House Extension in city

Do you want to beautify and increase the value of your home? If yes, a refurb and house extension is definitely a great option to consider. Depending on your home extension project, the value that’ll be added to your home’s resale value varies. However, the cost of completing a house extension project can be huge, so you just might want to consider your financing options. Fortunately, there are various options through which your house extension project can be funded with each having its own pros and cons. Your specific circumstances will determine the one that’s going to work best for you, so let’s take a look at some of the best options to help you fund your project.

• Home Remortgaging

The process whereby a mortgage is transferred from one provider to the other is known as remortgaging. This is usually done to generate funds for a project by entering a more lengthy repayment term commitment when switching. If you want to raise your funds in a quick manner, this process works best.

• Savings

This is a good reason to cultivate a good saving habits. If you’ve been able to save up some mega bucks then you’d probably won’t have to borrow money to finance your house extension.

• Unsecured Loans

If you do not buy into the idea of borrowing more against your property, you may just be able to apply for an unsecured loan especially if you have a good credit record. A secured loan makes use of collaterals like a car or house to serve as a cover for the lender, meanwhile an unsecured loan is based mainly on the credit managing history of the borrower.

• Credit Card

There are some great benefits that comes with financing your small or medium scale extension project with your credit card. Not only does it offer some real lifeline if problems arise during the project, but you can also avoid paying excessive interest on the investment by ensuring your deal has a 0% introductory rate.

There are many different types of extension. For example, you could install an orangery, flat or pitched roof extension, over-structure extension, single or double storey extension or a glass box extension. Which one of these is most suitable will depend on your existing property.

If you’re considering adding a two storey house extension, then setting a budget for this project would be a great way to get started. Similar to a rear extension, a two storey extension usually leaves the rest of the building needing some work and, due to its size, this may imply the re-development of the entire house - which is why they can be very costly. Some of the other influencing factors that can have big impact on a two storey house extension cost includes: your location, the size of the build, complexity of the design ( anything beyond the standard build will normally require more expertise and time), the glazing to be incorporated ( the more the glass used in the project, the more the material cost), as well as the team used.

Generally, when it comes to extensions, the major part of the expenses will be made on the build of the project. This is because it doesn’t only cover the material cost but also the contractor’s overhead as well as the daily rates. At this stage, the extension prices can be determined by the standard of the work that’s being done.

For a fairly average room size of about 18 square metre, the two storey extension should cost within the range of £2,500 to £3,000 per square metre - with the range being determined by the finishes incorporated. Therefore, a two storey extension of about 18 square metre should cost within the range of £45,000 to £55,000. However, this is with the assumption that there are standard window sizes, bathroom suits are modest, and without any need for any purpose joinery or glazing. If you wish to include all these extra features you’ll also have to pay more to make the total cost between £70,000 to £80,000.

It depends on the size and type of extension. Small porches or flat roof extensions are very reasonably priced. More substantial two storey extensions can be expensive. In general, the price is roughly proportional to the amount of space you add to your home.