There are numerous reasons for which one might want to go for a home extension. For instance, you might want to construct a playroom, have an office space, or even make space for your own gym. Now, a home extension, if built effectively, can significantly increase the value of the property.
Going for a home extension can require both time and money, and hence is a big decision to make. Many people take a top-up on their home loan to get the finances for this move. Before getting into this project, here are a few things that need to be kept in mind:
- Know exactly what you require
The first thing to ensure is that your goal, whether it is to add an additional room at the back, carve out storage space, or construct a personal office, is fulfilled. This might seem obvious; however, it is quite easy to keep getting additional work done once the project begins. This can lead to additional expenses, ultimately affecting the main budget for the original extension purpose.
- Be aware of the home extension cost
This cost will depend on the type of home extension that you are going for. You might want to break the balcony and extend the room space, add a guest room, or build more space in the backyard. The price would depend on the type of extension, which is why you need to be sure of the budget before going for a home construction loan.
- Take the help of an architect
If you are not sure about your plans, it is best to leave it to an expert in the field. Hiring an architect will take away all your stress, as all they need is a brief of what you are looking for. After that, they can provide the perfect design for your home extension and will make sure that the work is completed on time.
- Make sure to take the necessary permissions required
It is best to speak with the local authorities and make sure everything is clear before beginning the work. This will help in avoiding any legal disputes that may arise in the future, putting all the work done at risk. Do ensure that any home extension work complies with the Development Control Regulations (DCR) of your state.
- Keep disturbance levels under control
The home extension is your decision, which works to your benefit, not the neighbours. This is why it is essential to make sure that the work site is secure and the disturbance levels are under control. Keep the neighbours, especially the ones directly getting affected, informed of the work before its commencement.
Now, while most people focus on getting the lowest home loan interest rate available, you need to make sure that your lender agrees to offer a top-up loan for a home extension. Make use of a home loan EMI calculator to get an understanding of the monthly instalments of the loan, which will help in knowing whether the home loan extension is an affordable project.
