Evaluating the cost of an extension

Posted on April 3, 2013

Shall I move or extend? How much will my extension cost? Is the cost of an extension going to proportionally increase the value of my home?

These are questions most homeowners come up against at some time or another and it needs some careful thought.

Equity in your home (or money to the government)

Naturally, one of the major costs in moving rather than a home extension is stamp duty, not to mention actual relocation cost and legals.  With stamp duty in NSW alone on $650 000 home costing around $25 000, that is a significant chunk of a home extension budget.  As is often the case for home upgraders, it could even be significantly more than that – not to mention that actual cost of an upgraded home.

Working with building organisations that offer architectural design and clever building solutions such as Creative Spaces, can offer very good bang for your buck for a home extension.  Especially if you love the area you live in, they can help you achieve the home that meets your needs without all the expense of moving.

Keeping up the Joneses – but don’t surpass them

Of course, there is a flip side to this.  Over specified home extensions can result in over-capitalising.  You might not get the money back for the cost of your extension.  However, effective architectural design choices can minimise this risk.

Creative Spaces deliver smart design solutions so you can achieve the lifestyle you want without ‘over-doing’ it.  Innovative use of building materials ensures you meet budgetary requirements and achieve the lifestyle you want.

Don’t do the dodgy add on

Rather than adding to your home’s value, dodgy building work can detract from the value of your property rather than enhance it.  The tacky add-on is the classic example.  Having architectural design input will ensure that your extension is sympathetic to the original building.  And better still… greatly improve it.

Home extensions and landscape – the winning combination!

Poorly conceived home extensions that don’t work to enhance the landscape is another area where you can loose on re-sale value.  During the architectural design process, Creative Spaces is as much concerned with the outside as well as the inside.

Time and again, real estate agents will tell you trees, BBQ’s and playgrounds that work effectively with the home extension will add tens of thousands to the end price. Creative Spaces makes sure your home accentuates the flow of the home through to landscape features, significantly adding value.

Buyers later down the track will really notice these details – and they pay handsomely when it works, significantly surpassing the cost of an extension.

Creative Spaces can assist you to create a design that effectively uses your budget, doesn’t over-capitalise and accentuates your site’s positives. And what provides a great lifestyle for you is likely to attract other buyers when you eventually sell.