Cost of Irish Home Improvements Increases
Home Building Costs Increase in line with Improving Irish Economy
The national average cost for an extension stands at € 981 per SQM. However the index showed that rural areas have an average cost of €908 per SQM, while an extension in Dublin is the most expensive nationally with an average build cost of € 1069 per SQM, 15% more expensive than rural equivalents.
Nationally the cost of extensions (excluding VAT and applicable grants) has increased by 3.32% in the first half of 2014 compared to 2013. The most significant increase was experienced in Dublin with extension costs up just over 11% on 2013 figures.
Additionally the Index reveals nationwide trends relating to extension costs during the period. The index has been compiled from data obtained on over 60,000 home improvement projects submitted on the Onlinetradesmen.ie website during 2013/14.
In comparison with previous indices, these results show a significant variation in extension build costs compared to previous years. At the peak of the Irish construction sector in 2007, the average extension cost was €1599 per SQM, 39% higher than the current national average. Conversely, in 2009 the average extension build cost was €770 per SQM, 27% lower than today's results.
The index shows that the average extension size considered nationwide in 2014 is 26 Square Meters at an average cost of €25,495. Single storey kitchen extensions are shown to be the most popular extension type nationwide.
"These figures show an increased demand in home extensions” comments Ted Laverty, CEO of Onlinetradesmen.ie. "The improving economy, in addition to the governments Home Renovation Incentive (HRI) scheme, are contributing to the increase. While there is still good value for property owners in completing projects, prices are increasing gradually particularly in the Dublin region. The new building regulations have certainly impacted on the cost of building larger extensions, with the improved controls ensuring improved standards nationally. We would always recommend that property owners ensure that they do not hire a builder based on price alone but check their qualifications, references and insurance cover before they hire them.”
Summary Index Findings:
The following are some of the key findings of the first part of the Onlinetreadesmen.ie 2014 home improvement index:
· €25,495 – The average spend per home extension in H1 2014
· € 981 SQM – The national average cost for building an extension
· €1069 SQM – The Dublin average cost for building an extension
· +15% - The premium paid in Dublin for building an extension
· +3.3% - The national Year-on-year increase in extension build costs
· +11% - The Year-on-year increase in Dublin extension costs
· - 39% - The drop in extension build costs since their peak in 2007
· +27% - The increase in extension build costs since 2009
· + 68% year-on-year increase in extension building projects on Onlinetradesmen.ie
Onlinetradesmen.ie is Ireland's largest online source of accredited trade professionals and builders. It was launched in October 2005 with a view to removing the stress and uncertainty from Irish property owners in sourcing qualified trade professionals and to provide business support services to trade professionals. It enables property owners to get online quotes, start dates and previous customer ratings back from the qualified trade professionals of Ireland from the comfort of their PC or mobile phones. It has processed in excess of 500,000 home improvement projects to date.