If you build it … make sure you can afford it!

  1. Vital Maintenance & Construction

People make ambitious plans when it comes to home extensions or home improvements. The first thing they arrive at in their heads is how the new addition to their home will look, then comes how useful the extra space will be, and then the one hundred and one uses the new part of their homes will be put to.

Unfortunately, the ‘finished’ product when it comes to a building project is always a long way off, and it can only be achieved by using two significant factors – time and money.

For most people, time is not an issue. Say you plan for your home improvements to be finished in four months – is it really so harmful if it is still on-going after six? Sure, it may be inconvenient, but having a semi-finished building project is hardly disastrous – it’s more of an annoyance than anything else.

Money is a different matter altogether. If you haven’t got the cash, then you ought not to splash. If you receive a quote for a building extension at £10,000, and you’ve got £10,000 in savings, then still don’t get excited. Things can go wrong during building work, and problems can be found that could not have been easily anticipated, even by the world’s most experienced builders. You should always remember that an estimate is precisely that – an estimate. A £10,000 build may end up costing £15,000, or even more. If you haven’t the funds to cover the extra cost, then you have a problem.

If you haven’t got the money anyhow, then there are certainly plenty of places that will be willing to lend it to you. The only problem is, only an insignificant proportion of such places will be willing to lend you the cash out of the goodness of their heart. They will expect their money back, and with a nice little premium on top, of course.

No matter how fanciful your dreams are, you need to remain realistic. If you are contemplating a building project, then speak to a professional mortgage broker. They will get down to the pennies and cents of your finances – your incomings and your outgoings. They will consider everything – credit rates, insurance rates, utilities and the grabbing mitts of the taxman. They will tell you what you can afford to pay. They will also tell you what the amount you are hoping to pay will cost you in real terms.

Of course, it is entirely up to you whether you take their advice or not. But if you ignore what they have to say, you’re likely to end up dissatisfied, disillusioned, disgruntled and severely out of pocket – and maybe even cripplingly so.

We all want to live in our dream home, but no matter the design plans we have in our minds, the finished home will exist in the real world, and that means it will come with a price. Dreams are free, but reality seldom comes cheap. Just make sure you can afford it before you start on the path of turning your dreams into reality.

If you wish to contact us, the team in the office will be available to take your call during office hours, you can reach us on 01689 858100. If you wish to call outside of these hours, please call 07738 219592, alternatively please complete the form on our contact page and we will respond within 24 hours.

We look forward to speaking with you.

Posted in: