The one thing that can add the most value to your home – wait for it – is … adding an additional bedroom.
We need to jump in here and say that, if you already have a four-bedroom house, adding a fifth bedroom won’t add 40% to your home’s value.
But if you have a two-bedroom house, statistics prove that adding a third bedroom will, in most parts of New Zealand, increase the value of your home by up to 40%.
And extending your home’s living space, indoor-outdoor area or number of bedrooms can add 10 – 30% to its value. In fact, New Zealand is one of the few countries in the world where a smart investment in home improvement can return much more than the cost of the cost of the improvement.
The other good news if you don’t have enough space to extend your home outwards or you’re concerned about the cost, is that your existing house may already have enough interior space to accommodate another bedroom. Older homes often have a lot of wasted space – wide hallways and large laundries, for example – and can be reconfigured to add another room. Some homes like the one shown above have enough space inside the roof, and the sloping ceiling just enhances the room’s character. Other homes have space underneath, or can be excavated or lifted to create a whole new level.
All of this can make home renovation and extensions one of the best investments you’ll ever make.
For expert advice on the best way to increase your home’s value and maximise the return on your investment, contact your local Pzazz Building affiliate.