A home extension not only gives you and your family more space to live and grow in, it can also significantly improve the value of your home, giving you more money in your pocket when it comes time to sell. Here is our guide to extending your home to create a profit.
Adding Space Adds Value
One of the primary reasons for adding an extension to your home is the extra space that you gain. This is true whether you are extending up or extending out. The extension could be as simple as an extra bedroom, or it could be adding extra bathrooms, a new kitchen area, a parent’s retreat, or adding a whole new living area. Extensions are valuable as they give your growing family the room that they need to grow. Not only that, extra living and sleeping spaces are highly valued by homebuyers, and if the extension is designed cleverly, it will increase the value of your home exponentially.
Extending Can Improve Your Home’s Design
If your home is not well laid out design wise, an extension can help to fix those problems and help to create a home that flows beautifully and that is both easy and comfortable to live in. For example, if your kitchen simply isn’t big enough, you can extend the space and build a brand new kitchen. If your life revolves around waiting for the bathroom, you can add a new master bedroom with ensuite or simply add additional full or half baths to your home. If you’ve always wanted a huge indoor/outdoor living area, you can extend the back half of your home so that you have some new airy, spacious living areas.
Many potential buyers, when looking at a house, look at the house as it is. If they perceive that a lot of work is needed to bring it up to scratch, they are likely to offer less money (as they try to save money for renovations), or even to just walk away. A good extension will make your home instantly more liveable and potential buyers will feel like they can just move in and enjoy. This feeling can translate to additional dollars in your pocket.
Extensions Save You Money
Many people, when their home no longer meets their needs, decide to move to a bigger or better place. This is an expensive exercise in itself, once you meet all the costs associated with this, such as stamp duty, mortgage fees, moving costs and so on. It is often more cost effective to add an extension to your existing home. While it does cost quite a bit of money initially, you are rewarded with the fact that you have a home that suits your needs better. You’ll also get a lot more money when it is time to sell your home, meaning that you’ll at least break even but more likely make a profit.
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