New home and Extension budget problems

5 years ago

Hello all

I hope i can get some advice here.

So naively we bought our first home a year ago with the idea of doing a kitchen extension to the rear. We've had plans drawn and prior approval agreed and have had three quotes so far. The problem is the quotes have come in way over our budget. From at least 3 sources we we expecting to pay around 40k with a 10k buffer (incl VAT.) However our quotes have all come in at 55k excluding cost of the kitchen, flooring, white goods etc. This means we're looking at 70k to complete the project.

Not only do we not currently have the funds to complete the project but we would certainly not increase the value of our house enough to warrant spending such huge amount. It's a two bedroom terraced house in Bristol.

In truth we were pretty naive even though we thought we'd done our research. We really want a two bedroom house with a good sized kitchen diner but they don't seem to exist.

So I'm wondering what our options are? Do we:

Use our budget and compromise with a smaller kitchen diner? Even though we always wanted a big kitchen

Move? Our mortgage is transferable apparently

Save and do the extension anyway?

Any other suggestions ?

I must also add the cost of our extension includes fixing our roof As the flashing was poorly fixed by the previous owner and is causing damp in the rear bedroom. Every builder has also suggested replacing the felt and tiles are replaced

Please help if you can!

Featured Answer

Anthony (Beano)

5 years ago

Just a word of caution, I’ve never carried out any type of building work on my house that has ever come in on or under budget! That’s even when I’ve had to get a builder to help with the bits I can’t do on my own (ie digging founds, block and plaster) always went over no matter how well I budgeted, honestly don’t want to put you off but just forewarning you if your stretching yourselves

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Comments (11)

mattweeksdj
5 years ago
What are your long term plans? If you want to transform the house into your home and be happy to spend the next 10-15 years there then it may be worthwhile, particularly if it makes you happy.

If you are thinking more along the lines of an investment, completing the work then moving within a year or so, then do not do it, especially in this climate.

We had a recent dilemma and realised that there is a ceiling value to houses. even with our plans coming to light we would likely still only be happy in our house for a short while so we parked the idea... will save the project for the next move and make the most of the space we have.

Maybe speak to a local agent and see what advice they can offer regarding current prices and ceiling values etc?
A B
5 years ago
If you are going to stay in the house long term, do the kitchen extension. If not, assuming it's a victorian terrace, enlarging the current kitchen is unlikely to be cost effective. I'd keep the money until you want to move to your next house (when you will be so glad you did!)
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Hi, thanks for your response. In answer to your question, I am not a tradesman but am quite handy when it comes to DIY. I am happy to do all the finishing work, decorating, boarding out etc if required. I can install the bathroom suite and kitchen units. I have done plumbing previously. The room sizes are as follows: BATHROOM 6' 4" x 6' 3" (1.93m x 1.91m) LOUNGE 13' into bay x 10' 11" (3.96m x 3.33m) DINING ROOM 12' 1" x 11' (3.68m x 3.35m) GROUND FLOOR BEDROOM THREE/3RD RECEPTION 9' 4" x 8' 6" (2.84m x 2.59m) KITCHEN 8' 9" plus 3' 6" recess x 6' 6" (2.67m x 1.98m) BEDROOM ONE (with dormer) 15' 6" x 10' 11" (4.72m x 3.33m) BEDROOM TWO 12' 9" x 9' 4" (3.89m x 2.84m)
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Hi Andrea, How exciting, congratulations. A couple of comments I would make. There is a lot of seating/eating in the kitchen! Do you really need a bistro table, dining table and island? I think the dining table is a must but the snacky casual seating I think either/or! Also as a guest, I hate toilets with two doors! I always think I'm going to forget to lock or unlock them both! I like the concept of the large utility room and I can't quite read all the words on there but can the toilet perhaps stay in its current location (saving ££) and make the kitchen and utility room one space with a new backdoor elsewhere or by shortening the existing toilet wall? If you want any help drawing up 3D visualisations, give me a shout! https://www.coveykitchens.co.uk/design-services/Space-Planning Good Luck Emily x
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I tend to design based more on a price of £2.5k at early sketch design stage, and then get plans costed by an estimator to get a more accurate elemental budget cost. You also need to allow for VAT, contingency, and any approvals you might need to apply for, plus it's wise to get a full refurb/demolition asbestos survey to protect yours and the builders health. I've made a few videos talking about budget for house extension projects that you will find useful: https://www.youtube.com/playlist?list=PLyL1JqFVTPDpu_86bW1OOqhhf-wO2n5hK You might also find it useful to take part in my free 5 Day Get Ready To Redesign Challenge which starts on November 16th. You need to join before that to take part and you can do that here: https://www.i-architect.co.uk/readytoredesign.html Hope this helps. Jane, chartered architect www.i-architect.co.uk
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PRO
User
5 years ago
last modified: 5 years ago
I'd love to see the layout and the plans as that sounds an awful lot for an extension. The usual budget depending on where you live and few other things is 1500 -2000k a square metre build, then furnish. So unless you're adding a football pitch sized room, it does sound a lot.
Jonathan
5 years ago
Given there is probably £8k allocated to roof repairs, and VAT I think this sounds like the right quote for a 6x4 m extension. How big were you planning?
mattweeksdj
5 years ago
To be fair we were being quoted in the region of £20k for a 3x3 conservatory for our mid terrace so perhaps prices have risen somewhat since people are staying put in their homes
User
5 years ago
I would stay and do the work if it increases your house value. It costs a lot of money to move house in moving fees which is money for nothing.
Bayly Weeks
Original Author
5 years ago
Thanks everyone. I'll double check the width
(it's somewhere between 4 and 5 I think) but the extension would go out 4 metres.

My main concern is that it would go over budget. The fact that the whole thing to complete is about 70k (factoring in the kitchen itself, flooring, hob, fridge, windows etc) means we'd be stretching ourselves already. We're going to talk to thy builders about ways we can reduce the cost but hopefully it won't put anyone off doing our work.
PRO
User
5 years ago
Bayly, why not post your floor plan and we'll have a look, that is a large extension, which is why it's more costly, as someone said above £20k for a 3m permitted development extension is a lot cheaper, plus you save on the planning application. Maybe we can come up with some less costly solutions?
PRO
migdali
last year
I'm kinda dealing with a similar situation right now. What did you do in the end?
karllito
last year
last modified: last year
I'm sorry to hear about the budget issues you are experiencing with your home extension. It can be tough to figure out the best course of action when plans don't go as expected. My advice would be to consult with a financial expert who can help you make a plan and determine the best option for your situation. It may be worth looking into Mortgage Advisor Derby, as they can provide advice and support with mortgage transfers and other financial matters. Best of luck to you. I hope you were successful in finding a solution that works for you!

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