|Oct 02, 2012, 06:55 PM|
dover, kent, UK
Joined Apr 2003
New Build Blog
Well, I live in a 3 bedroom detached house with my wife and two youngest kids. Space is kinda cramped and we know we needed more space.
About 9 years ago I had enough money to add some room, instead we bought a business and built into a thriving concern that has gone from 6 employees 7 years ago to 12 at present.
The UK tax laws are designed to give business owners incentives and we were granted a large pot of money two years ago to build our business. I learned from our tax officer that I could use this money to offset the profit that we made as a bona fide "investment allowance" and this resulted in a major (on paper) loss that I can carry over to the subsequent tax years as a loss against any profit that we make.
So my build log/blog is about the addition to the house that I am about to embark on.
We are adding two more bedrooms, enlarging the kitchen adding two more bathrooms and PRAISE THE LORD a workshop for me.
We have quite strong planning laws that govern what we can build and there is also a building control department that ensures that any construction work is adequately done.
The planning hurdles are over and the consent for both the design and the construction specification has been approved, this cost £1700 or $2744
At this point we went out to tender to three builders and received estimates that really made my eyes water. The lowest was £66000, the top one £93000, at current exchange rates that's $106520 and $150097 respectively.
We could just about afford the lower figure without taking a loan but it meant that the kitchen and bathroom areas would be real budget areas which we didn't really want.
Then one day I bumped into a lady whom I'd promoted and sent on for adult education when I worked full time for a big international company, resulting in her now doing the senior management job that I did when I retired 9 years ago and she suggested that her husband would be happy to give a quote as he's a jobbing builder by profession
OK, I'm "The Builder" and have to be insured accordingly at a cost of £129 or $208 but the quotes I've now put together indicate that with good quality kitchen and bathrooms plus a quality finish to the grounds I shall spend about £49000 or $79000 which represents a significant saving for cutting out the middleman and saving me borrowing.
In the UK these are called "Mate's Rates"
Work starts October 8th excavating the foundations and laying in the new drainage. This initial work involves demolishing the garage alongside the house and, of course, I have to take my planes and store them someplace. 1st expenditure, £429 for 6 months secure storage and £82 for trailer hire to tote all the equipment to the storage, total so far £511 or $825.
If you'd like me to make a regular blog, please let me know and I'll put pix and regular updates in and show costs as they occur.
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