The 7 mistakes and how to avoid them - No 2 - Cost vs Value
Cost v Value
Deciding to invest
Are you harbouring the thought of extending or renovating your home?
Taking the decision to design and then deliver a sizeable change to your home can be a big financial, emotional and time consuming prospect.
Make sure you have done your research before you start on your journey. I have gone through this process with clients many times and have found that there are seven very common mistakes that people make that can prove costly to correct.
We can help you eliminate these at the best time; before you begin!
2 Cost v Value - Deciding to invest
So many of our home extension clients ask the same question: Does a home extension make financial sense? It's a good question to ask. A house is one of the biggest purchases many of us will make, so we need to think carefully about the decisions we make and the money we invest in it.
However, there are two ways to look at what 'worth it' means. The first is in simple financial terms - the cost of the build. The second is in emotional terms - the real value of the extension.
Generally, extending your home will be a cost-effective investment that will add value and pay back on itself when you eventually sell, but not always. But a good, well-planned and executed build will usually guarantee that your extension will add value to your home when it comes to selling.
So how much will it cost to build? Balance your budget against what you want to achieve in terms of design and quality of finishes and the size of the proposed extension. It is always better to build with superior materials and a better design than more space or low quality.
Only you can decide what constitutes good value. The cost will be determined by the professionals but only you, the client, can decide it's worth in monetary, enjoyment or usefulness terms.
The key lesson is that the alterations have to be done right from day one and have to suit your needs and desires. The two big differences between working with a good architect who listens and an average one are -
1. How you will feel while living in your home, in other words its value to you
2. What financial value is added to your home by extending if you eventually sell
'The key is that it has to be done right, right from the beginning'
