Consider expanding space in your house? Is it true that does an extension add value to a house? In short, yes! Besides, an extension is a popular method of expanding the usable space of a house and, therefore, the overall value of the property. Let’s proceed and see how it is possible to improve the value of your home with the help of extensions and for those looking for home renovations in Melbourne’s eastern suburbs, this is especially relevant!
What is an Extension?
An extension is a part of a building or a structure which is built to expand the area of a particular structure or home. It can be one storey or two storey extension costs that you should consider for how much value does an extension add to a house and can increase the area of your house. Some common types of extensions include:
- add new rooms to a house that was already built
- a larger kitchen
- a living room
- an additional wing to your home
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house renovations Balwyn Free ConsultationExtensions can be expensive but it is a worthwhile investment if implemented effectively. The Royal Institution of Chartered Surveyors (RICS) found that a properly done extension could increase your property’s value by up to 20%.
Does an Extension Add Value to a House?
Extensions can add significant value to a house in Australia (2024) by increasing by providing more space, adding more rooms such as bedrooms or bathroom, enhancing the look of the house, and updating the house to include features like insulation or other environmentally friendly features that are appealing to future homeowners.
Since Australian people enjoy spending their time in the open spaces, adding a deck or a patio can be a useful feature of the extension in the eyes of the prospective buyers, especially in warm regions. Reconstruction of the extension in harmony with the rest of your property will give you the best results you can think about.
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house renovation Templestowe Free ConsultationCost vs. Value: Balancing in Investment with Return
Those kinds of upgrades are good for the home and bring good value to it but first of all, you have to know how worth is the return of your investment if you will be going through an extension project. This is the process of comparing the total costs you will incur in obtaining the extension as a whole with the total income that you are likely to earn from the appreciation in the value of the property.
As mentioned earlier there are various key factors that influence the return on investment. Among the issues, which cannot be left out of consideration, the cost of construction stands out prominent. this element is considered to be one of the most effective ones since the property location is always the key factor when making a decision.
Places that are likely to give back your investment as compared to areas that have little demand such as homes that are being built or real estate in areas like Ivanhoe and where prices for houses are rapidly increasing such as home renovation in Ivanhoe may be the areas to invest.
More Over,
It will always be wise to look for a professional builder if you are planning to extend your home and have your ideas created into physical structure. Extensions about adds value to your house and is in touch with the real essence of today’s Melbourne home construction company, Build and Art ,as a residential construction company that knows the importance of extensions to a home extension, to harmonies with the overall architecture of the house.
We are here to help bring your vision to life
home renovations Melbourne eastern suburbs Free ConsultationFAQ
What is an extension?
An extension is an addition to your home that increases the living space. It can be a single-story or two-story structure that expands the floor area of your home.
What are some common types of extensions?
Some common types of extensions include adding a new bedroom, a larger kitchen, a living room, or an entire wing to your home.
How much value can an extension add to a house?
According to a study by the Royal Institution of Chartered Surveyors (RICS), a well-executed extension can add up to 20% to the value of your property.
Is it essential to consider the return on investment (ROI) before embarking on the extension project?
Yes, it’s crucial to assess the ROI to ensure that the renovation will enhance the value of your home and not become a financial burden.
