Home renovations and extensions must be planned very carefully, and can increase the value of your home significantly. This means that you need to be very strategic in your approach when planning your renovation or extension project. It is important to balance your desired changes with purposely adding features that are likely to increase the value of your property.
How Much Value Do Extensions Add?
Home extensions are a highly popular way to add living space, or additional bedrooms and bathrooms to your home – from expanding your kitchen with a single-story extension to building a full two-story extension. One thing you need to ask yourself when considering adding an extension is how much it is likely to add to the value of your house.
The amount of value that your house extension will add to the total value of your property will vary considerably depending on the style, size, and complexity of the extension as well as where the property is located.
How Much Value Do Renovations Add?
Renovations can transform an average property into the house of your dreams, but another reason to renovate is to increase the value of the property. A properly done renovation can significantly add to the value of your home, making your property a valuable asset for you.
The amount of value that a renovation can add to the value of your property will depend on the type of renovations and the amount invested.
Factors that Impact the Cost of a Home
The cost or value of a home will depend on what willing buyers in the market are ready to pay for it, but each buyer is different. Here are some of the most important factors that can influence the cost of a home:
- Location: The proximity of the property to everything from local amenities to local freeways can dramatically affect its value. Oftentimes, the proximity of a property to city centres, tourist destinations, a body of water, and public transportation options are all factors that determine how popular a certain location is for potential buyers.
- Square Metres and Yard Size: The size of your home and perhaps even the outdoor space is a key factor in determining the value of your home.
- Condition: Location and square meterage aren’t everything when it comes to the value of your property. The overall condition is also an important consideration.
- Renovations: Have you made any renovations to the property since you bought it? As we have mentioned above, renovating your home can increase value and make your home more desirable to potential new buyers.
- Real Estate Comps: This real estate term refers to properties with similar characteristics, which makes them comparable. If you would like to know the value of a property, check the sale prices of comparable properties sold in the area recently. Properties could be comparable in terms of type, age, square meterage, location, etc.
How to Find the Right Design Professionals
Finding the right design professionals is an integral part of the success of your project. You need to take plenty of things into consideration. Here are some tips to help you find the right design professionals for your project:
- Experience: The design professionals you choose need to be highly experienced. If you want high standards of workmanship to get the job done, experience is key. Experience allows the service providers to be readily adaptable to uncertain situations.
- Communication: It is important to find design professionals that you can communicate well with right from the beginning. A building project has numerous decisions that have to be made and small details to be discussed.
- Reliability: The design professionals you choose to work with should have a solid reputation in the field of construction and should be reliable. You can check their past work and references to confirm whether they have successfully delivered their projects to a very high standard.
- Customer Service: You should choose design professionals that manage projects in a professional way and deliver a high quality finished project. Find professionals that prioritise customer service above all else.
A renovation or extension has the potential to add to the value of your property significantly. If you are considering undertaking a home renovation or extension project, it is important to find the right professionals to work with using the criteria provided here.
Hire Custom Renovation and Extension Experts!
If you are undertaking a renovation or extension project in Melbourne, Period Extensions & Designs would love to help you. We are a well-established company with more than 30 years of experience. Our professional design and build team is ready and waiting to help you with your next home renovation or extension project.
Please call Period Extensions & Designs today on (03) 8658 1340 or make an enquiry.