7 Home Additions That Will Add Value to Your Home |
Posted: June 8, 2022 |
Moving into your dream home often means working your way up the property ladder. A great way to do this is to maximise the value of where you live now. A property’s value relies on factors such as location, population growth, availability, infrastructure and a fluctuating market - all things you can’t really control. You can, however, control what you do to your home to increase its value, such as home modifications and room additions. Room additions allow you to expand your home’s floor space to make the most of your lot. You could choose to create a specialised space that talks directly to your target buyer, or your addition might be as simple as adding extra storage. If you’re not sure what to add, here are some ideas for home additions that are known to drive up the value of your home.
7 home additions to consider for adding value1. Extra bedroomReal estate agents unanimously agree that homes with more bedrooms sell for a higher price. It’s difficult to determine exactly how much value another bedroom will bring, but it’s clear that certain demographics within your suburb will pay more for an additional bedroom. If your suburb is heavily populated by families with multiple children, an extra bedroom is a safe bed for gaining extra value in your home. 2. Home officeMore people are working remotely these days and the value of a working home office is increasing. The pandemic has shaped homeowner’s opinions on having a home office, and many buyers recognise that having a functional workspace is hugely practical. Having a dedicated area for work makes it easier to transition from work-life to home-life, even if the commute is only a few steps away. 3. BathroomIn an ideal world, every bedroom will have its own bathroom. This might not be possible, but an extra bathroom to what you have now could be. Adding an extra bathroom doesn’t come cheap, but if you’ve got the money to spend, it can produce a great return on investment. If you can’t do a full bathroom addition, consider adding a half bathroom (sink and toilet). 4. SunroomSunrooms are screen- or glass-enclosed spaces attached to your home’s exterior and they are an ideal way to bring the sun’s natural and warming light into the home. Natural light is a key priority in terms of property investment, and savvy homebuyers recognise natural light as a key consideration when assessing a home’s worth. Sunrooms ooze relaxation and maximise on views and fresh air. They enhance a family’s standard of living, and who can put a price on that? 5. Garage conversionOptimising existing space is a great idea when you want additional square footage without the huge expense. Take out the car, the kid’s toys, your tools and the random nick nacks you’ve collected over the years and you have a perfect blank slate within your garage. Garage conversions that produce the most value in your home include a home office, home cinema or home gym. 6. Kitchen additionThe kitchen can make or break a home. One that’s too small or poorly designed can have devastating effects on your home’s value, whereas a well-thought-out kitchen can increase your home’s value. If you can’t push the budget to build an entirely new kitchen addition, consider doing a ‘bump out’. A bump out is a minor addition to your home that increases the total square footage of the space by a few feet, enough to move around the layout of your kitchen and perhaps add space for a dining table or large kitchen island. 7. MudroomA mudroom is a great place to store coats, shoes, backpacks, hats and umbrellas and can function as an informal entry to your home. For families with young kids, dogs and dirty boots, a mudroom can be a great asset. Be sure to add smart storage solutions to maximise the added value.
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