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Is a Home Extension Worth the Money?

Jul 24, 2015

Whether it’s a home renovation, a home extension or a second storey addition, one of the first questions our Perth area clients ask us is this: “Is it worth the money?” The short answer: “Usually, but only if done by the right builder.” Here is the way to figure out if a home extension or home renovation is worth the money.

Figure out exactly what you want in a home. How many bedrooms, how many bathrooms, family room, patio, etc. Then, look around and find out how much it would cost to buy a home like that. Add the costs of moving, the fee to pay off your current home mortgage and any other fees or charges.

Then, find out how much you can reasonably expect to get by selling your home. Make sure to subtract the realtor’s share. Subtract it from the price of your new home. Remember that number.

Next, get an estimate of how much a builder such as Next Level Extensions will charge you to renovate and extend your home. If that number is less than the number you got above, you will make an immediate profit by having us build a home extension. If it’s close, you will have a decision to make.

Remember also that it is a huge hassle to buy, sell and move. It can cost you time, money and effort. In addition, remember that your home value will probably appreciate at a rate higher than the economy inflates. This provides more profit for you further down the road, in 10-20 years’ time.

Moreover, remember that you may be able to depreciate the new portion of the building for tax purposes, even as its market value rises.

Call Next Level Extensions Today

If you are interested in improving your living situation, call Next Level Extensions today for a free consult. Award winning home renovation designer Max Sardi will help you come up with a design that can turn your current home into your dream home without the hassle of moving.

To learn more, call 1300 948 094 today.

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