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.

Have you decided to improve your property instead of moving? The common problem most homeowners face after deciding to embark on a home extension project is not knowing where to start. In this article we’ll walk you through everything you need to consider and put in place before commencement of your home extension project.

• Is the extension worth it?

Before breaking the bank, you must be sure that the project will add good value to your home. In terms of “value, this is not only limited to the financial gain after disposal of the property, but also several other juicy benefits to be derived from extending your home like an extra living space for the household to spread out and more.

• Do you need a planning permission?

Check with your local authority to determine whether or not you’ll require to submit an application. You can also consult a building expert like an architect for advice.

• What are the building regulation?

Even though planning permission can be dodged, you can not avoid building regulations. These regulations are the set national minimum standards for construction and design which you must comply with to ensure the safety of the individuals in and around it.

• Who will design the extension?

You have to decided whether you’ll hire a professional architect to design the extension or not.

• Who will manage the building work?

If your home extension project is designed and built by a professional company, they’ll be responsible for the management. However, if you decide to use an architect or designed it yourself, you’ll have to hire a main contractor to manage the build.

• How to set the budget?

There are so many factors that can affect the cost of an extension, so it’s better to get the costs from your builder before proceeding.

• Do I need yo inform my home insurance firm?

Absolutely! This is very important as the new extension may affect the rebuilding cost of your property which could have an impact on the policy premium.

• Do I need to inform my neighbours?

It’s very important to discuss your plan with your neighbours before applying for a planning permission and communicate about the concerns they might have.

Are you interested in extending your home to create more living space? If yes, then you’d probably want to know how much value it can add to your property in order to compare the building costs to the potential value gain. Well, as long as you know what you’re doing, your house doesn’t necessarily have to be a money pit. So what are your options when talking about home extensions and what’s the associated value to be gained?

• Bathroom Extensions

Although you should have it in mind that bathroom extensions isn’t usually that cheap, but once done, it can increase the value of a standard UK house within the range of £12,000 to £15,000. Meanwhile the finishing cost of a bathroom can range from £2,500 to £7,000.

• Single or Double Storey Extensions

Single storey extensions are always huge when it comes to increasing the value of your home - giving about 4 to 7 percent increase. If it goes that far, then literally nothing beats a full spectrum, double storey extension which can give up to 11 percent increase in the value of a property - equalling about a whooping £33,000 for a standard home in the UK.

• Conservatory Extension

With conservatories becoming more and more popular in the UK due to the weather conditions, several buyers are now including it’s availability as part of the criteria for purchasing a house. Wonder why? This is simply because everyone wants to enjoy their garden all throughout the year. As a result of this high demand, adding this type of extension to your house can go a long way to increase it’s value. However, it’s very important to incorporate high quality materials during construction. With glass conservatories offering, on the average, up to £5,000 increase in value, the cheaper PVC alternative offers much less value and can also deter potential buyers.

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.