Many people’s most significant financial asset is their home. It’s something which we all aspire to have. But most of us can’t seem to see past paying off that massive mortgage, stopping us from seeing our home as an actual investment
We know you may be thinking that you have no plans to move out anytime soon, but it’s never a bad idea to invest time and money into your property for the future. Undergoing home renovations can actually provide you with a wealth of options to rent out additional space and make a little extra cash. In this article, we take a closer look at the types of home extensions that can increase the value of your home and provide you with numerous short and long-term financial benefits.
Second storey renovations.
Second level additions to your home can drastically enhance your property’s market value. By adding a second storey onto your house you are doubling your floor plan size and appealing to a whole new market of family buyers. A second level may provide you with enough room to create a parent’s retreat, a rumpus room or guest quarters. And you can achieve this without sacrificing your backyard space, which is a massive bonus for a family home!
However, this isn’t the only reason why second storey renovations are sought after over ground level extensions. Second level additions can frequently be much cheaper than building out. You already have a sturdy foundation to work with and do not need to spend a significant amount of time and money levelling new groundwork. You may also be surprised at the great views you can capture by adding a second level to your home! Sought-after views – whether they be coastal, city or country – will always increase the value of your property.
Up and under extensions
Some houses aren’t suited to second storey renovations, such as houses that have foundations which are unable to bear the weight of an additional level. But there is still a way to create more space in these homes and to transform them into wealthy investment properties. Many old Queenslander houses found in Brisbane can be raised to perform up and under extensions. The Queenslander is the ideal candidate for this type of home renovation because they are typically timber-framed and built on stumps or brick piers. When raising your house, you can choose to create an open space underneath for a carport or outdoors entertainment area, or enclose it to construct living spaces, a garage or additional bedrooms. Again, this maintains your valuable backyard space, can provide you with great views and increases the value of your property by enlarging the size and capacity of your house.
Financial benefits of second level and up and under home extensions
We’ve covered the benefits of both of these types of home renovations when considering the value of your property, and how you can increase its market price when you sell. But what about the immediate financial advantages?
- It’s often cheaper than building out.
- You can choose to rent out the extra space to a lodger, on Airbnb or use it for storage.
- It provides you with extra room so that your children can stay at home while they save for a house deposit. You don’t have to pay for them to rent elsewhere and you all maintain your privacy and space.
- If raising your house, you can retain heritage features protected by council regulations while still adding more space and increasing the value of your home.
Are you eager to increase the value of your home through constructing either a second storey extension or raising your house? Total Lifestyle Builders are experienced in both of these types of home renovations. Contact us today to create more space in your property and enjoy the benefits of having a worthwhile investment under your belt!