You may have heard the news that Australia’s property boom is set to ease in 2018. But government officials are quick to emphasise that this will be a gradual decline, rather than a crashing one. This is great news for first-time homebuyers but may leave those set to sell their home in 2018 in a panic that they won’t make the sale before prices drop.
The general consensus seems to dictate that you still have time, however, it’s important to make all the relevant fixes to add value to your property before selling prices see a downturn. And adding a second-storey extension is one way that you can achieve a higher price for your property.
Build up, not out.
Building up definitely has its advantages to building out. The major drawcard? You don’t have to pay for surveyors and builders to lay a new foundation on your property. Building out can also land you with longer waiting periods with your local council, as new land needs to be deemed appropriate to build on. When building on top of your existing home foundations, at least you know exactly what you’re in for from the offset, especially if you still have access to the home’s original designs.
Stay on trend.
There are so many exciting home trend forecasts for 2018! Our favourite by far is bespoke design overtaking mass-manufactured features. Having unique elements in your home makes it stand out to buyers and gives it a one-of-a-kind feel. Design your second-storey extension with standout feature walls in mind, built-in reading nooks or window seats, or discreet television cupboards for a sleeker design.
Building a second storey onto your home is the perfect excuse for a whole house refresh, too! If your ground floor is looking a little worse for wear, update wall colours, so they’re fresh and consistent throughout. Buyers are much more likely to remember your home and be drawn to it if it’s not the same as every stock standard design on the street.
Think towards the future.
Kids are staying at home for longer; it’s no secret. So larger family homes are a better investment for buyers who have a growing family. It also means that they’re looking further into the future, to when they’re children are older and a well-deserved ‘parents retreat’ is required. A second storey can provide this type of seclusion without disconnecting it from the family home altogether. This way, the parents can seamlessly progress from full-time guardians of young children to those of young adults who want a bit more privacy. When the kids are young, upstairs can be used as a rumpus room or guest retreat, but when they grow up, it can be a luxury parent’s escape.
Use your home equity before it drops.
Property prices are still high, and your home may be valued favourably. Your home equity is the difference between what you have left to pay off your mortgage, and the value price of your property. Property prices are set to decrease in 2018 however, so now is the time to use your home equity before it falls! Constructing a second storey onto your home will not only add to its overall value, but also make the best use of your home equity for a better final selling price.
Ensure that you’re home sells for the price that it deserves by adding a second storey in early 2018! Don’t miss out on the property boom as prices gradually fall. Contact Total Lifestyle Builders to construct a home that will increase your property value today!