More and more people are looking at the possibility of building a home extension, and it’s easy to see why. In the current housing climate, it is considerably easier to remodel and increase your living space as opposed to going through the long and expensive process of moving. When changing homes costs so much money, with stamp duty, agent fees, and delivery costs all adding up, it’s no surprise that the option of extending where you already live is fast becoming the wallet-friendly option. However, before you start drawing up blueprints, there are some factors that you will need to consider.
Initial considerations
The first thing that is worth giving real thought to is whether an extension will add any real monetary value to your property. An extension has the potential to be a good investment, but if the ceiling price for property in your area has already been reached then an extension may do little to improve your potential return. Before you commit to an extension project, do a full cash assessment, so that you know just how much it is going to cost, how much value it will add to your property, and how much disruption it may cause during the building period. You should also look at local building laws to confirm that you will be able to build where you want to develop.
Cost vs. potential issues
If you start building your extension without proper planning, then the chances are that you will encounter potential obstacles. That’s why it’s worth discussing your project with someone who has carried out similar work in your area. While you may not have given much thought to the soil type and tree varieties on your property, these can have varying effects on the timescales needed to complete the work. Always seek guidance from either friends who have had their own extensions built, or tradespeople who have the skill and experience to advise you professionally.
Assessing cost
Every extension project is different, and a number of factors will determine the price that you pay. Before you commit, it’s worth giving some thought to how you will fund your project. There are some options available to you if you do not have the required savings. Always remain prudent with your money, and never overspend. However, you could choose to pay for your building work through your credit card, in order to spread out the cost, or you could opt for a personal loan, although it’s worth keeping a close eye on the repayment demands. Alternatively, you could look at the possibility of transferring your mortgage, with adjustable mortgage rate options becoming a perfectly viable option. Talk to your current mortgage provider and assess your suitability to mortgage transference, and assess the pros and cons before you make any big decisions.
To conclude
With the housing market in crisis, it’s no wonder that the possibility of simply improving your own living space has become such a popular alternative to moving home entirely. Remember, before you commit to any large-scale building work make sure that you know exactly where you stand legally, and that you hire only those with experience. That way, you could be enjoying your new living space with the least amount of headaches.
