Budgeting for an extension Watch your wallet!
The extension budget is one area where most people fall down, often underestimating the time and money that is required to complete the project. Adequately budgeting for an extension is one of the most important things to consider when planning a project to improve your home. Here are a few tips to remember:
- You should be realistic in what you want to achieve.
- Don't over-stretch yourself financially. Only take on a project that you feel you can comfortably manage financially.
- Try to leave some money aside for emergency funds in case anything goes wrong or any changes you might want to make.
- While doing as much of the work yourself as possible could save you on labour costs, it will take much longer and the quality of the extension could suffer.
- Remember if you are planning on selling your house that each month the project takes means an extra mortgage repayment that needs to be budgeted also.
- Try to account in your budget for planning permission and Building Regulations application fees.
- Set some money aside for the costs of decorating the new extension and any new furniture that you may need.
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