When it comes to your property’s worth, size does matter. But how much value will you see added by adding a new bedroom?
If you’re looking into ways to increase the dollar value of your home, adding a bedroom could be a good option. Before you decide that it’s the right move, it’s important to figure out the logistics; its size, where it will be situated, and ultimately, whether it’s going to end up being worth it. As you can imagine, adding a bedroom to your house will cost money. It’s important to weigh up whether the increase in your home’s value will outweigh the costs of adding it.
We’ll start off with the million-dollar question (figuratively and possibly literally): how much will your home’s value increase by adding another bedroom? Unfortunately, there’s no simple answer to this question. It will all depend on a range of factors. Adding a bedroom can add a lot of value depending on your home’s location, as well as the configuration of the existing house.
Like with property in general, location can be a big factor, which makes providing blanket value estimates tougher. For example, if you’ve done your research, you might discover the investment home you’re renovating is close to schools, parks, and other family-friendly amenities. This means a growing family might appreciate a three-bedroom home much more than a two bedroom one.
The cost of adding a bedroom will vary depending on the size of your house and block, where the room will be added, how big it will be as well as the materials and labour that will be used. Unfortunately, the cost of adding a bedroom is like calculating the costs of renovating; it all depends.
If you’re thinking of tacking on another room while your house is being built, the process of doing so will be different. You’ll need to speak to your designer/architect, builders and so on and let them know that you want to add another bedroom. If you have enough space, time, and the budget to do so, your designer/architect will need to alter your building plans.
If you’re adding a bedroom to your existing house, you’ll be looking at two main options: dividing an existing room, or a basic floor extension. Depending on your home as it stands, you may only be able to investigate one of these options. For example, if there are no rooms in your house that you could reasonably divide or alter, you may be limited to extending. On the other hand, if there’s no room on your block to extend to your house, or you don’t want a two-storey house, you may need to look at altering its existing structure. If neither of these options work, adding a bedroom to your house may be off the cards.
To discuss all your options and for a quote call in the experts in home renovation at All Group WA, we would love to help get your project started.
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