Extending your home is an exciting project, but one of the main concerns for most homeowners is how to fund it. Whether you’re adding extra space for a growing family or creating your dream kitchen, financing a house extension can seem daunting. However, with the right options in place and a clear payment structure, it can be more manageable than you think. In this post, we’ll explore different ways to fund a house extension and explain how our flexible payment system at Muirfield Construction can make the process smoother and more stress-free.
Funding Options for Your House Extension
Funding a house extension can be achieved through several routes, depending on your financial situation. Below are some of the most common ways homeowners secure funds for their extension:
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Sale of Another Property: If you’re selling an existing property, you can use the proceeds to fund your extension. This is a straightforward option for those who are downsizing or moving to a more affordable location.
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Inheritance: For some homeowners, an inheritance can provide the necessary funds for home improvements, including extensions.
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Bank Loan: Many homeowners choose to finance their extension with a personal loan or a home improvement loan from their bank. This option can offer flexible repayment terms, but it’s important to compare interest rates and loan conditions.
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Self-Build Loans: Some mortgage providers offer self-build loans that are specifically designed for home extensions or self-build projects. These loans typically release funds at different stages of the build, which can align well with the construction process.
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Borrowing from Family or Friends: In some cases, homeowners might borrow money from family or friends to fund the extension. While this can be a quick and flexible option, it’s essential to have clear repayment terms in place to avoid any misunderstandings.
Our Flexible Payment Structure
At Muirfield Construction, we understand that financing a house extension is a significant commitment, which is why we’ve created a payment structure that offers transparency and flexibility. We don’t believe in asking for upfront payments. Instead, we fund the initial stages of the build ourselves, allowing you to only pay as key milestones are completed. This way, you can feel more secure throughout the project.
Here’s how our payment system works:
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First 30% – Foundations Stage
We cover the costs of the first 30% of the project, which typically includes building the foundations, laying insulation, and pouring concrete. This initial stage also involves building up to the height where the timber frame will begin. This gives you peace of mind that significant progress has been made before you need to make your first payment. -
Second 30% – Wind and Water Tight
Your second payment is due when the structure is up and the extension is wind and water tight. At this stage, your extension will be fully enclosed, providing protection from the elements and allowing work to continue indoors. -
Third 30% – Ready for Plastering
The next 30% is payable once the building is ready for plastering. By this point, the structure is complete, and all necessary systems like plumbing and electrical work are typically in place. -
Final 10% – Upon Completion
The last 10% of the payment is only due when you are completely satisfied with the work. This ensures that every detail of the build meets your expectations, giving you full control over the final stage of the project.
Why Our Payment Structure Works for You
Our payment structure is designed with you, the homeowner, in mind. By breaking down the payments into manageable stages, we ensure that you only pay for work that has already been completed. This approach builds trust and provides financial flexibility, allowing you to budget effectively without worrying about large upfront costs or unexpected fees.
Furthermore, we commit to the price we agree upon from the start. There are no surprise charges, and if the project goes over budget, it’s typically due to changes you’ve requested. We pride ourselves on transparency, meaning you can rely on us to stick to the contract without unexpected extras.
Conclusion
Financing a house extension doesn’t have to be overwhelming. Whether you choose to fund your project through a sale, a loan, or inheritance, Muirfield Construction is here to support you with a clear and flexible payment structure. By only asking for payments after key milestones are met, we give you peace of mind throughout the build. If you’re considering extending your home, get in touch with us today to find out how we can help make your project a reality.