When people think of adding value to their homes, they normally think about improving their outdoor living areas, repairing things around the house or some new rendering/wall painting. However, one of the biggest ways of adding value to your home is often overlooked, and that is an extension to your existing home. We believe home extensions are highly underrated and when it comes to practical benefits, they have the highest value for money. We have compiled a list of a few ways home extensions can add value to your home.
More is better
The obvious reason why an extension would add value to your home is because more is better. A house with 5 rooms is going to be of higher value compared to a house with 3 rooms, making the benefit abundantly clear in this case. Whether you plan to sell or rent the property, a house with extra bedrooms, living areas or even a man cave is always going to appeal to those looking to buy or rent. Hence, offering the perfect opportunity for homeowners to increase the monetary value of their home by maximising the property’s market value. While you get to enjoy living in a more spacious house, you also reap the rewards of the investment that you make when and if you ever plan to sell or rent it out.
Another benefit of a home extension is that you can modernise your home. Clients may opt for a home extension followed by an in-house renovation. As a result, they’re able to give the inside of their home a brand-new look with increased living area. It’s like moving into a new house but never moving out of the old one, allowing you to live in the same home where you created life-long memories with friends and loved ones.
The average cost of an add-on to your property (e.g. second storey extension) is usually between $170K to $270K. This statistic shows that it is more cost-effective to expand your current home rather than sell it and buy another. Think about all the expenses when you are selling your house for another, for example, real estate commissions, inspections and many other miscellaneous expenses, just to sell and buy. On top of that, once you have bought the house you would like to move into, there is also the cost of moving, not just financial but also take into account that you may have to take a few days off work to set up your new house resulting in loss of income/wages. Conversely, when you are extending, you only have to pay for the extension itself, a building permit and a few inspections. At Duncan Thompson Extensions, we make sure that our clients are aware of all costs so that there are no surprises at the end.
One of the biggest, if not the biggest benefit, is that you can design the new part of your house exactly how you would like to. If you were to move into a new house, you are buying a house designed by someone else, but when you extend your home, you would have endless design power and freedom within your owned part of the land. The truth is that if you want your dream home, your best way of getting it is by designing it yourself, rather than thinking that you will find it, as every other home is built to someone else’s preferences.
Now is the time
As we all know, COVID-19 has negatively impacted all of us in some way or another, however, one of the very few benefits of this pandemic are that the government is now providing a $25,000 grant for housing construction/renovations in an attempt to bolster the industry and economy. Hence, this is the ideal time for you to go ahead with the renovation/extension you were thinking about. If not now, when? Such an opportunity doesn’t come around often.
Get in touch
Need more information? Contact us to further discuss what it is you are after and let our professionals turn your dream home into a reality.