How affordable are house extensions?

Find out if you can afford to extend your house in Melbourne

House extensions are often seen as a pipe dream; something costly that can only be attained by the wealthy.

But in reality, house extensions in Melbourne are affordable and accessible, even for those of us who don’t have unlimited funds.

There are numerous reasons why you should consider a house extension instead of moving elsewhere. For one thing, you get to modernise your family home rather than uprooting it, and avoid the stress and expense of moving.

For another, you get to increase your home’s value, which is particularly important if you think you might still sell in the future or downsize when your kids move out.

And lastly, you get to create the space you need with a layout you love.

Here’s why extending your home is a smart investment for your family and future, and what’s involved on the financial side of things.

[free_consultation]If your family is outgrowing your current home, we can help you plan an extension at a reasonable cost tailored to your budget. Contact Supa Group today to talk to us about your dream home.

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Different finance options

The question of how much a house extension costs is a little bit like the question ‘how long is a piece of string’. It all depends on the design you want and the people you appoint to guide you through the process.

In general, the cost of a home extension is considerably less than the cost of buying a new house. For larger scale extensions or renovations, you may consider getting a further advance from your existing mortgage lender or remortgaging your home.

If your mortgage is almost paid off, this is a great way to release some equity and get yourself a better mortgage deal under the current low rates.

Using capital or refinancing property is extremely common practice when it comes to home extensions. While the initial costs may seem daunting, it pays off in the long term. Many of our clients comment how they love living in their newly extended homes, with the extra space and convenience it creates.

Weighing your extension potential

One of the major advantages of extending your home rather than moving to a new area is that you get to stay in the neighbourhood you love with the memories you cherish under the one roof.

While some houses lend themselves better to being extended than others, nearly all can be seamlessly transformed from ‘a bit of a squeeze’ into a bigger, better space.  However, the general condition of the existing home and services does play a part in the overall cost.

You don’t have to compromise on the look or the feel of your home when you extend it, and you can retain the features you have developed an emotional attachment to.

For example, when we worked on an extension design for a family home in Yarraville, the owners wanted to retain the original warmth and character of their period home.

Following a consultation with one of our Senior Design Consultants, they decided to transform the house’s post-war facade into a Californian bungalow-inspired design.

Part of the reason for this choice was to enable entry to the house from the carport completely undercover.

As you can see from the pictures, a dynamic relationship ensued between old and new, resulting in a contemporary extension that retained the historic character of the home. Similarly, at a weatherboard house in Preston West, we were able to achieve a sympathetic blend between period features and functional design.

Both homes now boast great street appeal and significantly improved real estate value. They represent a smart investment in an existing asset and show how much extension potential can be found in the most ordinary of homes.

Appointing the right people

If you’re planning on adding an extension to your home, one of the most important decisions you’ll make throughout the process is who you choose to work with on the planning, design and construction.

At Supa Group, we have been extending homes since 1974, and pride ourselves on being a multi-award winning master builder. We can guide you through what it will take to create your dream home extension from start to finish, and help you find the most cost-effective and intelligent solutions.

We understand it’s not an easy choice deciding whether to move somewhere bigger or extend your house to make it a better fit, so we offer a free initial design consultation to remove the upfront costs of getting an expert opinion.

We provide you with a detailed cost estimate before asking you to sign anything and we handle every step of the project from start to finish. This includes:

• Preparing your design

• Carrying out preliminary works i.e. soil reports and energy assessments

• Obtaining a council and building permit

• Carrying out all aspects of the construction

• Obtaining all relevant approvals including a certificate of final inspection.

Along the way, we do our best to demystify the building process and help you understand the planning requirements and constraints that are unique to your property. We’re passionate about what we do and we have the testimonials to prove it.