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Have you been thinking about a home extension but are unsure whether it’s worth your time or money? You’re not alone in this.

Any kind of construction work required on your home will be a big investment, so deciding if it’s the right way to go to satisfy your needsis a big decision that shouldn’t be taken lightly.

It’s where weighing up the costs versus the benefits becomes an important step in your decision-making. This article will help you decide whether a home extension is worth the investment and what to consider before you start.

Understanding Your Costs

Before you get started on your home extension, you need to understand the financial implications of your investment. This includes everything from consultation, design, building materials and the labour to complete the construction.

Understanding this information will help you start your analysis, but is it enough? More often than not, it’s not. You may incur hidden costs along the way, for example, accommodation for the duration of your home extension and other costs like council fees, planning approval, levy’s, insurance, and a list of other things to consider that might pop up.

When you have an understanding of the costs you will incur along the way, you can weigh that against the benefits of your extension.

Construction costs are also a big expense, and the associated labour required to do the work adds up very quickly, so when you are assessing this, you should be clear about what it is that you want upfront as alterations to design or changes to the proposal could incur costs later on.

If you want to take the hassle out of understanding what costs will be up for consideration, speak to us at BTF Constructions – home extension builders Adelaide. We offer site visits as a service, which is a critical key step in determining the feasibility of your home alterations.

Ensure Your Planning and Permits are in Order

You must have planning approval and associated permits to proceed with the home extension. Otherwise, you will be required to pay them, plus additional penalties for non-payment.

It’s easy to overlook this important aspect of a home extension because you’re likely focusing on other aspects. However, this is as important as everything else in your cost-benefit analysis.

When you work with a professional home builder like BTF Constructions who has an understanding of the complexities of home alterations, they can advise of planning requirements and permits to perform any works on your home well in advance so there are no surprises and you’re also able to consider this in your equation with the guidance of professionals, so the decision to go ahead with the extension is made much more easily.

Increased Living Space versus Increased Quality of Life

Naturally, by increasing the available living area in your home, you are creating extra space, thereby improving its livability, comfort and aesthetic appeal. Depending on where you decide to maximise your living space, will depend on your circumstances, but creating space can benefit how you engage with that space, allowing you to do things more freely in line with your lifestyle.

It’s important to consider this in your analysis because you may benefit from other forms of home alterationsdepending on your needs.,This will help you determine what you want to allocate your time and money towards.

Property Value: Is Your Extension a Smart Move?

If you execute your home extension well, it can significantly improve the property value of your home. Again, this depends on your circumstances, but either way, improving a home that may no longer aligns with your needs or what the market is looking for, an extension may have a positive benefit.

It’s always important to carefully weigh this part of the equation because overcapitalising could negatively impactyour bottom line.

Long-Term Needs

A home extension may only be worth it if you will reap the immediate benefits from it as a household in terms of a greater quality of life. If you are planning to sell, you might need to consider why you are planning to extend the home and whether the costs associated with the extension align with the benefits you’ll get from it. It may serve you to allocate your home extension budget into purchasing your subsequent home, but ultimately, this is a decision you will need to consider carefully.

When you understand whether there is any positive long-term benefit from a home extension, you can decide whether to proceed.

Defining Your Understanding of Return on Investment

Return on investment isn’t always about money – it’s a much bigger equation. Your return on investment should be based on multiple factors, including comfort, space, quality of life and use over time. If all those elements align with your extended goals, your investment return will be worth it.

It’s hard to predict the future, but careful consideration of these aspects and all of the other points we’ve covered will likely make the decision much easier.

Is it Worth the Investment?

A home extension is an opportunity to enhance your living space that aligns with your personal needs and financial goals. It’s a big decision that takes a lot of careful consideration not only to serve the needs of your household but also the appeal and value of your home.

But whatever your objectives are, it’s important to talk to the experts who can help walk you through these steps so it’s not such an overwhelming process.

At BTF Constructions, we are a family-owned business, having become one of Adelaide’s most renowned destination companies for custom new home construction. If you’re ready to take the next step and improve your home’s potential, contact BTF Constructions about your home extension needs.