Time to Grow or Time to Go?

For some home owners there comes a time when their first house becomes too small for a growing family. Faced with a choice of extending to add an extra room or to move out into a larger house, home owners need to weigh up the costs and hurdles involved. Moving may not always be the best option if you are happy where you are and if the costs would be cheaper to renovate. Determine if the extensions would decrease the value of the house. Keeping the style of your house consistent with the neighbours will help retain value.

As with any types of home renovations, you need to do your homework. Conduct some research and talk to others who have had extensions done to their homes. Listen to their advice and how their experiences can help you overcome any hardships along the way or improve on their experience. They may even be able to recommend trusted house builders who can get the job done at good affordable rates but of a standard that you would be happy with.

Appoint an architect to draw up the plans reflecting what you would like done and in accordance to the local building and environmental regulations. They will then forward the plans to the council who will look them over and discuss any issues that might need to be addressed concerning the construction, safety and construction with new home builders will disrupt the neighbours.

Once the plans have been approved by the council, find out how much an extension will cost by talking to contractors. Keep in mind that the room or rooms you are adding will need to be decorated, painted and furnished which will incur an additional cost once the actual construction iscompleted. Building material and equipment hire has to be calculated into the figures. You’ll also need to work out if you are able to stay in the house during construction or if you need to make other arrangements.

Once you are happy with your quote, establish how you will pay for the costs. Book an appointment for house renovations with the financial institution handling your mortgage to seek advice on what would be the best option to finance your project. They may offer you to take out a re-mortgage on your original loan, a secured loan or you may decide that an unsecured loan is better suited for you. Find out about interest rates to avoid being buried under debt.

Now it’s time to have the paperwork drawn up and the contract signed. The architect who drew up the plans can oversee the project for you or you can hire a project manager. This will ensure that everything runs according to the scheduled time and budget and in compliance. Make sure the house builders are covered by insurance in the event that something goes wrong.

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