Found 7th Jun 2009
hi looking for a bit of advise wife wants an extention built onto house i recon it wll cost around 30-40k maybe overestimating maybe under i have no idea.

have an £88k morgage on a house worth min £125k what would be my best option do i remorgage or something ?or ask to get 30-40k put onto existing morgage?


what have you guys done when youve done it?

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I added the cost of my extension to my mortgage. Wasn't as expensive as yours though! Should be fine as long as your total loan does not exceed the value of your house (and you can afford the repayments of course!)

How big is the extension?

We've just had a 2 story side extension done which we thought would be around £70k but at the end of it all came to about £150K.

There are lots of hidden extras which add up, such as we had to re-route the main drains (+2k), problems with foundations to original house (8k), extra electrics cos current system could not cope (£2K), new boiler to cope with additional radiators as old one not big enough (2k) and so on and so on.

My niece has just had an extension similar to ours, they had a quote for £25K, builders ran out of money part way through (not estimated enough!!!!) and they have just had to pay out another £50K to get it finished, so its not always easy to guage how much its going to cost.

If anyone in your road has had a similar job done, it might be worth talking to them to find out what to expect, problems encountered and stuff like that.

Saying that, when its all finished its fabulous and the extra space is unbelievable, so if you can go for it.

KazzyD;5430185

How big is the extension? We've just had a 2 story side extension done … How big is the extension? We've just had a 2 story side extension done which we thought would be around £70k but at the end of it all came to about £150.



I want your builders phone number :-D

RedIron;5430216

I want your builders phone number :-D



+1

£150k for an extension is hugely expensive, but of course it depends on the size of it.

Here is a good starting guide...

whatprice.co.uk/bui…tml

RedIron;5430216

I want your builders phone number :-D



Sorry, meant £150K!! :oops:

Have changed it now

Banned

pghstochaj;5430237

£150k for an extension is hugely expensive, but of course it depends on … £150k for an extension is hugely expensive, but of course it depends on the size of it.



It is. But £150 is a bargain!

KazzyD;5430246

Sorry, meant £150K!! :oops:Have changed it now



lol

That's really expensive, do you think it was worth it?

RedIron;5430254

lolThat's really expensive, do you think it was worth it?



Definitely, we added on 7 new rooms and our kitchen is now 3 times bigger than what we had before:thumbsup:

Admittedly it was more than we could have paid, but we wanted to use a really good builder so had to pay more for that. Plus the list of extras the OH added on was unbelievable (for all his electrical gadgets, office and stuff), but everyone thats seen it have loved it.

Original Poster

7 new rooms for 150k thats cheap

It might be cheaper to get a new wife?:thumbsup:

Banned

KazzyD;5430185

How big is the extension? We've just had a 2 story side extension done … How big is the extension? We've just had a 2 story side extension done which we thought would be around £70k but at the end of it all came to about £150K. There are lots of hidden extras which add up, such as we had to re-route the main drains (+2k), problems with foundations to original house (8k), extra electrics cos current system could not cope (£2K), new boiler to cope with additional radiators as old one not big enough (2k) and so on and so on.My niece has just had an extension similar to ours, they had a quote for £25K, builders ran out of money part way through (not estimated enough!!!!) and they have just had to pay out another £50K to get it finished, so its not always easy to guage how much its going to cost.If anyone in your road has had a similar job done, it might be worth talking to them to find out what to expect, problems encountered and stuff like that.Saying that, when its all finished its fabulous and the extra space is unbelievable, so if you can go for it.


£150K for an extension! :w00t: I;m staggered by how you thought that was reasonable.

You could build a 3 bed detached house for that!

Banned

tbh, I think you'll struggle to get any re-mortgage with such a small equity left in the house. To obtain £37K would mean you would revert to a 100% mortgage. Those kinds of mortgages are long gone unless you dont mind paying a couple of points extra on the interest rate (e.g. about 7% so interest alone would be around £730 per month.

