One of the most exciting things about purchasing a property is seeing its future potential. Whether it is through a second floor addition, a pool outside or the creation of a ‘granny flat’, your house can continually grow and adapt as your family does.
With each change to your property, there are many alterations that can be beneficial to the resale price of your household. The following is a list of alterations that add liveability and value to your Melbourne property.
Granny Flat
Having a fully self-contained separate dwelling on your property can satisfy your family’s need for extra space. A Granny flat can also create additional income via long-term tenants or temporary dwellers through websites like Air BnB.
A Granny flat can vary in costs to create, but with an additional bedroom and bathroom to the property can add approximately $100,000.
A Second Floor
The ultimate in home extensions, a second level adds significant value to your property. This is the most extensive of home alterations and will require some flexibility from homeowners to get the job completed. There will be a period of time where there is no roof on your property and alternative living will be needed.
Of all extensions it is one of the most rewarding, with approximately a 30-60% increase in the overall value of your property. The appeal of second story homes in the Melbourne market comes with additional bedrooms, bathrooms and living spaces and the potential of breathtaking views. If self-contained, it could serve as an additional point of income, with a similar purpose to that of a ‘Granny flat’.
A Home Office
As more and more Melbourne residents are working from home either full time or several days a week, investing in creating an office space is a smart idea.
A good home office typically has a separate entrance from the living space, an Internet connection and data cabling. An expertly completed and functional home office can add up to $100,000 of value to your property.
Loft Conversion
A forgotten extension for homes, and one that’s a bit more unique, is the loft conversion. Depending on the structure and design of your household, a loft extension can make an extra bedroom, second-living room or entertainment space possible.
A low-cost extension, this option still offers considerable return, with the potential to increase your property’s value by 22%.
A Deck or Terrace
An extensive and functional outdoor entertainment space is an attractive feature for properties in today’s Melbourne market. As a result, extending your entertaining space outdoors is a smart investment for your property. When covered, fully or partially, a deck can become an all-weather space for dining, entertaining or just relaxing.
With an upfront cost of approximately $10,000-$25,000, depending on the extent of the job, it can show a return of up to $100,000 of additional value to your property.
To get in contact to see how XL Built can help add value to your property, contact us today on 1300 952 845.
