A man is likely to have one hand amputated after chemicals exploded at a Brisbane home while he was trying to build a rocket based on YouTube videos.

The 40-year-old victim was rushed to the Royal Brisbane and Women's Hospital in a serious condition on Tuesday morning with major hand and leg injuries, including a compound fracture to his left leg and a potential hand amputation.

The victim's four-year-old son and an elderly man who were also in the Chermside West home at the time of the explosion, were not injured.

Queensland police Inspector Geoff Acreman said it appeared to be a case of “a hobby gone very badly wrong” and the victim was “lucky to be making it to the new year”.