Original Poster

csiman;5431338

tbh, I think you'll struggle to get any re-mortgage with such a small … tbh, I think you'll struggle to get any re-mortgage with such a small equity left in the house. To obtain £37K would mean you would revert to a 100% mortgage. Those kinds of mortgages are long gone unless you dont mind paying a couple of points extra on the interest rate (e.g. about 7% so interest alone would be around £730 per month.



the 125k quoted as value of the house is me being very cautious it was valued last year at 150k

What do you hope to gain with the extension? It may be cheaper to move!

I had a 6 bedroom bongalow built for approx £100,000 - you guys are getting ripped off. Unless its a massive extension shouldnt cost anywhere near what you are predicting!

Why not get at least 3 different companies in for a quote? Then add about 25% on to each of them to cover any extras, then pick the cheapest?

And make sure they know that there's other companies quoting for the job - it'll encourage them to submit a more competitive price....

Banned

Goonieman;5431664

What do you hope to gain with the extension? It may be cheaper to move!


Good point! Especially if you buy below the stamp duty start limit. And no mess / aggravation :thumbsup:
MANJ_007;5431765

I had a 6 bedroom bongalow built for approx £100,000 - you guys are … I had a 6 bedroom bongalow built for approx £100,000 - you guys are getting ripped off. Unless its a massive extension shouldnt cost anywhere near what you are predicting!


Totally agree. How someone paid £150K for an extention is unreal, even if it does have 7 rooms. a 3 bed house costs around £80K to build :w00t:

civms47;5431898

Why not get at least 3 different companies in for a quote? Then add … Why not get at least 3 different companies in for a quote? Then add about 25% on to each of them to cover any extras, then pick the cheapest?And make sure they know that there's other companies quoting for the job - it'll encourage them to submit a more competitive price....


Surely the idea of a QUOTE is exactly that. There shouldn't be any 'extras' if the quote covers ALL work involved. I thought a quote was legally binding. Obviously, dont pay more than a minimal sum up front and stagger remaining payments as work progresses. Any builder who cant front the costs in this fashion isn't worth employing imo.

Banned

jamstaruk1972;5431472

the 125k quoted as value of the house is me being very cautious it was … the 125k quoted as value of the house is me being very cautious it was valued last year at 150k


the overall market has fallen around 10% in the last year (on the up now) so valuation may well be £135K now. best to ask your building society what they'd be prepared to lend and at what rates before deciding what you want doing. Budget is the deciding factor here really.

csiman;5432742

Good point! Especially if you buy below the stamp duty start limit. And … Good point! Especially if you buy below the stamp duty start limit. And no mess / aggravation :thumbsup:Totally agree. How someone paid £150K for an extention is unreal, even if it does have 7 rooms. a 3 bed house costs around £80K to build :w00t:Surely the idea of a QUOTE is exactly that. There shouldn't be any 'extras' if the quote covers ALL work involved. I thought a quote was legally binding. Obviously, dont pay more than a minimal sum up front and stagger remaining payments as work progresses. Any builder who cant front the costs in this fashion isn't worth employing imo.



Ah, but the "QUOTE" is only valid for all work as described at the start of the job, e.g. build an extension on this lovely house with no other problems. Halfway through the job and it's discovered that the ground on which you're building on is in fact a lot worse than originally thought, and a number of cracks are found in the walls of the original house that calls its' structural stability into question. That's not the builder's fault, and he's legally entitled to charge extra to fix/work around these problems, hence the reason for adding a 25% contingency to cover this sort of stuff.

Banned

civms47;5433314

Ah, but the "QUOTE" is only valid for all work as described at the start … Ah, but the "QUOTE" is only valid for all work as described at the start of the job, e.g. build an extension on this lovely house with no other problems. Halfway through the job and it's discovered that the ground on which you're building on is in fact a lot worse than originally thought, and a number of cracks are found in the walls of the original house that calls its' structural stability into question. That's not the builder's fault, and he's legally entitled to charge extra to fix/work around these problems, hence the reason for adding a 25% contingency to cover this sort of stuff.


yes, I see your point, hence the need to get as much detail in the quote as possible.

I'm still getting over the fact that someone forked out £150K for an extension. The builder must be a cheshire cat!
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