Moving out from your first home to a new residence is not uncommon, particularly if your family has started to expand. However, in this day and age, getting the same resale value as the money you put down for your property can be tricky. Depending on the state of the real estate market, you may have to make some changes to your home to make it appeal to potential buyers. These additions go a long way in making your home stand out from the competition, which increases your chances of making a profit. Nonetheless, this does not mean that any home extension project would be valuable to your residence. The following is an outline of a couple of ways that you can ensure that your home extension will translate into a significant payoff once you put your property back on the market.
Increase the residence's square footage
One of the first things that you should try to accomplish with your home extension is to increase the square footage of your home. The bigger you make your residence, the higher its price bracket becomes, as space is always a premium for most potential homebuyers. There are a couple of ways that you could add this square footage to your home.
Firstly, if you have a large yard, then you could consider constructing an extra bedroom on the ground floor or even building a granny flat. However, you should ensure that this does not translate into making your yard too small, as this could decrease the sale price.
Secondly, if your yard is not as spacious as you need it to be, then you can consider a second-storey home extension. Building upward may cost a bit more, but you would have an entirely new level to your home!
Increase the amenities of the house
When people think of home extensions, their first thought is adding an extra bedroom to the home. Spare bedrooms are well and good, but they are not the only option that would boost the value of your property.
Discerning homebuyers are now looking for unique features in their home, and keeping this in mind could prominently increase the value of your home. Some of the amenities that you could consider adding include a sunroom, which would be a particular favourite in Australia, as you get to enjoy the warm weather without having to be exposed directly to UV rays.
Another luxury amenity that you could consider adding to your property is a recreational room that would be perfect for hosting and entertaining guests separately from the central living area.