There’s no denying that home extensions are a great way to add value and additional space to your home. From garage and loft conversions to single storey extensions like conservatories and orangeries, there are all sorts of ways homeowners can achieve their home improvement goals.
However, many homeowners plan their dream home extension, but fall at the final hurdle when they realise the financial demands of this type of building project.
There are several routes you can take to fund a new extension, but if you’re a homeowner it may be worth considering remortgaging part of your property. This decision isn’t to be taken lightly but, if carefully planned with an expert, remortgaging can allow you to transform your home and increase its value in the long term.
How can home extensions increase your property’s value?
Home extensions are a great way to add value to your property and make it more appealing to potential buyers should you choose to sell. Here’s how.
Increase your useable living space
One of the most obvious benefits of these home extensions is additional living space. With property prices sky-high, maximising every square foot of your home is essential in increasing its value. Converting garages or lofts into useable spaces such as bedrooms or home offices can not only make your home more functional but also boost a property’s value.
Make your property more adaptable to changing needs
As families grow or lifestyles change, the demand for versatile and adaptable living space becomes essential. Conversions offer the opportunity to create versatile rooms that can serve multiple purposes and be tailored to the homeowner’s specific needs. The benefit of these types of extensions is also that they can change over time; what was once a home office could become a second bedroom, a garden room, or a space to entertain.
What are some design considerations when planning a home extension?
When planning a home extension, it’s important to consider factors such as the available space, architectural style of the existing property, budget, and desired functionality. Additionally, think about how the extension will blend with the overall aesthetics and improve the flow of the home.
Financing your home extensions: finding the perfect solution
There are a few ways to finance your home improvement project, one of which is remortgaging. This involves replacing your existing mortgage with a new one that offers slightly different terms. This means that you can release some of the equity in your home and use it to finance your extension. While this may sound complex, when done with the help of a professional, remortgaging can be a great way to finance your home extension which will then increase your property’s value down the line.
Creative living spaces: speak to a member of our team today
Conversions and extensions offer the opportunity to create bespoke spaces with unique design features. A well-executed conversion can be a key selling point, leading to increased house value. If you’d like to begin planning your own conversion or home extension project, please get in touch with a member of our multi-talented team. We can help you navigate planning permission and building regulations to plan the perfect house extension for you.
You can speak to a project manager by calling us on 01242 681207 or contacting us online.
Need the help of an expert to cut through the financial jargon?
Financial matters can be tricky to get your head around. If you’d like to speak to a professional to gain more information, you can contact Tracey Boyd who can discuss the options available to you.
To speak with Tracey, you can get in touch by calling 07854 832869. You can also visit her website www.mortgagehubexpert.co.uk to find out more or get in contact.
I’m Tracey Boyd, I’ve been qualified to advise on mortgages and protection since 2001 and I am lucky enough to run my own business alongside being a wife and mummy of 2 girls.
I have been a ‘Top Rated’ Adviser for the last 3 years since joining VouchedFor. I am a leading voice in the industry in my role with 7Advisers, which is working with other financial professionals.
I aim to offer a cost effective solution to your borrowing needs. I look forward to speaking with you.