As interest rates go up, an increasing number of homeowners prefer extensions instead of upsizing to have the necessary space. Actually, the number of people who think that extending their home is a better option than relocating doubles the number of people who think in the opposite way.
When you take legal costs, Mortgage adjustments, Stamp Duty and inevitable costs of relocating and increasing prices of homes, it would be a better option to expand your home instead of moving into a new house.
The prices of an extension would be really affordable as compared to relocating, however the costs could still be high for most people especially at first blush. Like all services and goods, the prices of extension also hinges on your wishes.
The most important factors which affect the total expenses are place, size of the area and the kind of extension. For instance, the cost of one story extension in a smaller city, would not be the same as a two storey extension in London or another big city.
In this article, we’ll show you different factors which could affect the price of an extension. After reading this article, you may have an idea about the total cost of the extension that you need to pay.
Which Type of Extension Is The Right Choice For You ?
● Single Storey - The extensions which are called as Single story extensions takes the form of rear or side extensions. If you want to extend the first floor of your home, £1,200 to £1,500 payment per square metre would be a realistic estimate for you. In London and its suburbs, the average price of the extension could rise up to £1,400 to £1,900+ per square metre. So, we can say that, a typical extension of 4 metres by 5 metres would cost around £27,000 in most cities of the UK, or £35,000+ in London. When you take professional costs and VAT into account, the total expense of a single storey extension would be around £35,000 in the most UK cities, or £45,000+ in London.
● Two Storey - The usual final cost of a two storey extension would be around £55,000 or £70,000. Your nearness to London would affect the final price. It is possible to say that, two storey extensions costs less per square metre when compared to single storey extensions because the expenses of substances which are used for structural support just as the foundations and the roof is mutual in two storeys. On the other hand, obtaining a planning permission could be harder than single storeys because of larger size and complexity of two storey. In addition to this, the expenditures of experts just as engineers and architects would be higher in general.
● Basement – Basements are generally more costly than single or