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There are endless reasons that make sense for extending your own property, but the fact remains that it costs a lot of money to do so and you need to be prepared for the expense. Obviously, you can’t prepare for an expense that is merely defined as “a lot”, so you need to find ways to get some precision into those numbers. Here are some simple steps you can take to come up with a ballpark figure. Remember: be liberal with your estimates. Better to over-budget than under-budget.

Calling contractors can give you your first estimates, as they’ll all have a price quote they can give you for the job you want done. A home addition is a big project, however, and these price quotes may not always match up to reality. Furthermore, if you call enough companies, you may find that their price quotes vary to an extraordinary degree. How can this be? Well, certain companies may have a different style of work, some may have a different idea of what you’re trying to do, some will use subcontractors, and others will simply be trying to undercut the competition. Be especially wary of this last category. You don’t want to be taken in by a contractor that promises prices that seem too good to be true. They probably are.

If you’re still in the early thinking stages of your home addition project, there are several online sites that can help you calculate the likely costs of what you’re trying to do. These online calculators can give you a (very) rough estimate of what you might be likely to spend. Be cautious when depending on these numbers, however. Keep the rule mentioned above very much in mind: think liberally. If you get a price quote, go ahead an add a couple of thousand dollars to it just so you have a cushion. Maybe more than that, depending on how reliable your early information is.

Finally, if you know anyone who has recently had a home addition project, ask them how much they spent to have it done. Obviously, you’ll have to have a particular relationship to the person to ask such a question. Knowing what others are spending for similar projects can give you an excellent idea of how much you need to budget for.