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This is a tricky stage, I understand you want to understand the potential cost of the project. In all honesty I have had done several projects through a feasibility investigative stage and to be honest it has gone as far as going to build regs drawing and then the homewoners has made the decision of what to cut back or even that they cannot afford it.
The reason is until you have these there is no way to gauge how much a contractor is going to charge for the work until you ave the exact drawings to work to. Its a bit of a pitfall for homeowners as we hope that architects will have a sense of some of the costs involved, but they aren’t estimators and I would never trust an estimate from an architect in my experience they can be wildly off and a good architect shouldn’t guess with very little to go on.
Your budget is on the cusp of what single story extensions are costing and that isn’t taking account of fixtures and finishes but so many know on most jobs that homeowners will typically blind sided and will just pull out that extra 20% from somewhere, somehow.
It may be a good approach to find another architect and ask them to undertake a feasibility study, it will cost but its work you would have to do anyway and will always be valid when you are ready to do the work. I do believe the planning stages of projects should take up at least 70% of the time doing any work before one even starts a project too.
Hope that helps?