Raising money for remodelling/extension

Alarash

Hi everybody,

I'm very much a MSE newbie so please be gentle as I'm sure much of this has all been asked before.

I've recently bought a house, nice old turn of the century 2 bed semi which basically needs a top to bottom renovation and ideally an extension to turn it into a 3 bed.

I've had a few architects over who are giving ballpark estimates verging towards £100K.

In terms of my finances I have a 25% deposit and 75% LTV Nationwide tracker mortgage for the house which cost £195K and this is on a 2 yr deal. I have £55K at present to get things started.

So at the moment I was wondering what options I have to raise the balance of the funds?

Thanks in advance for your advice.

Fire_Fox

Welcome to MSE!

Second job and save up, sell your car, 0% credit cards, home improvement loan, tap family and friends, matched betting, get started with the capital you have and remortgage along the way.

dopester

Alarash wrote: »

I've recently bought a house, nice old turn of the century 2 bed semi which basically needs a top to bottom renovation and ideally an extension to turn it into a 3 bed.

I've had a few architects over who are giving ballpark estimates verging towards £100K.

Try to get cheaper quotes? Much cheaper quotes. Whilst some people think the recession is over and it's back to money-galore days, there are many people struggling for jobs, money and work. Haggle.

Make a kicking plan and run it with military precision. Don't be made a mug of by anyone you get in to do a job. (See points 4, 5 and 6, as well as the rest in this link below)

http://www.myworkman.co.uk/help/employing_tradesmen.php

Seek out materials you will need for some of the jobs involved at liquidated/distressed prices? Inc ebay.

Do some of the work yourself? Perhaps not the really skilled stuff, but you could probably read a few how-to guides for some of the work and get it done yourself much cheaper than paying someone else to do it. (I did a fitting job over the weekend.. not to boiler or anything like that, and saved myself £70 which 3 professionals wanted for the job. And it only took 45 mins. Doing it again it would take 20 mins.)