It’s a well-known fact that you have to spend money to make money. The same goes for a second storey extension. While not a cheap exercise, the increase in value to your property is significant enough to make it worthwhile. Here’s how a second-story extension can add value if it’s designed and constructed well:
It captures a sought-after view
It doubles your floor plan size
It increases kerb appeal
It offers room for another bathroom, bedroom or kitchen
It boosts your house price when you sell
2. It’s cheaper to go up
While there are many arguments for building out, there are just as many for building up. One of these is that altering your floor plan downstairs can get expensive. Choosing to build a second storey means you don’t have to lay a new foundation or concrete piers. Other benefits of building up include:
You may be able to live in the house until the roof comes off
You can save money on renting elsewhere
3. Long term financial benefits
Adding a second storey has long-term financial benefits for you and your family. Not only will it help you stay abreast of the ever-increasing property market, but it also gives your children an opportunity to stay at home while they save for a house deposit. It also means you don’t have to compromise on your privacy and space. A second storey can be a retreat for parents or children by incorporating an extra living area, more bedrooms, and even a balcony.
4. Rent it out for profit
A second-storey extension can net you a tidy income. There are several ways your extension can work for you once the kids move out and you no longer need the space for personal use.
Rent it out on AirBnB – a popular option for netting a regular taxable income. It involves some effort such as being on hand to greet guests, change bed linen and clean the bathroom. But it’s a fairly easy way to get some additional cash in hand.
Rent it out to a long term lodger – gives you a regular taxable income for a fixed term lease. If your extension is self-contained, the tenant can live separately from the rest of the house.
Rent it out to friends or relatives on a part-time basis – a casual arrangement but with a trusted tenant, gives periodic income depending on how long they decide to stay.
Rent out the space for storage – there’s no need to greet guests or clean, but it will give you periodic income depending on how long items are stored.
Thinking about adding another level to your home? Get in touch with us today to find out how we can help you!