~ This is a featured post. ~
While we’re all generally content
with our homes, we’d all like to increase the value of our assets from time to
time. Some might consider purchasing a second home, or maybe even investing in stocks and shares, but what about investing
into your current abode?
By putting money into your current home, you benefit two ways by adding value to your assets while personally enjoying the benefits of your investment. As such, here we take a look at four ways you can increase the value of your home.
Extra bathroom
There is nothing worse than waiting around for the bathroom. To remedy
this most will add an extra restroom downstairs. By doing so, you will increase the value of your home by
around 5 per cent – meaning if your home is currently worth $200,000, you’ll
boost its value by around $10,000. Costs can vary, from $4,000 to $8,500, so be
wary as an overly expensive bathroom could end up costing you more than the
benefits received – although they are becoming more and more
popular. It is also worth taking into account the tastes of potential buyers
and not just opting for the bathroom that you want. Go for something
contemporary rather than anything wildly luxurious.
Garage
Adding a garage is a fantastic way to add value to your home while also
being a useful way to store any expensive assets, such as vehicles or boats.
There are many ways you can ensure your garage adds value, such as increasing storage space within, adding an
integrated safe, or opting for one of the epoxy garage floors on the market to
improve surface durability. While the average garage will set you back around
$20,000, it could add $25 - $30,000 to the value of your home in the right neighborhood.
Extending
Adding an extension to your home, whether it’s a new kitchen, dining
area or bedroom, can add some serious value to your home. With just an initial
investment of around $20,000 - $25,000, you can increase the value of your home
by around 11 per cent. With house prices rising, this initial investment could
pay dividends in years to come, while also providing you with plenty of space
in the meantime.
Extra bedroom
Adding an extra bedroom is seen as one of the easiest ways you can add
substantial value to your home, relatively risk-free.
One of the first things any potential buyer will ask is how many rooms a home
has, with “the more, the better” generally being the case. It could cost around
$20,000 - $40,000 depending on how much you’re extending by, or where you’re
extending from. An extra double bedroom
could add an incredible 10
– 20 per cent to the value of your home, or around $40,000 added to
the value of a home worth $400,000. If you’re careful, work out your budget
carefully and take into account the area you’re in and the demand for larger
homes, you could be on to a winner.