How does remortgaging work for extensions.

kev25v6

You also have to be have enough income to cover the affordability checks even if the house has gone up thousands in value. The bank may say you can’t borrow an extra 50k for example even if your house has risen in value by 100k. 

jamie_128

Freecall said:

jamie_128 said:

Extension for 20k was hypothetical, however i have had quotes for a single storey extension 3mx3m for 15k, obviously a double storey will be more than that. 

Really!
I would be very careful indeed dealing with anybody who quotes prices as low as that, even if you live in the very cheapest part of the country.

Oh really? Have you come round and done a site survey on my house like? You know the project yes? Ive had 3 quotes ranging from 12k to 20k for that size extension so im pretty confident its not 'too cheap'. 

jamie_128

Freecall said:

jamie_128 said:

Extension for 20k was hypothetical, however i have had quotes for a single storey extension 3mx3m for 15k, obviously a double storey will be more than that. 

Really!
I would be very careful indeed dealing with anybody who quotes prices as low as that, even if you live in the very cheapest part of the country.

Also even at a conservative 1500 per sq m, thats 13k ish for the size of the extension? 

Doozergirl

jamie_128 said:

Freecall said:

jamie_128 said:

Extension for 20k was hypothetical, however i have had quotes for a single storey extension 3mx3m for 15k, obviously a double storey will be more than that. 

Really!
I would be very careful indeed dealing with anybody who quotes prices as low as that, even if you live in the very cheapest part of the country.

Also even at a conservative 1500 per sq m, thats 13k ish for the size of the extension? 

I run a building company.  Some people don't need to survey a house to know what even a simple (although no one wants simple in reality) 3x3 extension costs, not that many people build them that small unless the house is very small to start with.  

£1,500 is very conservative given that the smaller the extension, the higher the cost per square metre, given the condensing of labour and materials in a small space.  

Extensions also tend to come with additional work to the rest of the house.  Walls taking out,  Electrics often need upgrading.  

The difference between £12k and £20k is vast - and it's not going to be profit.    £12k is actually insane if you're employing someone.  

Freecall

jamie_128 said:

Also even at a conservative 1500 per sq m, thats 13k ish for the size of the extension? 

Be very cautious with figures such as this.  £1,500 / sq m might just work for a new-build (maybe) but for a 3m x 3m extension it is fantasy land.

In fact, if you really are building an extension as that small, it implies that you have very limited space which in itself could make things more expensive. 

jamie_128

I dont understand why everyone is questioning the price? ive had 3 reputable people out and had 3 prices, how exactly is a forum stranger knowing more than i have witnessed first hand? 

Doozergirl

Because some of us have built more extensions than you have and we're concerned for you.  

Because we also get people on these forums who want to know what to do when they've got a half built extension and no money left, when we'd rather they came and asked beforehand.  

And if you've got a very finite amount of money because you have a high LTV on your mortgage then you are potentially more vulnerable than others in that situation.  

Three 'reputable' companies don't come in at wildly varying prices like that on a tiny job... and reputable companies don't build extensions regularly and remain unregistered for VAT...

jamie_128

I wont be getting the work done for a long time yet but it says on tons and tons of websites to expect to pay between 1200 and 1500 per square metre outside of london. 

All quotes ive had have been in that exact range more towards the 1500, so im really struggling to comprehend why people think im getting the values wrong lol!! 

Doozergirl

Because building work does not have a formula attached to it! 

I'll give this example.  Very, very simply assuming you're just building a box with no windows and straightforward foundations.  

You build a 3 metre square extension.  That's 9 linear metres of footings and brickwork for 9 square metres.   

Ratio 1:1 plus VAT

If I build a 5 metre wide by 2 metre deep extension, I build 9 metres of footings, 9 metres of brickwork for 10 square metres.  
Ratio 0.9:1 plus VAT

If I build a 5 metre by 3 metre deep extension, I build 12 linear metres of brickwork and footings, but I get 15 square metres of space.  
Ratio 0.8:1 plus VAT

If I build a house.  It's 7 metres by 10 metres. 

That's 34 linear metres of brickwork and footings yet I've got a whopping 70 square metres of space and I've not paid a penny in VAT because I don't need to.  

Ratio less than 0.5:1 and no VAT

It costs more than twice as much in footings and brickwork for that little extension, plus I managed to build four walls on the house, so it's even less than that! 

Using the ratios with totally made up numbers.  If the walls cost £485 per square metre on a house, it would cost you £1,200 on your extension.  

Even on the very simplest maths, there is not and cannot be a simple formula for building work even before you start adding in different roof structures, or bricks to match an individual house or the number and size of windows and doors.  

I hate to say it, but a lot of 'builders' don't get it either.  And that's why all those TV programs about cowboys exist and why we get people on here wondering what the heck went wrong on their project.  I don't even think they do it on purpose, I think they heavily underestimate the nuances of even relatively small changes. 

I've had to spend £10k just building the footings a small extension before.  The ground was made-up, not solid and there was an old well right on the proposed corner - quite common in older houses!  When you have a small extension and a tight budget, when you get surprises, they are very expensive in comparison to a big build.  

jamie_128

Doozergirl said:

Because building work does not have a formula attached to it! 

I'll give this example.  Very, very simply assuming you're just building a box with no windows and straightforward foundations.  

You build a 3 metre square extension.  That's 9 linear metres of footings and brickwork for 9 square metres.   

Ratio 1:1 plus VAT

If I build a 5 metre wide by 2 metre deep extension, I build 9 metres of footings, 9 metres of brickwork for 10 square metres.  
Ratio 0.9:1 plus VAT

If I build a 5 metre by 3 metre deep extension, I build 12 linear metres of brickwork and footings, but I get 15 square metres of space.  
Ratio 0.8:1 plus VAT

If I build a house.  It's 7 metres by 10 metres. 

That's 34 linear metres of brickwork and footings yet I've got a whopping 70 square metres of space and I've not paid a penny in VAT because I don't need to.  

Ratio less than 0.5:1 and no VAT

It costs more than twice as much in footings and brickwork for that little extension, plus I managed to build four walls on the house, so it's even less than that! 

Using the ratios with totally made up numbers.  If the walls cost £485 per square metre on a house, it would cost you £1,200 on your extension.  

Even on the very simplest maths, there is not and cannot be a simple formula for building work even before you start adding in different roof structures, or bricks to match an individual house or the number and size of windows and doors.  

I hate to say it, but a lot of 'builders' don't get it either.  And that's why all those TV programs about cowboys exist and why we get people on here wondering what the heck went wrong on their project.  I don't even think they do it on purpose, I think they heavily underestimate the nuances of even relatively small changes. 

I've had to spend £10k just building the footings a small extension before.  The ground was made-up, not solid and there was an old well right on the proposed corner - quite common in older houses!  When you have a small extension and a tight budget, when you get surprises, they are very expensive in comparison to a big build.  

Ive come to the conclusion that you are completely talking out of your !!!!!!, ive spoke to a few people i know who have had extensions done, ive looked at topics online about extensions people have had done. Unless they lived in london EVERYONE I HAVE SPOKE TOO HAS PAID BETWEEN 1300-1600 PER SQUARE METRE.

I dont know where you are getting your information from 😂