Last Updated on November 21, 2023 by Kravelv
As real estate prices are going up at a rapid pace, more and more homeowners are choosing to extend their existing property rather than moving to a new home for a bigger space. Apart from the fact that it is a practical and money-saving approach, there are several other advantages it has. For example, it makes sense if you love the neighborhood where your current home is located. Or its location may be feasible as it is near to your office and the kids’ school. Now that you understand the reasons to opt for a home extension, you would want to get started.
Although the investment required for a home extension project is less than that for moving to a larger place, it can still cost you a considerable sum. A traditional loan may not be the best approach because of the lengthy process and paperwork hassle. Conversely, you can easily get cash loans online and start the project even sooner than you may expect. You may want to know more about this borrowing option, how it works, and why it would be apt for a home extension project. Let us explain all that you need to know about this smart alternative.
The feasibility of cash loans online for the home extension
Once you have a home extension project in mind, you can plan it on paper, consult a contractor, and come up with a budget estimate. The budget will depend on the scope of the project; obviously, converting your loft into an extra bedroom will cost less than raising an entire second story. Once you have the budget ready, everything boils down to the procurement of funds. The sooner you have the money, the quicker you can get started with the job. Compared to a traditional loan, a cash loan online is a better way to arrange money for a small extension project. Here are some good reasons why you should consider this alternative.
Easy application process: The online loan process is super easy as you can apply only in a few clicks. The process requires you to fill a small form and click to submit. If your application qualifies, approval comes as quickly as within a few minutes. There is no need to follow up with documentation and lender visits, as you have to do with a traditional loan with a bank or local lender.
Quick cash in your account: Apart from the ease of the lending process, the speed with which you can get the money also makes it an ideal option. The funds come directly in your bank account within a few working days and you can get started with the extension project almost instantly.
Bad credit is no problem: Homeowners with a low credit score often struggle to get loans in a conventional way. But bad credit is not an issue with online borrowing because these websites have extensive lender networks they connect you with. The chances of approval are good when your application goes to multiple lenders. Also, these lenders do not rely on your credit score but rather consider repayment capacity as the key approval metric. It is also worth noting that there are also loan options for people with bad credit anyway. For instance, check out this list of bad credit loans Toronto inhabitants can use if they wish. You might not believe it, but even people with bad credit can get a loan at a reasonable interest rate if they do their research.
Interest rate is legitimate: Since reliable sites have trustworthy lenders in their network, you can expect the process to be completely transparent and interest rates to be legitimate. There is no chance that the lender will charge you exorbitantly, regardless of your credit score or need for quick cash.
Feasible repayment options: Another reason why cash loans online are ideal for homeowners looking to implement an extension plan is the feasible repayment options they offer. You can discuss the loan terms and period with the lender and come up with a plan you are comfortable with. Depending on your financial status, you may pay back quickly or in smaller monthly payments over an extended period of time.
Getting started with a home extension project
Once you have handy funds with an online cash loan, you can go ahead with the home extension project. Here are the typical steps to get started:
- Consider the scope and concept of the project clearly. These include the practical aspects such as the value the extension will add to your home and whether you can live in the property or will have to move out while the project is on. The economics of the project is equally important as you will have to cut down other expenses to bear its cost. This will be easier if you already have a well-defined project budget and your realigned monthly budget in place.
- Look for an integrated design, which means that the design of the extensions should blend seamlessly within the existing structure. For example, it should use the same materials and decor to maintain continuity and aesthetics. Onboarding an architect or a building designer is the best thing to do because it can ensure the design continuity along with cost optimization. Additionally, they will also make sure that all regulatory requirements are fulfilled during the construction project.
- Sourcing a quality builder is another aspect you cannot ignore because they are the professionals who get the wheels in motion. Ideally, you should look for multiple quotes and choose the one that offers the best services at optimal costs. Good ones never compromise with the quality of design and construction material. So you should look for someone you can trust.
- One of the aspects that homeowners tend to overlook is building codes, planning permits, and other regulatory compliances. But this is something that you have to comply with to make the extension project legal. Hiring professionals for working on the project is invaluable because they will sort out the regulatory aspects and make you stress-free.