Financing a Home Extension: How to Buy Bigger


Want a bigger, better house? Who doesn’t. These days, we’re all looking for ways to make the most out of the space we have, but the truth is that if your family is getting bigger, or you’re struggling to find space for storing all your equipment, the only thing you can do is either invest in a bigger house, or look for a way to expand your current space.

The good news is that if you don’t have the money to upgrade your home into something with an extra five bedrooms and all the storage solutions you can handle, you can still make the most of your current property by transforming your home into something slightly bigger. With a home extension, you can create extra space in your existing rooms, or even develop brand-new rooms that you can use for a range of reasons, from bedrooms, to extra storage spaces.

So how do you finance a home extension?

1. Use your Savings

The great thing about using your savings for home improvement purchases rather than spending them on a new car or vacation, is that as well as making your home a nicer place to live in, you’re also making a very important investment in your future. A good set of home improvements, including the addition of a new extension can help to increase the value of your home a significant amount.

If you do have some cash hanging around in your bank account and waiting for a rainy day, using it to fund your home improvement solutions could be the most sensible option you have- particularly now while saving rates are low. Of course, if your money is tied up in a fixed bond then it may not be worth it to get the money out.

2. Take out a Personal Loan

Extending your home is a process that’s typically seen as a major home improvement, because it means adding more space to your home. You could be looking at spending more than £10,000, which means that a personal loan could be the best way to fund your dreams.

Ultimately, to help you find the best home loan, you’re going to need to start browsing the available options online as quickly as possible. The good news is that there are countless comparison websites online today that can help you to get the most out of a personal loan. Additionally, you should think about getting an unsecured personal loan that helps you to avoid any significantly bad outcomes if anything was to go wrong with your finances.

3. Use your Home for Money

If you’re thinking of building an extension on your home to make it more valuable, then you might find that it’s a good idea to approach your mortgage lender and find out if you can get some extra cash in your pocket by getting an advance, or taking out a refinancing mortgage. Just remember that borrowing extra against the value of your property isn’t a decision you should take lightly.

Sometimes, when you’re trying to get extra money out of your mortgage, you’ll find that the additional funds you’re given aren’t given at the same rate as the remainder of your mortgage, and you could find that you also get tied into paying back money over a longer period. Of course, if your current mortgage deal is coming to an end, you can always move your entire mortgage.

4. Put it On a Credit Card

One final, clever option for extending your home, is to think about using a 0% credit card for your situation. If you use a credit card to pay for your new extension and you end up with the work never getting completed for any reason, or the work turns out to be faulty, the good news is that you can claim the money that you have spent back from your card provider.

The good news is that if you don’t have any money squirreled away to help you pay for your expenses, you should be able to still find plenty of credit cards out there that offer 0% on purchases. This means that you can clear the costs of paying for your extension bit by bit.

For people who simply can’t afford to deal with the cost of a renovation or home improvement situation all at once, a 0% credit card can be the most obvious solution for successful spending. Of course, it’s worth noting that if your extension is going to cost a significant amount, then sometimes a credit card might not be enough for what you need. For instance, you might need to think about combining credit card spends with a personal loan, or simply using a slightly larger personal loan to get all your expenses out of the way quickly.



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