Are you planning to extend your home to create a new guest bedroom or storage space? Imagine waking up to an absurd bill from your contractor after construction. How? What do you mean? These are the questions likely going through your head at this time.
It’s important to know what you’re getting yourself into beforehand. You should know how much the project will cost you before you lay down a wall. This article will help you understand how much a home extension project costs.
Here are the factors that influence this aspect:
The Contractor You Hire
A contractor is a person you’ll hire to execute your extension project. In this industry, you’ll find several of them offering these services. Although they provide similar services, they differ in the quality of their work and the fees they charge.
In most cases, reputed contractors who offer quality services tend to be pricier than their counterparts who offer less-quality services. The difference often arises with the level of experience.
Working with gurus in the industry will likely add to your home extension project cost. It’d help to choose the right builder for your home extension project. Do this by comparing several contractors’ charges and finding an affordable one for you.
The Material You Use
A home extension project requires the use of different materials. It all goes down to the design you want to achieve. In most cases, these materials differ in cost. The cost disparity often arises due to quality and availability. High-quality materials fetch a higher price since they promise a long-lasting service without the worry of frequent repairs and replacements.
Regarding availability, locally available materials are cheaper compared to imported ones. Imported ones require shipping costs and taxes, which add to the material’s buying price. It’s important to acknowledge that vendors will charge differently for similar materials. With this in mind, it’s best to scout for an affordable vendor.
The Floor Area
The floor area refers to the square footage on which you plan to execute your home extension project. It determines the scope of work of your project. The more square footage of your project, the more likely your project costs will be higher. This floor area comes with the need for more materials and labor to execute the project. The two require finances, so the cost increases.
For instance, assume the project cost per square footage is USD$200. A floor area of 200 square footage will cost USD$40,000, while a 300 one will be USD$60,000. The price difference is quite clear.
The Project Complexity
How challenging is it to execute your home extension project? It all goes down to design. Simple projects have simple designs. It means you won’t need to hire many experts, invest in many resources, or have an extensive project duration. The result is fewer costs that make your project cheaper.
On the other hand, complex designs require you to hire several experts, from architects to engineers. Expert services often don’t come cheap. It’s also considering you’ll need many of them for this project. You’ll also need to use advanced technology to execute the project, which doesn’t come cheap as well.
Lastly, most construction professionals tend to execute complex projects at a slower pace. The reason is that they want to ensure perfection to avoid going back to the drawing board for correction. The result is extended project duration, adding to labor costs.
The Project Location
Your home’s location is the other aspect determining your home extension project cost. In most cases, you’ll find high-end neighborhoods are more expensive to construct in. The mere aspect of it being expensive results in high labor costs. There’s also a possibility of zoning and other regulations surrounding construction projects. It means you must seek and pay for several permits and licenses before beginning your project.
These add to your home extension project cost. The reverse applies to projects in middle to low-class regions; construction is more affordable.
As far-fetched as it might seem, the economy directly affects the cost of your home extension project. When there’s inflation, the cost of living becomes higher. It means the price of materials, construction equipment, and labor goes higher. The result is higher project costs. In contrast, a recession brings with it lower living costs. Materials and services are affordable, reducing your home extension project cost.
How much will a home extension project cost? It’s a question the discussion above has answered in detail. It’s done by highlighting the factors that determine project costs while showing how they do this. With the insight herein, you can estimate the cost of your home extension project. You won’t wake up to bills shooting to the roof that offset your budget and lead to financial strain.