1.Should you build an extension or move to a bigger house?
“People tend to go for extensions because they like where they live, they like the neighbours, the kids have grown up in the area and selling and moving has its own costs with stamp duties, buying and selling and relocation costs,” Robert Drechsel, director of Sherbrooke Design and Construction in Melbourne, says. “You can spend $150,000 before you even get something. That’s a good foot in the door to getting what you want in an extension,” Drechsel adds.
2. What is your budget?
“The first consideration is to ask yourself ‘what do I want to spend?’” says Daniel Mazzei, director of Mazzei Homes, the luxury custom home division of the Better Living Group. “This may seem common sense but it can be a difficult question to answer at the stages when the costs are unknown. You could think about it in terms of what would be comfortable in extra repayments each month. Knowing this figure will allow you to understand the scope of the renovation. Will it be a bathroom or a second storey and to what finish level?”
Will it add value to your home? Contact the appraisers at www.scappraisals.com for you value questions.
Professional renovator Cathy Morrissey, of The Reno Chick, suggests getting a real estate agent to assess the current value of your home and what it will be worth with an extension. “A few years ago I wanted to put an elaborate extension on my home that would double the home’s size. I called my local real estate agent and asked him to value my home. I told him about my plans and he quickly burst my bubble. He said the most I would increase my property was by about $20,000.”
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