What All Do You Need To Know When Planning A Building Extension
House extension is a great way to get ample space without any need to choose a bigger home. This is one of the best alternatives to avoid the hassles and expenses incurred in selling the existing flat and buying the new one. Due to the benefits offered by home extension option, many of the smart home owners are opting this method as a means to add more value to their house.
Before performing this method, it is advised to explore all the advantages and disadvantages of extending the home, possible home extension issues, and the method to perform the home extension procedure.
How does house extension prove cost effective for home owners?
Buying a larger house can be a costly affair for a few. There is a comfortable, time efficient and inexpensive way that realizes your dream of a spacious house. This method is house extension. It helps in saving a lot of different types of hidden costs that are involved while one buys or sells a house.
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There are some of the expenses that you can save when choosing home extension over home buying.
- Real estate agent costs
It is advised to take the assistance of a real estate agent when buying or selling a house. This agent acts as an intermediate between the two parts involved in the house deal. For proper legal processing, assurance and convenience, hiring a real estate agent is helpful for a house owner.
This agent also charges one or two percentage of the price at which the house deal is fixed. This cost includes advertising, sales commission, year-round assistance etc. When you choose house extension, you are saved to pay some hefty amount to the agent.
- Home loan costs
Sometimes due to the difference in the interest rates charged by home loan providers, a house owner may change their home loan within different providers. This change of home loan also incurs charges.
Stamp duty and registration is another charge that you need to pay to get your new house registered in the accounts of the government. Home extension relieves you from paying such costs.
The cost of relocation to a new place is another expense. This cost involves hiring the services of moving companies and transferring all the house items from old accommodation to the new one.
This is another important but tiring task that also takes up a lot of effort and money. These tasks include cancellation/transfer of phone line, gas line, cable, the internet, home alarm monitoring, etc.
Things that you should consider when planning for a home extension
- The home extension would be beneficial if you really think that the area in which you are currently staying has all the desirable amenities such as a hospital, school, grocery stores, transport, and neighbors.
- Sometimes home extension is also carried out to add value to the existing house so that it can be sold off at a higher after a few years. If you have this goal in your mind, then you need to look at how profitable will this prove to you in the coming years. How good are the chances of your property price to increase? It makes sense if your plans and effort not just help you recover but also make a profit on what you are spending now on its improvement?
- In what way will you pay for your home extension? Are you exceeding your overall budget or it is coming within your set financial limits?
- Are you expecting any kind of major events during the period of house extension? You need to consider this because a home extension project can take few months to a year for completion. This can cause an obstacle in the execution of any significant moment of your life such as babies, wedding, illnesses, etc.
- Also, it is important to consider the place to stay during the time your house is getting renovated. Have you chosen the place or you still have to decide on it? How will you relocate and for how much time do you need to relocate?
House extension is not just a convenient but also time and cost saving option to buying a larger house. Knowing this, you should get the help of a good construction agent who would help you with the best layout as per your requirements.