A house is only a home for as long as it meets our needs. As our families expand, we acquire new possessions and our needs and specifications change, the house is expected to change with us and accommodate the new needs that we have from our personal environments. The requirements of a home will constantly change and an additional bathroom, bedroom, office space or larger kitchens are all areas that are most commonly needed.
The changing needs does not necessarily call for a house move, instead you can easily reinvest in the current house to ensure it is tailored to perfectly meet your needs. Adding extra rooms and areas will have a positive impact on not only the inhabitants but will add value should you come to list the house for sale through agents such as www.fortmyersrealestate.com.
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One of the biggest benefits of adding an extension or simply creating more living space is the financial value it adds to the price of the house. On average, people move home up to 5 times during their lifetime and are constantly striving to recoup as much of the money invested in property as possible.
- The value added depends on the price and size of the home prior to the extension
- Bedrooms, bathrooms and dining rooms are the most valuable
- Homes with extensions need to fit in with the surrounding area and homes that neighbour the property
- Extensions or conversions should not be unusually large or disproportionate
- An extension needs to provide a modest increase in space
- An extension or conversion should not cost more than the value than it stands to add
- The creation of additional space typically adds around 10% to the market value of the home
- A house with extended living space is appealing to buyers
Areas to Consider
When making any changes to the home, there are important areas to consider BEFORE the work can begin.
- Many homeowners neglect the need for planning permission which if not achieved could result in the extension being pulled down or the conversion to be reversed.
- Another issue is financing the project. Do you need to re-mortgage? Attempt to qualify for a loan? How will the work be funded?
- Any quotes achieved for work are subject to change and around 10% should be added to quotes to ensure you have the budget to complete the work.
- Compare the market value of homes with extended or converted living spaces before deciding on the type of conversion or extension to see which will be most beneficial to you
- Don’t underestimate the time and money a project such as this will need.
- Make sure you are considering prospective buyers when looking at the conversion, the rooms it will add and the way in which it is decorated and styled.
There are some very real advantages of turning current unused space into appropriate living areas.
- The loft takes significantly less time to convert, is affordable and is perfectly suitable for bedrooms and bathrooms
- The basement can be dug down deeper to increase the amount of space available and is ideal for luxury rooms. Planning permission is not required for this conversion.