The money is in the bedroom
The addition of an extra bedroom could be the best way for renovators to add value to a property.
The addition of an extra bedroom could be the best way for renovators to add value to a property.
According to Archicentre, the building advisory service of the Australian Institute of Architects, the housing and rental shortage in Australia, combined with older children remaining at home longer, has placed a premium value on bedrooms.
Edward Lukac, South Australian state manager of Archicentre, said the quickest way to increase the value of a two bedroom house in a suburb with a family-based demographic was to add a bedroom.
"This could lift the home immediately into a new price bracket with the potential to add another $50,000 to $60,000 in value for a modest cost."
Mr Lukac said too many renovators get caught up in glamorous make overs, failing to take market demands into account or purchasing a property without any concept of what renovation strategy can maximise their potential return.
"The bedroom is good value for money in the renovation stakes as it not only is one of the less expensive renovations with no need for plumbing or other costly services, it is also a smaller separate room with basic facilities such as inbuilt wardrobes," Mr Lukac said.
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