We have just bought our first house (well bungalow actually). We like it a lot but it was a bit of a compromise as I did want a house but this is in the perfect location and has a lot of space in comparison to what else we could have got for our money. It also has lots of potential to extend and lots of others on the street have done it.
We are hoping to do a loft conversion - fingers crossed we can fit two bedrooms in as we would like DC to go up there, hopefully with a small shower room/toilet - and then a single storey extension at the back, removing the current single glazed conservatory and creating a larger lounge and a large kitchen diner.
We are about to get some quotes and ideas of what is possible so we can try to start saving. Chances are we will never be able to save the full amount. We are in the south east so I am guessing the loft will be £35K and the extension approx £50K.
How do people get the money to do this sort of stuff?
We inherited a bit and we're (hopefully) taking advantage of low interest rates to borrow more to pay for the extension. I'll be doing a lot of the interior stuff myself and I am pretty good at doing this stuff on a budget. We're gaining an extra bedroom, which will probably take a lodger cum babysitter to defray the cost.
We are looking to use savings and some fo DH's redundancy money (good package and he now has a new job). I think your figures are probably about right. We have been quoted about £35k for the loft, but need to pay for bathroom fittings and decor, carpets etc on top of that. By the time it is all done and furnished, I think we'll probably be north of £40k.