Adding a well-planned, high-quality extension to a home can increase its sale value by creating additional living space, improving functionality, and enhancing its appeal to potential buyers. The actual increase depends on the type and quality of the extension, local market conditions, and how the addition meets buyer demand for features like extra bedrooms, bathrooms, home offices, or open-plan living areas.
If you are planning an addition to enhance a potential sale, speak with your local real estate agent – they can tell you what potential buyers are looking for, level of quality, space and so on.
Before you progress to the planning stage – ask these questions:
Assess your goals: Understand your objectives, whether it’s selling soon or future-proofing the home.
Evaluate the cost vs. return: Ensure the potential increase in value justifies the investment in the extension. Once again, speak with your real estate agent.
Research local market demand: Confirm that the addition will be beneficial for potential buyers in your specific suburb.
Obtain necessary approvals: Always check and comply with council regulations and building codes for your project.
So, what sort of extension could you consider? Here’s a few examples of additions that definitely increase property values and desirability from potential buyers.
Second-floor additions: These can offer substantial increases in value by adding square footage and more living space.
Home offices: A professional and functional home office is a highly sought-after feature in the current market, especially from the WFH sector and home-based businesses.
Open-plan living areas: These create a spacious and modern feel, making the home more appealing and improving its market value.
Dedicating space for hobbies or entertainment: Extensions that cater to specific lifestyle needs or provide dedicated entertainment areas can be valuable, including undercover outdoor kitchens, games area, spas etc.
But here’s a warning – some vendors have changed their minds once an extension has been added!
The Southern Highlands has a range of quality builders, kitchen and bathroom companies and professionals that can assist in the smooth delivery of home additions and extensions (architects, planners, tradies etc) – many of whom are in The Fold’s business directory.