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FINANCING THE EXPANSION WITH A WORK CREDIT

A new child or adolescent who demands more space? A telework project? Do you want a relaxing room? It’s time to push the walls down or think about adding unused space to your home. To cover the estimated budget for these expansion works, the loan of the work is a financing solution to consider.

HOUSE EXTENSION: POSSIBILITIES AND CONSTRAINTS

HOUSE EXTENSION: POSSIBILITIES AND CONSTRAINTS

Choosing to add a room to a house can take several forms:

• either the home has convertible attic space, which simplifies the operation;

• either an extension of the living area must be carried out by extending the basic structure.

It is then possible to create a veranda, very bright, or a room adjacent to the house to install a bedroom or an office. Depending on the configuration of the accommodation and the land available, an elevation allows the creation of a new floor. Whatever the solution envisaged, it is essential to find out beforehand about the Local Planning Plan (PLU) in force in the municipality of residence.

This contains details in terms of extension and architecture:

• for an extension up to 40 m2, a simple prior declaration of work in the town hall will suffice;

• beyond, it is essential to file a building permit.

A rule that changes if the total area of ​​the house exceeds 170 m2, including extension. The limit is then reduced from 40 m2 to 20 m2. Limit beyond which recourse to an architect will be compulsory.

WHAT COST FOR A HOUSE EXTENSION?

WHAT COST FOR A HOUSE EXTENSION?

The cost of a house extension varies depending on the solution and especially the materials considered:

• for the creation of a veranda, therefore with the use of steel and glass, a budget of around $ 2,000 / m2 must be provided;

• an extension with the construction of a new concrete block room is valued at around $ 1,500 / m2;

• the wood solution remains the least expensive with a cost per m2 which amounts to $ 1,000;

• the raising, if it seems complicated to realize, is not the most expensive. The average price, without fittings, is around 1,400 $ / m2.

Among the precautions to know, it is good to know that it is better to keep the staircase of a house in its original place. Removing it or moving it would raise the invoice by an additional $ 5,000 minimum. Another financial consequence of the extension of a house is the revaluation of the property tax and the housing tax with the new living space.

If the budget does not exceed $ 75,000, the loan for the extension of the main residence can be taken out with a lender without going through the bank. Once the solution is chosen and the quotes established, it is then possible to make an online simulation for the home extension credit in order to prepare your budget.

The tool will specify according to your debt capacity and the amount to borrow the duration of the consumer credit and the monthly payments to be expected.

Alison Vannorman

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