If you are considering putting your house on the market, whether or not to go for a renovation must be in your mind. A renovation obviously will cost you money, however it will bring about a new look to the house as well as aid in increasing its value and the price you can demand it.
Most people buy a house when they can afford to do so, i.e. pretty early in their career life. And they usually sell it off and move on to other areas and that is normally how they end up in their dream house. The point is not to draw a loss by selling a house you bought a few years back.
Do You Have A Cellar?
Space of any type is of high value. There is limited space on Earth. One way we have invented to compensate for it is to build vertically. Most houses you see today are two or three stories high. In the limited space of the urban zones you can see many apartment complexes going up to 30 or 40 floors sometimes. But what about a cellar?
In addition to going up, you can also go low, and convert the cellar into a living space of some kind. It could be a den to watch TV. Or you can transform it into a storage space. We all have stuff which we use once a year, like Halloween decorations. A storeroom is a must-have to keep those stuff. If you don’t have any moisture problems in the cellar you can even convert it into a library.
Go for An Excavation
Unlike building above, building below does not need special permission from the planning department most of the time. If you don’t have a cellar, you can always dig down and expand the square footage of the house.
However, you have to be very careful and remember that building a new basement must be done with the advice of specialists. Skilled professionals in the area of excavation and structural engineering must be called. You must consider waterproofing and aeration of the space. Consult the relevant professionals before you plan a digging down operation for home extensions Melbourne.
Plan with A Budget
If you are about to put the house on the market and are planning to renovate in order to increase the value, you must start the whole process with a budget. If you already have a new house in mind, negotiate a price for that. Once you have a final amount, you can compare it to extra cash you have in hand or the amount you are going to raise by mortgaging the new house.
Then add the amount you are expecting for your current house. Don’t forget to subtract the cost which you are expecting to spend on the renovation. Don’t exceed the amount you have put down for renovation. Because then that money will come out of your budget for the new house and you would have to go looking for other financial institutions or banks for a higher amount for a mortgage.
Increasing space is an ideal way to improve the quality as well as the value of a house. Try it out if you are about to go to the market with your existing home.
