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How to Budget for a Home Extension

Having an extension put on your home can make a huge difference and finally turn your home into the place you had dreamed it could be — though it may also set you back a fair chunk of change. The following tips will help you to budget for your home extension.

Create a master plan

Sit down — with your partner, if you have one — and plan out all of the things you would want to be included in your home extension. Make sure to include all of those luxury items you’ve been dreaming of, such as the hot tub, pergola or carport. Then, slowly eliminate the ones you don’t really need and can live without. Once you have a firm list, have a good look at your place and try and picture how and where you might be able to fit in some of your ideas; this will help you decide whether you need an addition on the rear of your house, a granny flat, or a whole new level to your home. Coming up with a good master plan will take you a while, so tinker with it and play around until you think it’s perfect.

Price it out

Once you have your master plan, call around and get a few companies to give you a quote on getting the work done. You’ll want to get companies to come out and look at your place to get a reasonably accurate quote, and once you have a few, pick out the company that sounds best to you — which may not always mean the cheapest one. Get companies to break down the prices per section of the extension, as this can help motivate you when saving towards it.

Start saving

It is going to take a decent amount of money to get your extension done, so you should start saving straight away. It might be worth putting your family holidays on hold for the next little while to try and cover the extension costs, and avoid any major purchases. Having a chart set up tracking your progress towards covering the costs of the extension can help motivate you, and having a piggy bank set up to funnel all that loose change into can make quite a difference too.

Extra work

Now is the perfect time to take on extra hours or shifts at work, as you should be well motivated by the goal of seeing your extension dream become a reality. Even an extra couple of hours each week can bring the extension date closer.

Recycled materials

You can save yourself quite a bit of money by using recycled material options wherever possible. This can often require a bit of hunting around; if your budget can’t handle buying all of your materials and supplies new, using recycled materials can do wonders for your home extension budget.

Like saving for anything, budgeting for a home extension just requires getting serious about your priorities for a while. Chances are that the extension will be good for the health and development of your family, so do what you can budget wise to ensure that it happens.

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