As London's property prices continue to soar, more and more homeowners are considering adding an extension to their homes instead of moving to a bigger property. With the city's high demand for housing, extending your home can be a smart investment, not only for increasing your living space but also for boosting the value of your property. This, of course, comes at an often steep upfront cost despite the eventual returns. At Open Volume Studio we work carefully with clients and contractors to keep costs down whilst creating bespoke and beautiful spaces.
So how much does it cost? According to a 2021 report by HomeAdvisor, the average cost of a home extension in the UK ranges between £1,500 and £3,000 per square meter. However, in London, the costs can be higher despite greater competition, due to the higher cost of living and the great demand for quality builders. A well considered quality single-story extension in London can cost between £80,000 and £150,000, while a double-story extension can cost between £120,000 and £200,000. Added to these costs should include any new kitchens, carpentry, light fixtures, fittings and furniture you may want.
So why are construction prices high? The cost of construction in London is affected by several factors, such as the size and complexity of the extension, the materials used, and the location and the geo-political difficulties of material imports, from Brexit to fuel costs. Though the cost increases are starting to settle now, at Open Volume Studio are still seeing a lot of fluctuations within our tenders.
Additionally, there are other costs associated with a home extension, such as planning permission, building regulations approval, and professional fees.
One way to reduce the cost of construction of a home extension is to hire an architect like Open Volume Studio. An architect can help you to design a space that maximizes your living area while minimizing the cost of materials and labor. They can also help you to navigate the planning and building regulations processes, which can be time-consuming and complicated.
An architect can also help you to select the best materials for your home extension, which can significantly affect the cost of construction. For instance, they can recommend sustainable, locally sourced and cost-effective materials that can reduce energy costs and improve the overall value of your property.
Furthermore, an architect can help you to identify potential problems before construction, which can save you money in the long run. For instance, an architect can assess the foundation of your home to ensure that it can support the weight of the extension, which can prevent costly structural issues in the future. At Open Volume Studio, we also already have a roster of trusted contractors who can work at various budget scales.
In addition to reducing costs, hiring an architect can add value to your home extension. An architect can help you to create a unique and stylish space that enhances the overall aesthetic appeal of your property. This can increase the value of your home and attract potential buyers if you decide to sell in the future, as well as give you a totally unique and bespoke space perfect for you and your family to enjoy.
In conclusion, the cost of construction of a home extension in London can be high, but there are ways to reduce these costs. More often than not, these costs are an investment into your home and come back profitable. Hiring an architect is one of the most effective ways to reduce the cost of construction and add value to your property. So, if you're considering a home extension in London, consider hiring an architect to help you achieve your vision while minimizing costs. At Open Volume Studio we are always available to talk about new projects and to see how we might be able to help prospective clients, either through our services or to respected colleagues.