When you purchase a home, you often don’t think about your future requirements. Excited by your current circumstances, it’s easy to get swept up and fall in love with a home that might not fit with your lifestyle later on.
Let’s say you purchased a home straight after marriage. Did you imagine you’d one day have three kids? Let’s say you purchased a home when your two kids were toddlers. Did you one day imagine those kids would grow up and want their partners to move in too while they save to get on the property market? Let’s say you purchased a home with just you and your partner in mind. Did you one day imagine that you could be caring for an elderly parent?
A beautiful part about life is that you never can tell what’s around the corner. Life is full of surprises, and when these surprises impact on your space you have one of two options – move home or renovate by adding an extension. Both options have their benefits, but for the sake of this cost guide, let’s focus on building a home extension…
House extension costs – what you need to consider
In most cases, an extension is more affordable than a move, particularly when you take into account real estate fees and stamp duty. If you have equity on your home, you can also consider refinancing your mortgage to finance the extension.
The actual costs of a home extension will be dependant on the type of home extension you opt for, your location, and your finishes. If you use special and expensive materials in the project, the cost will increase significantly.
Generally speaking, you can expect to pay anywhere between $1,350 per m2 to $2,100 per m2 for a single-storey extension. With this in mind, an 80-square-metre ground-floor extension usually ranges from $164,526 to $310,896.
If you’re wanting to add a two-storey extension, you’ll have to add 50% of the cost of the single storey extension. If you’re looking to complete a loft conversion, you’ll need to insulate the space, add a secure floor and carry out other alterations to make the space livable, which can get costly.
Other extensions you may consider include:
Conservatory – Generally costing between $5,000 and $30,000, a conservatory provides extra living space in the form of glass windows, roofs and other such attachments. Make sure you choose materials that will protect you from the Australian sun and ensure you a comfortable space.
Basement conversion – Costing between $250,000 and $500,000 depending on the material, design and size, a basement conversion requires special excavation requirements to protect the property above. A basement conversion, while risky, is a good option if you don’t have land size to play with.
Garage conversion – A garage conversion is an affordable option because the space already has a roof, four walls, a solid floor and a foundation. You’ll need to make it more comfortable to serve as living quarters, but you can generally expect to pay no more than $20,000.
Granny flat – Gaining in popularity, a granny flat provides flexibility should your circumstances change again. Constructing one in your unused garden can add to the value of your home significantly too. Later down the track you have the option of renting it out too, providing you with additional income.
Calculating additional costs
Regardless of the type of extension you’re getting done, there are common costs you should consider. These include:
Heating – Heating, ventilation, cooling and insulation are essential for keeping your extended space comfortable and useable. Consult with your local insulation experts for their professional advice or talk to us here at Kitome.
Water and gas – If you intend to add a bathroom or kitchen to your extended space, you may need to install gas and piping, depending on the type of energy you choose. This will add to the overall cost of your extension.
Planning and building – There are a number of processes involved in a home extension/renovation project and planning and building takes time. Costs you might incur include structure design, construction work and labour, roofing and tiling, interior finishing, insurance, permits and taxes. When you receive a quote, see what costs are included.
The important thing to remember when adding an extension is to ensure flexibility. If the extension teaches you one thing it’s that life is full of changes and that circumstances change. A teenage retreat today could be a hobby room tomorrow or the perfect home office or yoga studio.
A granny flat or modular kit added to your current home is the perfect solution to your changing situation. The growing shortage of housing in and around Australia means a granny flat or kit home extension is now a lucrative financial asset. Council permission for these structures can be far simpler than renovation projects too, with many granny flats approved in as little as ten days.
Why choose Kitome?
Kitome offers complete flexibility as every structure is customisable. From the smallest detail to the largest alteration, we can get it done effectively.
Quality is never sacrificed with Kitome and we have access to specialist lenders who know how kit homes and granny flats work. We offer unbeatable speed too, meaning your project is timely when faced with an immediate life change.
Interested in building your dream, flexible home with Kitome? Download our brochure featuring our 32 most popular kit homes or book in for a free consultation with one of our home renovation experts. You’ll soon see how quickly we can make your dream home a reality.