One of the most seamless and cost-effective ways to boost the value of your home is to build a home extension.
Of course, not all home extensions are equal, and this begs the question: what kind of home extensions are most likely to generate a high return on your investment? And more importantly, how do you narrow down what the right choice is for you?
Here are some of the most crucial details to consider before you sign off on your next home renovation project.
Project Cost vs Gain in Value:
With any home extension project, the money you put into the extension must be less than what you reasonably expect the property to gain in value.
Here’s how to get the best bang for your back.
First, take the time to collect multiple quotes from builders in your local area. Most builders will be happy to conduct an onsite inspection at no cost or obligation. While you won’t get an exact figure, you’ll get a reasonable ballpark figure based on the unique specifications of your project. From there, you can decide whether to proceed to get a more detailed itemised quote.
Secondly, be aware of all the individual costs the builder has charged in order to come up with their quote. Compare each item with other quotes you have received. Do they match up? Or do some itemised costs seem unreasonably inflated? If so, find out why.
Finally, keep in mind, what you might at first perceive as a ‘rip off’ may in fact be the result of the builder estimating accurately (meaning fewer variations) &/or using higher quality materials, labour, and workmanship. Which, if this is the case, the higher upfront cost could mean a final lower cost and greatly prolong the lifespan of your extension, and yield a higher return on investment.
Want to find out how much value a home extension can add to your property? Get a FREE quote from APEX Alterations & Additions today.
Better Build Quality = Better Value:
It’s a matter of fact. Home extensions completed by highly skilled and qualified builders – who use only the best materials, follow current building regulations, and take enormous pride in their work – are far more likely to add value to your property.
How do you find such builders? Here are a few ways:
Relevant skills and experience –
Choose a builder with a strong portfolio of projects similar to yours. Check out their portfolio online to view photos and read a summary of each project. If desired, contact the builder directly for more insight into their past projects.
Qualified, accredited, and insured –
This should go without saying. But make sure your builder has relevant and up-to-date licensing. This’ll give you peace of mind that your builder is closely following Australian Building Standards to a tee. Refer to this link for more info on relevant builder’s licenses in NSW.
Build materials –
When it comes to renovating older homes, it’s common to blend in modern materials with existing ones. In fact, doing so can add a new dimension to the place, while enhancing the level of comfort and insulation. You also have the freedom to choose matching colours or try something completely different. This way, your extension is far more likely to blend in with the rest of the property to create a cohesive look.
Meet Buyer Demand:
When it comes to extending you have to strike the right balance what you want and what other people perceive to be of value.
For example, just because you may love the idea of turning the garage into a dedicated games room, potential buyers may prefer to extend the garage to fit in more cars and have extra storage space.
The solution? Consider what your house already has, what it currently lacks, and how an extension can help fill that gap.
Let’s say, you only have one bathroom at the moment. But building a 2nd bathroom could make your home more appealing to larger families. Therefore, they may be more willing to pay a higher price tag for this increased comfort and luxury.
Talking to your local builder or real estate agent may give you a better idea as what potential buyers are looking for these days – and what could be ‘hot’ in the near future.
Could Your Home Extension Be a Goldmine? Find Out Today.
Building a new home extension is a serious undertaking. You want to be sure your hard-earned money goes into a project that’ll yield amazing results for you and your family. For this reason, it’s important to get advice and support from industry experts who can get you there in style.
To discover the benefits of a home extension – and how it can enhance the value and quality of life of your home – contact APEX Alterations & Additions today. It costs you absolutely nothing to get an honest pricing budget. Of course, there’s no obligation.