Arnold
CibbuanoReinvesting in your Property - Part 3
September 22nd 2006 00:23
This is the final part in the reinvesting in your property discussion. Today’s advice is going to focus on the bigger thinkers - those who have large scale renovation plans. Those who want to make some major renovations really should review the current and local market norms to make sure that they don’t over invest or produce something that is not going to be desirable for the area that it is located in. With some savvy financial planning and research into the local area it should be too hard to see what areas you can focus on your property to bring it up to scratch or go one up on your neighbours.
Extensions have the greatest potential for making financial returns on your investment. When it comes to making an extension, the focus should be towards adding extra useful space to the dwelling. There is little point investing in huge extension if it is not going to add to the functionality of the property. People like big roomy bathrooms, but how is a larger bathroom going to add to the value of your property compared to adding an extra bedroom or creating a large living space?
Bathrooms and living spaces are the types of extensions you can do to your property if you are looking to maximize resale value. Pick up any real estate listings guide and the difference between properties of two and three bedrooms is phenomenal and well worth considering. If you’ve got a two bedroom property, upgrading to a three bedroom is a wise decision. It can open up your house to an entirely new market of you families. In fact a lot of young couples and newlyweds who are banking on a family will not bother looking at two bedroom housing.
To help cost an extension and determine its feasibility you should be estimating that an extension will usually cost between $2,500 to $3,500 per square metre depending on the building and the area. The other problem with extensions is that any additional structure must be in keeping with the existing structure. You don’t want a house that looks like its had an extra wing added on as an after thought. For some properties modifying the external area, making sure the addition in keeping with the original style and running services such as wiring and plumbing is not worth the effort or expense.
Nonetheless, major renovations can be achieved within the four walls. With the guidance of a structural engineer and architect, internal walls can be knocked down or erected to change the flow and partitioning of the house. When it comes to these grand schemes it is best to consult a professional to ensure you’re not jumping into the deep end of a property renovation disaster. Also remember that any major renovations will require local Council approval.
Extensions have the greatest potential for making financial returns on your investment. When it comes to making an extension, the focus should be towards adding extra useful space to the dwelling. There is little point investing in huge extension if it is not going to add to the functionality of the property. People like big roomy bathrooms, but how is a larger bathroom going to add to the value of your property compared to adding an extra bedroom or creating a large living space?
Bathrooms and living spaces are the types of extensions you can do to your property if you are looking to maximize resale value. Pick up any real estate listings guide and the difference between properties of two and three bedrooms is phenomenal and well worth considering. If you’ve got a two bedroom property, upgrading to a three bedroom is a wise decision. It can open up your house to an entirely new market of you families. In fact a lot of young couples and newlyweds who are banking on a family will not bother looking at two bedroom housing.
To help cost an extension and determine its feasibility you should be estimating that an extension will usually cost between $2,500 to $3,500 per square metre depending on the building and the area. The other problem with extensions is that any additional structure must be in keeping with the existing structure. You don’t want a house that looks like its had an extra wing added on as an after thought. For some properties modifying the external area, making sure the addition in keeping with the original style and running services such as wiring and plumbing is not worth the effort or expense.
Nonetheless, major renovations can be achieved within the four walls. With the guidance of a structural engineer and architect, internal walls can be knocked down or erected to change the flow and partitioning of the house. When it comes to these grand schemes it is best to consult a professional to ensure you’re not jumping into the deep end of a property renovation disaster. Also remember that any major renovations will require local Council approval.
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