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The Secret of Increasing the Value of Your House: the Addition of Extensions or a New Kitchen Funded Using Secured Home Extension Loans

Do you need more space in your home?

In a difficult financial climate it can be hard to move home. Property prices might not be conducive to selling or buying and you may struggle to get the mortgage finance that you need.

So, it is not surprising that more and more people are looking to create extra space in their homes rather than moving house. Whether you need to accommodate a growing family or dependent relative or you simply need more room in your home, the addition of rooms via extensions is the perfect way to make your house larger.

However, extensions or a new kitchen can be expensive. So, that is why secured home extension loans can be the perfect way of financing this work.

Extensions the Perfect Way of Increasing Space and Property Value

Extensions can be the perfect way to increase the living space in your home. They can create extra bedrooms, a larger space for a new kitchen or additional reception rooms.

And, as well as giving you and your family more space, adding an extra bedroom to your home is one of the best ways to increase the value of your property. Michael Holmes from the National Home Improvement Show recently told The Independent: "Adding an extra bedroom is one of the most effective ways to improve the value to your property. The most cost-effective route is typically to convert the loft, followed by an extension, or converting the garage or even a cellar.”

Cost of Extensions and a New Kitchen Can Be High

Building an extension to your property doesn’t come cheap. The consumer magazine Which states that you should expect to pay £7,000 for a simple one story extension or over £15,000 for a two story extension. If you want a larger or bespoke addition to your house, the cost could run to four or five times this amount.

Similarly, a new kitchen is not a cheap addition. Research from channel4.com has revealed that the average cost of a new fitted kitchen is £5,000.

So, if you are planning a new kitchen or an addition to your house, you will need to work out how to fund the work.

Secured Home Extension Loans

One of the most common ways that people fund house extensions or a new kitchen is through a secured homeowner loan. A secured home extension loan lets you borrow cash against the equity in your home. As a new kitchen or a house extension will generally increase the value of your home, a secured home extension loan can be a sensible way of borrowing the cash you need to fund the additions.

A secured home extension loan will generally be dependent on factors such as the value of your home, your income and your credit rating. You may have to prove your income or you can apply for a secured loan with no proof of earnings on a ‘self certification’ basis.

So, whatever sort of extensions you are considering, a secured home extension loan could be the answer. Don’t commit to borrowing the funds for your new kitchen or extension without first considering a homeowner loan.

To use your home to raise money at a competitive APR, please fill this homeowner loan form.

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