Extending your family home can not only add to your overall sale price, but can also be a valuable tool to get your house to sell more quickly if you need to move on. However, if you are purely exploring the idea of a home extension in order to sell your house, you want to make sure that any investment in the home is going to be paid off when you get to sale time. Here are some ways to check your plans are financially viable.
Research the House Sales on the Market
The perfect house to sell quickly in each area depends on demographics; suburban areas with young families often prefer a 4×2 (four bedrooms and two bathrooms), while inner city suburbs often find smaller houses such as a 2×1 to be more popular. Many states have real estate information available from the local real estate institutes (either for free or a low nominal cost) with in-depth analyses, including the average sales information for houses of different sizes in the area.
Ask Real Estate Agents for Advice
Real estate agents can often give you some useful information on current trends in the industry, such as what features buyers are looking for in similar houses. Some areas have a lot of buyers looking to add their own personal touch to homes, while others have buyers looking for homes in a ready-to-move-in state. They may also be able to do a walk through on your home and let you know which issues stand out to them as being potential red flags for buyers, such as a poky kitchen or a lack of living area.
Check With Contractors How Long Your Extension Might Take
If you plan a large extension, such as adding a second storey, you might find that the time taken to complete the extension might be lengthy. You need to compare not only the cost of the extension, but also the cost of holding the property for the duration of construction work in this case, especially if you have already moved in and committed to a new home. A contractor can often give you some useful advice on how to get your extension finished in a timely way.
A home extension can be a useful technique to help you sell you house more quickly and maximise your sale price. Doing some research into the local dynamics of your real estate market can ensure that your home extension has a good return on investment.