A Home extension offers a wide range of advantages by allowing you to transform your property in more than one way. You can expand your floor space and make more use of your lot, which leads to many benefits.
If you’re currently weighing your options, you should explore the top five reasons to consider a home extension for your property.
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Make the Most of Your Available Outdoor Space
Home extensions allow you to use more of your available outdoor space. Depending on the size of your lot, extending your interior space shouldn’t impact your enjoyment of the yard. You can likely sacrifice a little bit of your garden.
Unless you spend a great deal of time outdoors, the extra interior space is likely to contribute more to the enjoyment of your home. The extension has minimal impact on your outdoor living but dramatically enhances your indoor living, and you gain space that you can use for a variety of purposes.
Extending your home involves increasing the floor plan size, and you may add on vertically, horizontally, or in both directions. For example, you can extend out into the yard or an extra level to your home.
A Wide Variety of Home Extensions Ideas
Home extensions increase the size of your home. However, you also have a variety of ways to use the extra space. Common home extensions ideas include:
- Creating a larger kitchen or dining area
- Adding one or more bedrooms for family members
- Transforming a bedroom into a master suite
- Adding an extra bathroom to your house
The right home extension builders can add extra living space that meets your specific needs. You can enhance the functionality or comfort of almost any space in your home.
For example, expanding the kitchen may involve designing a new layout for the counters and cabinets. Converting a bedroom into a master suite requires plumbing and electrical work. Experienced extension contractors help you gradually transform your current residence into your dream home.
Boost the Value of Your Property
The Gold Coast is one of the best areas to live in Australia, which is reflected in the home prices. The median price for a home in the region is about $815,000, and experts expect prices to rise to $915,000 within the next few years.
Increasing the size of your property helps boost its value. Due to the higher home prices in the area, an extension offers a greater return on investment.
The extra value that the project brings may help in the following situations:
- Selling your home for more
- Refinancing your mortgage
- Building more equity
Even if you don’t plan on selling, increasing the value of your home helps when refinancing. The equity that you build helps you get better terms on refinance opportunities. You may get a lower interest rate, which lowers the cost of your mortgage.
Many Australian lenders will also drop the requirement for lenders mortgage insurance (LMI) if you have enough equity. Typically, LMI is needed for loans with a loan-to-value ratio of 80% or higher.
Avoid the Challenges of Moving to a New Home
As mentioned, prices in the region are on the rise. Demand for houses may make it more difficult to find a different home that meets your specific needs.
Moving is also often less cost-effective and more of a headache. You need to sell your current home as you search for your new home, and the timing is essential to avoid ending up without a place to live.
You also need to deal with the cost of appraisals and inspections, closing costs, and other fees. Additional costs come from hiring moving companies and dealing with household repairs. You can save money by handling moving and repairs yourself, but you also need to devote more of your time and energy.
Home extensions offer a more straightforward solution compared to moving. You get to add the features you want to make your current home more liveable without dealing with the challenges of moving.
Create Space for Storage, Work, or Hobbies
People often think of adding on to their homes to create bigger kitchens or add more bedrooms, but you can also use the space for other purposes. A home extension is a great way to add space for storage, work activities, or your favourite hobby.
Homeowners occasionally choose to add garages or workshops. You can add space for parking large equipment or supplies. The space can also be fitted with special features to accommodate a hobby or trade. For example, you may need a ceiling of a certain height or specific lighting.
Creating a dedicated space for work, storage, or hobbies has the added benefit of making the rest of your home more organised. You can cut down on clutter and keep other areas of your home clean and tidy.
Last Thoughts on Extending Your Home
Extending the size of your property is a great alternative to moving or building a new home. You are likely to save money and avoid stress compared to the alternatives. Now that you know some of the advantages of adding more space, the next step is to find the right home extension contractors. House extensions require a lot of considerations. Any mistakes may impact the safety or value of your home.
Builders need to pay attention to the structural integrity, fire safety, ventilation, and energy efficiency of the project. The modifications to the home may also require local council approval. Working with an experienced builder ensures that these details are covered.
Risen Developments is the leading choice for all types of home construction projects on the Gold Coast. We are a family-owned business with over three decades of experience in the region. You can count on us for professional, responsive service. Our team works with you through every stage to ensure a less stressful process.
If you want to explore additional benefits of home extensions or start discussing ideas, do not hesitate to contact us. Fill out our online form today to arrange a no-pressure consultation.
(If you are looking to add an extension within your local Gold coast municipality, this will provide Council building applications and guidelines. If you are within the NSW corridor and located within the tweed shire, please review the Tweed council Renovating or additions guidelines.)
An Extension can be the perfect solution for Gold coast residents. Please don’t delay, and let’s chat soon! Risen, your local renovator on the Gold Coast is only a click or call away, so please reach out to us today at 0404 REN OV8.