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How can I finance a house extension?
Funding an extension to your home
If you’re thinking about how to fund an extension to your home, it’s a safe bet that you have (or are expecting shortly to) run out of room and have dismissed moving as undesirable or impractical. In either case, you’ll have figured out that you could get the room you need by extending – if you can just find a way of financing an extension affordably.
Your thinking is good. Moving to a larger home incurs legal and surveyors fees, stamp duty, removals and other peripheral costs on top of the cost of your new, larger property. If you work out how to finance a house extension, you may well find you can create your bigger, better space for the money you’d have otherwise spent on the extras.
hat means you’ll save all the extra money you’d have had to spend to purchase a bigger property.
So let’s take a look at the best ways to finance a house extension.
How much will you need to finance an extension?
There are lots of methods to look at for financing a house extension, but first you need a realistic sense of how much it’s likely to cost. This will depend on the kind of house you have (terraced; semi-detached; detached), where it is, and what kind of extension you want to build.
A ground floor rear kitchen extension into the garden of a semi or detached house is going to be far less of a headache to finance than an excavated basement beneath a period terraced house.
When you’re thinking about how much you’ll need to finance a house extension, it really does pay to do the research. You can get some idea of approximate costs by Googling and by talking to neighbours who have had similar work carried out. But the best approach is simply to call an architect, surveyor or decent builder, who should be able to give you an initial ballpark of how much you should allow for. As your plans progress, they will be able to improve the accuracy of these costs and to adjust the spec of the project if necessary to make it work with however much you have decided you can afford to raise with a house extension loan, remortgage or similar.
Remember, that while basic construction costs for your extension may be fairly consistent across builders, the cost of fitting it out can vary hugely. A £30,000 build cost extension to your kitchen turns into a £60,000 project if you’ve set your hearts on a £30,000 high-end kitchen to go inside it.
How to fund an extension
From house extension loans and remortgaging to personal loans or using savings, there are lots of ways to fund an extension. Once again, it makes sense to do research and get expert advice before you decide.
Your circumstances (age, life and family stage, disposable income, equity in your property, savings, plans for staying at the property, nature of the extension etc) all have a bearing in deciding how to finance an extension.
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