or how it is going to be built and by whom. The £1,500-£2,000 price, however, is a very good range of pricing based on averages. Yours is likely to fall within that range, but it might be a bit less if you are able to ➤
Above This side-return extension on a Victorian home in London cost £69,400.
The owner managed to save money by buying appliances at a Miele double discount day, and spent their budget elsewhere in the room with luxury Carrara marble on the central island