When you’re considering home extensions it’s important to consider how those alterations might affect your home’s future value. Some things, such as swimming pools, home gyms or 20-person spa/saunas might not add as much value to future buyers as it costs you to build.
So what are the home alterations that do both – add liveability and value? Glad you asked. Here’s our list of the top 6.
A living area that connects with the outdoors
Perhaps the most common type of extension we build, the indoor/outdoor living area is very Australian, connecting us with the great outdoors. Encouraging al fresco dining, entertaining and getting outside more often (or feeling like you’re outside!).
When well designed, this type of extension can bring in light and warmth in winter, and cooling breezes in summer. Appropriate shade systems to suit your home’s orientation will maximise liveability and options like bi-folds, sliding or stacking doors open the interiors right up to give a real sense of space.
Often accompanying the above, a deck may be the most cost-effective way of adding living space there is. When covered, or partially covered, it can be an all-weather space for dining, entertaining or just relaxing.
Add a barbecue, good lighting, perhaps a wood or gas heater for winter months and you’re all set. Views are a bonus, but for most of us some landscaping or even just well-chosen potted plants is enough to create an outdoor oasis.
For many people adding bedrooms is the main reason for getting an extension. Luckily, adding bedrooms is one of the things that adds the most value to a home.
Across Australia, the value of an additional bedroom is between $75,000 and $95,000. And an article in the Sydney Morning Herald in June 2015 noted that 4 bedroom homes in Sydney sell for an average $250,000 more than 3 bedroom homes.
New kitchen / bathroom
Many of the extensions we build involve renovating or relocating kitchens and/or bathrooms. Many older homes have poky kitchens tucked away from the life of the house, whereas modern families prefer a more open-plan way of life.
Adding bedrooms often requires the addition of bathrooms, and certainly going from one to two bathrooms can add a lot of value to a home. A caveat though is that it’s easy to over-do it – a future buyer may not like your choice of Italian marble or built-in Swedish fish smoker – so if re-sale is a priority, go with the crowd-pleasing approach.
A second living area
Open-plan living areas are all well and good, but what happens if you want a little peace and quiet?
Many larger families find that a single living area gets too chaotic at times, and a second living space that parents, kids or teenagers can retreat to can be a big winner.
Extending for rental income
Now here’s an extension for our times. AirBnB has transformed the accommodation industry and thousands of Australians are making good money hosting guests from around the country and around the world. Why not consider an extension that allows you to do the same? One additional bedroom with access to a bathroom is all you really need.
A separate entrance, or a separate structure altogether can add even more value as a rental, whether for temporary accommodation or more long term leases. The current boom for granny flats in Sydney reflects the potential for income that way, and it also adds very good re-sale value to the home.
Image credits & more info – see the full gallery on Houzz.com.au below: