Outbuildings

Whether you are thinking about an office pod or a hot tub house, careful planning is essential to make sure you are not faced with spiralling costs. 

Working out how to finance adding an outbuilding is the most important element of the planning phase and requires monitoring throughout. Before you start it's important to prepare a budget and calculate the total cost of the project against the estimated increase in your property value. Recent sold house prices in your area may help with this and advice from a local estate agent.

Aside from the cost of puchasing the outbuilding itself, there are other costs to consider in your budget; such as, provision of an adequate foundation for the building, delivery, installation, electrical supply, plumbing, telephone line and internet access.

Many suppliers will offer a building at a choice of three prices;

• DIY – the cheapest option, you purchase the building and assemble yourself
• Install – You purchase the building and pay a little more for them to install it. Remember to check what is included in the installation, for example is connection to the electrical supply or plumbing included?
• Install and base – as installation but the supplier will also lay a suitable base for the outbuilding. This is the most expensive option.

Many companies offer finance packages. Be sure to check the interest rate and be sure you can afford the payments if you choose to pay this way. You will have to undergo a credit check before being accepted for a credit agreement.

The Home Owners Alliance offer detailed guidance about how to budget for a home improvement project and advise on the points to consider before you start work.

Visit the Home Owners Alliance website¹.

1. https://hoa.org.uk/advice/guides-for-homeowners/i-am-improving/how-can-i-finance-my-home-improvement-project/