Home Extension or Second Storey Addition? Sell or demolish? Help!
My family needs more space!
Should I Sell, Demolish, add a Second Storey Addition?
- Is your existing home too small?
- Are your family growing and you feel like you are busting at the seams?
You have some big decisions to make. You are probably asking yourself, do you:
- Sell up and buy somewhere else?
- Demolish and build new?
- Add a home extension at the rear of your home?
- Add a Second Storey Addition?
Making the right decision is only something that you can decide. To help you, we have prepared the following information. This will help make your decision easier, and help you to make the right decision for you.
Should you sell and buy elsewhere?
Do you love where you live? If the answer is No, then perhaps buying elsewhere is an option for you.
If the answer is Yes, will you be able to find the type of property nearby for a price that you can afford? Will the homes that you can afford offer the solution to the problems with your current home?
Don’t forget to factor in the considerable costs relating to selling such as real estate fees and stamp duty. Would this money be better spent on your existing home and customising it to meet your needs? Do some research and crunch some numbers before diving in the deep end and selling.
Do you demolish and build new?
We have written an article called Renovate or Detonate that talks about this topic in detail. Essentially, if you have a character home we recommend that you retain this uniqueness and add a home extension. Character homes have demonstrated their ability to appreciate in value over time, as people are drawn to their beauty and classic style.
Classic style never goes out of fashion, and retaining style is an investment in your property’s future value.
On the other hand, if your home has few character elements, is not in a heritage suburb, and is very dilapidated, it may be beyond saving and demolition may be the best option. Consider talking to a real estate agent in your area for independent advice and property value comparisons.
Should you build a Home Extension at the rear?
This is the most common type of home extension and for good reason. Typically, Home Extension Designs to older homes retain existing rooms such as an old front lounge room, which is then repurposed and converted to an additional bedroom. The kitchen and living areas are relocated to a large open plan home extension at the rear. The new home extension usually opens out onto an inviting deck and outdoor entertaining area.
For most people, this style and Home Extension Design provides enough space and solutions to the problems of their current home, to keep them comfortable for the next 10 to 20 years!
Should you add a Second Storey Addition?
You may have already decided that you need more space, but should you build a home extension that extends into the existing backyard, or build a second storey addition?
One key advantage of second storey addition includes retaining existing outdoor space. If your block size is not large, a second storey addition may help preserve valuable yard space for outdoor entertaining, children’s play areas, a future pool, a garage or perhaps a veggie patch.
Adding space to your home is guaranteed to improve your lifestyle and a second storey addition will provide you with design options such as creating a parents retreat.
If there is the potential to gain views from a second storey we would strongly encourage you to consider this. Views add considerable value to your home. If you will gain a view of the city, a lake, or even just over the neighbourhood, then a second storey addition is definitely worthwhile.
Adding Space means Adding to your property value
Both a second storey addition and a home extension will add value to your home now and into the future. Real estate agents and even Bank Valuer’s (who are notoriously conservative) will agree that additional rooms, spacious living areas, and quality home renovations add considerable value to homes.
Homes with 2nd storey additions and quality home extensions in established suburbs are sought after, and hold their value over time. Check with your real estate agent for sales statistics in your area.
The biggest advantage of adding a home extension, second storey addition or undertaking a home major home renovation is that an improvement to your home will result in a fantastic improvement to your everyday lifestyle.