Thinking about a Second Story Addition? Read this First.
Are you toying with the idea of adding a Second Story Addition to your home?
Do you and your family feel like you are living on top of each other?
Does your home feel too small, dark and poky, or you just need more space?
Perhaps your kids are now young adults? Perhaps you have just added to your family, or are considering an extended family living arrangement – Or – perhaps somehow the house just seems too small nowadays?!!
By adding a Second Story Addition, that is, going up instead of out, there are many advantages over a single story home extension. Importantly, you will retain most of your yard space. This means that you will still have plenty of room for outdoor entertaining, children’s play areas, a future pool, a garage or even a veggie patch, or perhaps you can subdivide your block in the future?!
Adding a Second Story Addition to your existing home is fast emerging as the preferred option for many homeowners, over and above selling and moving elsewhere. Because of this, the Home Renovation market is booming in an otherwise dull economy. Why is this happening? Why is there a boom in major home renovations such as Second Story Additions? It simply makes sense because:
(1) Selling your home in the current economic climate means accepting a price that is lower than what you would have estimated. This in turn reduces your buying power.
(2) The high costs of selling and moving mean that you are losing money in Stamp Duty, Real Estate Fees, Bank Fees, etc…all costs that add no value and is a quick way to see your hard earned money kissed goodbye, never to be seen again.
(3) Interest Rates are at an all-time low, so if you need to finance your Home Improvement, there has never been a better time to negotiate a great rate with the Banks.
(4) Designing and adding a Second Story to your existing home means that you can see something for every cent that is spent. Every cent spent results in more space and a better version of your existing home.
(5) You can customise your home to perfectly suit your family requirements. There is no need to compromise, which is often the case when you buy an existing home. Your remodelled home will have the number of rooms you need, the modern conveniences you prefer, the storage space you require and more, all designed to suit you.
One of the key advantages renovating your existing home, is that enables you and your family to stay in the area and street that you have grown to love. Same neighbours, same nearby shops, same access to schools, and more. For many people, these factors are extremely important. Consider the risks in moving such as finding out too late that you now live next door to a rowdy rental property, or you are no longer walking distance to your bus route, or your local coffee place is not a patch on your old local.
Ultimately, and in the long run, a second story addition will add considerable value to your home. When it comes time to sell your home in the future, a quality home renovation will deliver an excellent return on your investment.