Can we remortgage to fund an extension?
December 30, 2017 by Brendan
Rules and regulations
There may come a time when your existing property feels too small to house the family. Perhaps you need an extra bedroom, a larger kitchen or another bathroom. Remortgaging to fund property renovations, including extensions, is actually a popular option for this.
According to a study conducted by CompareThehttps://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget.com, 29% of homeowners have put their plans to move on hold due to rising house prices and political uncertainty, saying that they intend to remain in their current home for at least another eight years. Due to some of the cheapest remortgage deals being available, remortgaging has become popular during the last year. Some renovations will add value to the property in addition to adding much needed space. However, research is required before undertaking any work, as some renovations may not add any value and may be unappealing to potential buyers in the future.
Adding another bathroom to a family home may add appeal and value, as much as 6.8% in a three-bedroomed property. However, it is crucial to avoid costly errors by outsourcing the work required to a professional plumber. Converting a loft to a bedroom is another popular option, and can add significant value to your home. However, converting a garage into an extra bedroom may not add the same appeal or value, so be aware before making this decision.
If you are undecided about whether to move to another property or extend your current home, speak to a CeMAP qualified mortgage advisor who will be able to provide some information.
Written by
Brendan
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