If you are a homeowner, then you should know about home extensions. Anyone who owns a house would want to make it bigger and more comfortable. Home extensions are a great way to achieve this.
Home extensions can be carried out in two ways: internal and external. Internal extension happens when you make your existing room larger by adding an extra room or converting a spare room into an en suite. External extension is when you build onto the original structure by extending the existing walls in order to create extra space. The most popular type of home extension is the external one because it provides more usable space for growing families or for those who want to enjoy the outside living space with friends and family. Click on the link https://www.judgesbuildingservices.uk/what-are-the-types-of-extensions/ for more information.
There are several types of property extensions including:
Extensions on the ground floor
Also called single storey extensions, these are usually done in mid-terrace houses that have no upper levels, such as attics and basements. Extensions on the ground floor can be done above garages, porches or car parking spaces.
Extensions on upper floors
This type of property extension involves further construction of an attic, loft conversion or basement excavation to add more rooms or storage areas in mid-terraced houses with no upper levels.
There is a wide range of extensions available to a mortgage borrower in order to purchase a property. Although the majority of these types of extensions are offered through the standard mortgage process, there are alternative sources to consider for your loan.
Standard Mortgage Extension
A standard mortgage extension is usually offered by a bank or other lender, and it includes options such as an increase in the term length or an increase in the interest rate, among others. This type of extension may be granted based on factors including increasing your income or other financial factors. Lenders typically require that you have saved up some money towards the principal balance before they will approve this type of extension. A standard mortgage extension can also be used to refinance a property that you already own, or it can be applied to another piece of land that you wish to purchase.
Construction Loan Extension
A construction loan extension is granted during the time period when you are constructing your home instead of purchasing one that is already built. These types of loans can often come with lower interest rates and more flexible payment plans than traditional mortgages, but they do require that you have saved up enough money for your down payment and closing costs.