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Can You Make a Profit by Extending Your Home?

Jul 21, 2014

outside view looking at second story being built

As one of the more prolific providers of home extensions in Perth, we are often asked whether or not building a home extension will guarantee that you can turn a profit when selling your home.

The short answer: it can, but it doesn’t always work out that way. You need the right plan and the right builder. You need to do your homework and your builder has to deliver high quality work for a reasonable price.

So, what goes into determining whether or not you make a profit? Here are some ideas.

Adding Space

Adding space adds value to a home. You can build a second storey extension or you can build outward on the first floor. Adding to the number of bedrooms always increases the value, as does adding another bathroom or a family or recreation room. Some even add entirely new living spaces to their homes that relatives can use as “apartments.”

It’s in the Design

Besides space, the greatest benefit of a home extension is that you can greatly improve the design of your home. For example, an old home with a small, outdated kitchen can be extended and partially renovated to expand the kitchen, modernise it and add a dining area. You can incorporate an open floor plan by removing walls from your original bedrooms and building bedrooms in the extension.

These are only generalities; what you can do is limited only by workable space, materials and your imagination. The important thing is that just throwing up a couple of rooms isn’t going to turn a profit. You need to pay attention to the design and functionality of your home.

Putting it Together

We recommend using comparables to determine what your home would sell for now and then figuring out what your new, extended home would sell for. Then, call us for an estimate and do the math. For more information or an estimate, call 1300 948 094.

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