Ground Floor Extensions
If you are building an addition or extension on your home you may find yourself needing to arrange finance to pay for the build. We can help you secure the appropriate finance for your build.
Refinance your current mortgage
To pay for your addition or extension you can opt to refinance your existing mortgage. This means that you will use the equity in your home to obtain a loan for a higher amount than what you currently owe to finance your addition or extension project.
The new loan will replace your old loan and you can choose to stay with your existing finance provider or move to a new finance provider. Refinancing has several advantages for homeowners with substantial equity in their homes.
First, it may allow you to obtain lower interest rates without changing your monthly mortgage payment or adding on a new payment.
Second, some lenders “may approve a loan based on the estimated value of your home once the addition is completed,” which is convenient for projects that require a large amount of money, such as a second story addition or ground floor extension.
Take out a Construction Loan
A construction home loan is a type of home loan designed for people who are building a new home, a first floor addition, ground floor extension or doing large scale renovations. It has a different loan structure to home loans designed for people buying an established or existing home.
A construction loan most commonly has a progressive drawdown. That is, you receive instalments of the loan amount at various stages of construction, rather than receiving it all at once at the start. You generally only pay interest on the amount that is drawn down, as opposed to on the whole loan amount.
A number of lenders offer construction loans that are interest-only during the construction period and then revert to a standard principal and interest loan.
Of course, a construction loan is just one potential source of funding for your project. The Federal Government recently unveiled its HomeBuilder scheme, which will give eligible homebuyers and existing owners grants of $25,000 to help them construct or substantially renovate their home. Strict eligibility criteria apply– for example, you’ll need to meet an income test, and be building a new home that’s worth less than $750,000 or a renovation that will cost at least $150,000. For more information visit our blog post here.
We can connect you with our finance specialist to discuss how to get started today.
Some of our team were over at Belimbla Park recently installing the nailstrip metal wall cladding on stage 1 of the parapet of the ground floor extension.
Here are several benefits of using this material for your wall cladding:
– It’s quick and simple to install, with no clips or special seam tools required
– It achieves an architectural facade with no visible fixings and has a modern clean style compared to traditional cladding
– You can get custom widths for your individual design style
AND our favourite;
– It requires minimal maintenance compared to other cladding materials, such as rendered brick and timber!
This look is definitely the new trend that we are seeing coming in across our builds, with our client in Rozelle also opting for this cladding! Want to know how to incorporate it into in your build either as a feature or across your home? – just ask us!
2016 HIA-CSR NSW Housing Award Finalists
HIA Professional Builder Award
Renovations & Additions $200K – $600K Award
We’ve done it again! This year, we have we been successfully nominated as a finalist in the HIA Professional Builders Award and alongside that we have also, for the second year in a row, been selected as a finalist in the HIA-CSR NSW Housing Awards in the extensions $200,001- $600,000 Category with our Camden first floor addition and extension
Alistair, Director and Licenced Builder on becoming finalist as a professional builder – “It’s an honour for all of us at 32 Degrees Building to be recognised as a professional builder based upon our values and commitment to our clients and the customer service we strive to deliver. This, combined with our continuous improvement strategies and our financial management processes have resulted in our achievements as a builder to date.”
Our first floor addition and ground floor extension is a beautiful 1950’s home situated within walking distance of the centre of Camden. Originally only 103m2 the addition and full renovation added over 258m2 to their home giving the owners plenty of additional living space, including 3 bedrooms, two bathrooms, media room, alfresco and also a commercial kitchen to meet the needs of the owners growing hospitality business, Cupcakes in Camden.
“Alistair first said….” oh don’t worry a few months after you won’t even believe you’ve been through it!” You were right!….I still pinch myself that this beautiful new space is ours. We had never done anything like this before but I THANK YOU for making the whole process smooth, enjoyable and fun….I really learnt so much! Wishing 32 Degrees all the best for Sat night! with the HIA Awards. We are honoured to be a finalist and believe you guys are so deserving of a big Win so fingers crossed.”
Best Wishes, Nicci, Steve, Livi and Bailey!”
The winner is to be announced at the upcoming HIA-CSR NSW Housing Awards night on the 15th October and we will keep you updated via our website and social media pages!