You can take out a loan for the house extension from your existing mortgage lender, or you could consider remortgaging. If your current mortgage deal is coming to an end soon anyway, then it’s the perfect time to remortgage and use some of the equity you’ve built up to pay for, or put towards, the extension.
How do you finance a house extension UK?
5 Ways To Finance An Extension
- 1 Remortgage your home. A remortgage is when you transfer your mortgage from one provider to another. …
- 2 Use savings. …
- 3 Pay on a credit card. …
- 4 Explore your options for a second mortgage. …
- 5 Take out an unsecured loan.
How much does a home extension cost UK?
In short, most extension projects cost around £1,350-£2,250/m² of new internal space. So a 30m² kitchen extension could be estimated at somewhere between £40,500-£67,500, plus, VAT at 20%.
Is it worth getting an extension?
Is It Better To Extend? Generally, extending your home will be a cost-effective investment that will pay back on itself when you eventually sell – but not always. The location and demand of your property will usually guarantee that your extension will add value to your home when it comes to selling.
How much value does an extension add?
Single-storey extension – average value add: 5-8%
With open plan living being hugely popular with homeowners in the UK, single-storey extensions are a popular choice and can often add 5 – 8% to the value of your home.
Do I need an architect for an extension?
For a full planning application you will need professional architecture drawings, so the answer would be Yes. Although Permitted Development applications require a sketch and letter of intent, an architecture drawing is better because from a sketch your builder could go over by 5cm, thus risking an enforcement.
Do you need planning permission for extension?
In many instances an extension or addition to your house can be considered to be a permitted development, so you wouldn’t need planning permission for an extension. If this is the case, you would not be required to gain any permissions or have to submit any applications for planning permission for your extension.
How much does a single storey extension cost UK?
The cost of a single storey extension will depend on the scale of your project and whereabouts you live in the country. A basic extension will typically cost you around £1,000 per square metre, meaning a 3×5 metre single storey extension would set you back around £15,000.
What adds most value to a house?
What Home Improvements Add the Most Value?
- Kitchen Improvements. If adding value to your home is the goal, the kitchen is likely the place to start. …
- Bathrooms Improvements. Updated bathrooms are key for adding value to your home. …
- Lighting Improvements. …
- Energy Efficiency Improvements. …
- Curb Appeal Improvements.
Is conservatory cheaper than extension?
What are the costs? A conservatory is usually cheaper than a single-storey extension of exactly the same size.
Is a small extension worth it?
Even if your budget is small, a well thought-through addition to your house can make a tiny dining area more usable or create extra space for a home office. Extensions also can enhance natural light, link existing areas of the property, and improve the overall design, letting a space breathe a bit more.
How can I extend my house cheaply?
If you do decide that an extension is the best solution for adding valuable space, then think about the following to keep within budget:
- Stick to a simple configuration. …
- Use simple building materials. …
- Plan in standard fittings. …
- Don’t be lured by fashionable brands. …
- Keep the groundworks simple. …
- Party Walls. …
- Planning Permission.
Is a 2 metre side extension worth it?
A double storey extension is an even better investment when compared to a single storey. The excavation and the roofing costs won’t change from single to double storey extension. This makes the cost per square metre of a double storey extension much lower than the cost of a single storey.
Can I extend the back of my house?
An addition or extension to your house* is generally considered to be permitted development. So, you won’t need to go through the additional hassle of getting planning permission as long as: Your extension is no more than half the area of land around the original house (curtilage).
How far can you extend without planning permission 2020?
The recent relaxation of permitted developments means that homeowners are now able to add extensions without needing planning permissions. You can add a home extension or conservatory up to six metres, or eight metres if your home is detached, without needing to apply for planning permission.
What are the rules on house extensions?
You can extend up to four metres at the rear of a detached home, or three metres behind a semi or a terrace house. However, the extension must not take up more than half of the outside space and the materials used need to be in keeping with the original house.