Do Follow a Tried-and-Tested Layout
Increasing the footprint of your house, for example taking a two or three bedroom home up to a four or five bedroom home can be one the things that adds the most value through a structural renovation. This is great for a house on an under-utilized, normal or slightly larger block of land.
With this being said, it is important to make sure that any structural renovations contribute to a ‘harmonious’ layout. Many structural renovations can have quite a disjointed layout where you walk in a room and think, “Why is the bathroom over there?” or “Why do they have a sunroom here where it’s not serving the purpose?”
Do Understand Your Future Target Market
It can be very valuable to add extensions that give your property the right attributes for the area in which it is located. Understanding the value of other properties in your neighborhood is the key to ensure you don’t overcapitalize and end up with a property that is not worth what you paid for it.
Do Educate Yourself on the Costs Involved
It is important to consider the costs involved with any structural renovation. Taking the time to carefully plan and budget for additional expenses that may occur during a renovation project will ensure you stay within your budget.
Don’t Make Your Structural Renovation Too Fit for Purpose
While it may fit your needs right now, any structural renovation or extension that means your property is only suitable to a narrow category of potential buyers and can be very limiting. An example of this is having two kitchens which might work if you have a grandparent living in the house, but doesn’t work well for a young family.
Don’t Spend On What Doesn’t Add Value
Although adding a pool in your backyard may seem great, it might place $20-$30K value on a pool that costs $40-$100k to put in. Other things such as concrete driveways, garages and improving landscaping can all boost the value of your home.
Don’t Make a Structural Renovation the First Renovation You Do
It is a good idea to get a few cosmetic renovations completed before transitioning to a structural renovation. Always plan thoroughly and well in advance to avoid losing money in the long run.
Are you looking to buy or sell your home? Contact us here at DBL Real Estate to visit with one of our realtors today!