With housebuilding in the UK at its lowest level since the 1920s and house prices continuing to rise, many homeowners are looking at ways to improve and modify their own properties rather than move. This can sometimes work out as a cheaper and more manageable option for many families. However, it does mean that any money usually raised from selling your home to make improvements on a new one isn’t available.

Adds Space

The main reason many people decide to extend their homes is to gain more space. For families or those hoping to start one soon, this can save a lot of hassle compared with finding a new property. If you’re happy with the building’s location and décor, with extra room(s) your only desire, then extending could be another option.

Whether it’s an extra bedroom for a new child, conservatory to enjoy the warm weather or space for an indoor gym, more space has many advantages.

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Increases Value

If your house is based in an up and coming area where house prices are set to boom or an already highly desirable region then it could makes more sense to extend your current house rather than face the expense of moving.

Home extensions don’t have to be just conservatories or add-ons to the side. For town houses it may be possible to convert the attic or go down and create or renovate the cellar. For those intending to sell-on in the near future, ensure any extensions or modifications comply with the necessary planning permissions, an extra room could add value to your current property.

Why move when you could improve?

Applying for a mortgage on a new house can be another tiresome process and often end up costing more than a secured loan for an extension and your mortgage combined. Finding the ideal property can be a struggle too, so if you’re happy enough with your current home, extending it and making further improvements could deliver your desired results.

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Extending and refurbishing your existing property could offer a cheaper solution than buying a new house, far less hassle and provides the closest result to your desired home. A secured loan for an extension from Nemo is one way to fund such modifications on your property. Remember a Nemo loan is secured against your home so you must ensure you can afford the repayments or your home may be repossessed. A Nemo loan is one of many options such as a personal loan and credit cards.