Stupid extension question

[iloveyankeecandle]

We need a small extension. I'm guessing (probably wrongly) around the £15,000 mark. We have savings but it would wipe them out. Does everyone else just add it onto their remaining mortgage when it's time to remortgage? Or how else is it done?

You can apply for a second mortgage at any time, it’ll be on a different rate and as a separate loan anyway.

It’s up to you how you want to fund it.

15k won’t do naff all I’m afraid. I’ve just done a 3x3m extn and it cost 25k.

How big an extension are you thinking? 15k won't go far. As an idea, we did a loft conversion just over a year ago, 35sqm and it cost about 80k including bathroom and decorating.

Yes, you can add it to the mortgage if you have equity to borrow against. The extra mortgage will be on the rates on offer at the time of applying, meaning normally they are different to the original mortgage rate.

Thanks both. Yes have equity. Didn't realise we could apply at anytime! That's good to know. My neighbour has been quoted 30k for something triple the size. So was roughly going on that (foolishly) I will look into it in more detail but my main stumbling block was how we would get the money to do anything initially.

No chance on 15k. What are the dimensions

And yes you either save it or borrow it.

I think 9m2

You can apply anytime and then normally the mortgage quote is available for six months to take up. We nearly got caught out as we left it too late to apply and our kitchen was out when we applied (five month renovation project) which technically meant the house was unmortgageable as there was no kitchen! Our broker managed to find us a mortgage deal so it worked out ok but stressful!

allow £2.5k per square metre

Yeah that’s not going to get you anything I’m afraid.

Mortgage, bank loan, family loan, save.

We are about to embark on an extension and we have zero contingency 🙃🙃🙃 quote went up so much during the planning that it wiped out contingency, so will have to look at loans probably.

Yeah I agree on others £15k won’t get you far I know someone who paid about that but did a lot of the labour himself is in the trade .
in my experience it will go up , we added onto the mortgage and got a small loan we also had quite of bit of equity.

Reality is that with labour in short supply and material costs so high you are going to be looking at about £3k a square metre for a shell. So circa £27k ish and that’s without flooring, lighting, doors etc

Your neighbour has been quoted £30k for something triple the size. No chance. They should double their budget and then some. You will also need double your budget.

The cost of building work is insane at the moment. I just paid £60k for about 20m2.

that included a pitched roof, skylights new windows and doors, plastering, plumbing and electrics.

worth every penny.

I did it just after moving house so took a chunk out of the equity.

There will also be additional cost if you're wanting to knock through to the rest of the building and have a supporting steel.

I agree. I spent £110k in total. But I put a new kitchen and utility room in, redid the flooring, bought new furniture, etc. it all adds up.

I forgot to budget for radiators and blinds!

Just want a small room added onto exsisting house. Think I need to approach some builders and see. I just didn't know where to start.

That’s what I’ve had done. 9m2. 25k without furnishings! You need 30k I’d say.

@JeepersCreeperrs crazy prices really! But cheaper than moving.

It is a lot of money. The prices are mental these days

If it's an attached extension to the neighbours and done at the same time as theirs with same builders, the cost can be reasonable due to shared costs

@Ariela unfortunately they don't want to extend. Thing is, it's going to cost so much that now I'm thinking of going bigger so I feel like I've had my moneys worth 😂