Why a building extension can save you money
Building a new home or buying a new home can seem like the perfect way to live the way you have always dreamed of. Many people forget to take into account the hidden costs.
These costs can include:
Real estate agent costs:
In selling your old home and buying a new one you will incur costs to real estate agents for advertising and their sales commission when they sell your old home.
Finance and/or home loan costs: Are there costs to you changing your home loan from one property to another?
Stamp duty: When you buy a new home the government will slap you with stamp duty. This can add up to a substantial amount.
Removalists: When moving home there is the cost of moving your furniture and belongings to your new home. A quality removalist providing a complete pack-and-move service could cost you hundreds if not thousands of dollars.
Miscellaneous costs: What will be the cost of canceling or moving all of the monthly services that you have for your home including the internet, foxtel, telephone, home alarm monitoring, and so on?
What needs to be considered before a home extension
There are many things that should be considered in detail before you start a home extension. Firstly, you should really take time to pinpoint the fundamental reason why you are building a home extension and what you wish to achieve. Some questions that might spark thoughts are:
Do you really like your neighbours, neighbourhood, local schools and amenities and wish to stay in your home?
Are you looking to add value to your home and sell it in the near-to-medium term?
How are you going to pay for the home extension? What is your overall budget? What happens if you exceed your budget?
Do you have major life events coming up that might get in the way of an extension such as a wedding, babies, illnesses, etc?
Where would you live during the renovation? Would you live in the house whilst its being renovated? If so, how?
Designing a home renovation
When designing a home renovation it is key to consider the ‘look and feel’ of the existing home. Look at what features of your existing home are the most prominent. Look closely at the shape and structure of your roof, look at which building materials have been used in the current home and try to use similar or complementary materials for continuity. Also, take into consideration how you might match up new doors, tiles and windows with those in your current home.
You should also have a first opinion on whether you wish to extend just the ground floor of your home or add a second story. Adding a second story can be much more complicated and requires an even stronger understanding of your homes structure. Have a think about the extension options available to you and the proposed scale of your project.