How to finance the expansion of your house?

You have just had a new child, your teenager needs more space or you yourself want to create a new relaxation room but you do not have the means to finance the extension of your house ? The only solution you can consider in a case like this is consumer credit.

What are the possibilities and constraints of a house extension

Adding a room to a house can take several forms:

  • If the house has convertible attics, the operation is greatly simplified
  • Otherwise, it will be necessary to extend the living area by extending the basic structure

After that, you can easily add any adjoining room to the house to turn it into a veranda, an office or even a bedroom.

Whatever the solution considered, be aware that it is essential to find out beforehand about the local urban plan (PLU) in force in your municipality of residence.

This will tell you the extension and architecture conditions. For an extension that is limited to m2 for example, a prior declaration of work to the town hall will suffice. But on the other hand, if you want to build a larger room, you will absolutely need a building permit.

Read also: How to renovate a house?

How much will a home extension cost you?

The budget for expanding a house varies depending on the type of room and the materials used.

For example for:

  • The construction of a veranda, so with the use of steel and glass, it is necessary to plan a budget of around 2,000 € per m2
  • The extension with the construction of a new room in concrete blocks is estimated at around 1,500 €/m2
  • Building a room with wood is less expensive and will set you back around $1,000
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How to finance the extension of your house with a consumer loan

If the amount of your loan does not exceed €75,000, you have the option of contracting it with a lending organization without going through the bank. Once the solution has been chosen and the quotes established, you will be able to do a simulation on the internet for the credit for expanding your home in order to prepare your budget. The tool will tell you according to its effectiveness your debt capacity and the amount to borrow the duration of the consumer credit as well as the monthly payments to be expected.

If you need more than 75,000 euros then you will necessarily have to go through the bank with of course a much higher interest rate unfortunately. To avoid having to repay too much, try to reduce your costs.

Read also: How to finance the expansion of a house?

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