Renovating is one of the most effective ways to boost the value of your home. When done properly, upgrading your current home can make it really stand out on the market, draw in a larger pool of potential buyers, and entice them to bid higher than what they would for other properties on the market.
Of course, not all renovation ideas are guaranteed to succeed. Some ideas just aren’t suitable for the type of property. While other ideas are expensive to maintain (i.e. swimming pools, lavish gardens) and can turn off potential buyers.
When this happens, the property could stay in limbo on the market until you either: pull it off the market, or settle for a lower than expected price. Neither outcome sounds very enticing, does it?
The good news is, there are ways to reduce the risk of buyers’ remorse when it comes to building a new extension, addition, or renovation. Perhaps the three most important tips are to:
- Research the current property market
- Figure out what your current home is lacking, and
- Choose the kind of extension or addition that people actually want
By doing these tasks, you are more likely to stand out on the property market, and convince buyers your home is worth the premium price tag.
First, let’s do some research…
Research the Market:
Do potential buyers actually want the kind of extension or addition you desire? This is an important question to answer. If you get it wrong, you risk sinking thousands of dollars into an upgrade that people don’t want to pay extra for.
To answer this question, get in touch with your local real estate agent. Explain to them the kind of extension or addition you want to build. They should be able to tell you if similar properties – with the same kind of extensions – have recently performed well on the market. You can also research property listings online to get an idea of what’s in your local area.
By doing this, you will have a much better idea of what the market perceives to be of value.
So, if you originally wanted to convert your garage into a pool room, but the market tends to favour extra bathrooms or new kitchens, you can use this info to focus your efforts on a more worthy investment.
What Does Your Home Need?:
Take a good hard look at the current state of your home. Ask yourself, “Is there anything in this house that is missing?”
Perhaps you could do with an extra bathroom … a second lounge room … a newly renovated kitchen … extra bedrooms to accommodate for a growing family … or extra space for storage.
Regardless of your dream home, choose an extension or addition that fills a nagging gap. Feel free to reach out to friends and your immediate family for advice. Even though they don’t live in your home, they may be able to clue you in on what the house currently lacks.
After doing some soul searching, you should have a pretty good idea on what kind of extension or addition you want. But now begs the most important question – will it add value to your home?
5 Value-Enhancing Home Additions:
To help you answer this question, here is a short list of 5 additions that actually help boost the value of your home.
1. Kitchen Remodel:
Your kitchen is the heart of your home. So, it’s no surprise that people want to feel comfortable in this space, and enjoy the convenience of using fancy new cooking appliances. Of course, try not to go overboard on the renovation. If you go too fancy, the kitchen may look and feel out of place with the rest of the house, and this may put off potential buyers.
Instead, focus on making the kitchen more practical – i.e. increased bench space, more storage space, and spacious layout – and make sure the design complements the rest of the house.
2. New Bathroom:
Whether you update an existing bathroom, or add an entirely new bathroom, this is a worthwhile upgrade for nearly any home. And there are so many ways you can do it! You can repaint, retile, and update the utilities and fixtures in your existing bathroom – making the space look brighter and more modern.
Or, you can add a brand new bathroom (or even an ensuites), which will cater to a wider pool of potential buyers, especially families. Just make sure that your house has the plumbing capacity to handle an extra bathroom.
3. Outdoor Decking:
It’s no secret us Aussies love to spend time outdoors. But we don’t always have the time or inclination to get out of the house. So why not have a permanent outdoor space you can enjoy any time of day, all year long?
Whether you want to host social gatherings, spend time with the family, or simply curl up to a good book, an outdoor entertainment space is the perfect way to enhance the value and appeal of your home. Not only is an outdoor deck desirable, research shows you can recoup anywhere from 65 to 90 percent of your investment.
4. Home office:
These days, more employers have become open to the idea of their employees working from home. On top of this, the number of self-employed workers are on the rise too. For these reasons, building a dedicated home office is a great way to attract home workers.
When building a home office, make sure there are enough power points to accommodate for a range of electronic appliances, such as computers, printers, fax machines, and more. Also, consider adding a built-in wardrobe for storage space, and don’t forget to include at least one data port – so users can enjoy fast internet speeds with a wired Ethernet connection.
5. Make an existing room bigger:
Sometimes you don’t need to build an entirely new room to open up the possibilities. By making an existing room bigger, you can either repurpose the entire function of that room (i.e. after the kids move out, convert one of their bedrooms into a personal gym) or just make it more spacious.
How you this is entirely up to you. The only limit is your imagination. Of course, you have to make sure the extension will accommodate for your unique electrical and plumbing requirements. So make sure your home additions builder is well-connected and can arrange these services on your behalf.
6. Talk to the Experts:
These are just some of the many extensions and additions that can help boost the value of your home.
By choosing one of these ideas, you are more likely to make a strong impression on the property market, see a positive return on your investment, and boost the overall value of your property. Of course, you need a licensed and capable home additions builder who can turn your dream into a reality.
That’s where APEX Alterations & Additions comes in. With over 30 years of experience in enhancing the space and value of existing homes, we know how to take your idea and turn it into the kind of extension or addition you’ll be proud to call your own.
Contact your local home additions builder in Sydney today. Simply call APEX Alterations & Additions on 1300 654 380 or request a free quote online. We look forward to making your renovation dreams come true.