Many people buy a house in the early part of their lives. At that time, they go for a small house as the family is small and also because it’s more affordable. But as years pass, the family grows. And so does the need for space. Luckily, income too keeps rising with time.
Now as a house owner, if your family outgrows your house, you have two options. One is to purchase/rent a bigger house and move into it. Other is to extend the existing house to accommodate everyone.
The first option (buying a bigger house) seems simple but can be very costly. As for the second option, it gives more value for the money and more importantly, you don’t need to leave the place that you have been calling a home for many years. In most cases, renovating a house to make more space resolves the issue of family outgrowing the house in a more cost-effective way.
More space is always better than living all cramped up. So if your family has also become larger and you prefer to take the second option (extending your existing house), then you have help at hand. Many lenders are now willing to give home extension loans to home-owners. Be it enclosing your terrace space to create rooms; or to include the excess space on your balcony into your room; or to add an extra bedroom/floor within the home; you can get it all done using a home loan for extension.
Taking a home extension loan gives you access to timely funds to carry out the necessary work to redesign your house according to your needs.
So stop worrying about how to accommodate your entire family in your existing house. Just approach the lenders and ask for a home extension loan.