The current COVID-19 crisis has created uncertainty within the Brisbane property market. Because of this, Brisbane families are being extra cautious about how they spend their renovation dollar and the question we often hear is: “Will adding a bedroom really increase our home’s value?”
Many Brisbane families spend a large portion of their renovation budget on adding bedrooms but the question remains: does adding a room really make a difference to your property’s value and how can you get the most out of your renovation?
How much value will another bedroom bring?
Brisbane Real Estate experts unanimously agree that homes with more bedrooms, on average, sell for a higher price.
A study of median house prices by property investment expert, Andrew Crossley, found that an extra room could increase house prices by an average of $95,000. Other experts suggest that this figure could be even higher if you renovate efficiently.
While it is difficult to determine exactly how much value another bedroom will bring, it’s clear that adding an extra bedroom will increase your property value.
But there are caveats to this; the main one being that you should research the demographic of your suburb and renovate accordingly. Get an idea of who will be buying or renting your property. Will it be families or first home buyers? If your suburb is populated by families, then adding an extra room to a two-bedroom house will almost certainly add value. However, first home buyers have different priorities which may make adding another room not as profitable for you.
How much will it cost to add another bedroom?
According to the Architecture Cost Guide, the average cost of adding a room to your home is $1900 – $3400 per square metre. This will depend on the level of construction and whether your home is timber or brick. There are also Brisbane City Council regulations and permit costs to consider.
You may also consider repurposing another room in your home, removing the need for expensive add-on construction. Converting a pre-existing room such as an attic or study may be a smarter, low-risk option if you’ve decided to add another bedroom.
5 Tips for a Cost-Efficient Bedroom Renovation:
- Research your suburb’s demographic. Understanding what people want and then changing your home to better fit those requirements is what renovating to add value is all about. Ask yourself: “Who are you selling to? How much money do they have to spend? What do they want?”
- Choose a professional builder who specialises in renovation. To hand this type of specialist work over to a new home builder will be the biggest mistake you could make. You need a builder with an outstanding record at completing custom home renovations, one who has systems and procedures in place to deliver your home renovation on budget, on time and defect-free.
- Choose a design and construct renovation builder rather than speaking with an architect or designer first. This will ensure that your renovation will be designed to the actual build price, avoiding budget blowouts. It will also mean that you will have one company totally focussed and accountable for delivering your dream renovation.
- Don’t over-capitialise. It may seem obvious that you need to spend as little as you can now to add maximum value later. But when it comes to budgeting a renovation project, this is where many people come unstuck. Most Valuers will not add more than this just because of a renovation. Obtaining a comprehensive Building Proposal from a Professional Builder as early in the process as possible may help to ensure you don’t start spending on an upgrade that won’t be viable.
- Explore alternatives to adding a bedroom. If adding another bedroom is not within your budget, don’t be afraid to explore non-traditional construction options for adding more space to your house. With faster build times, less construction waste and improved household energy efficiency, Modular Construction is fast becoming the construction method of choice for families around Brisbane.
Thinking of adding an extra bedroom to your family home?
Download our free guide, How to Create More Space in Your Brisbane Home, now so that you can find out how you can achieve more space within your family home, saving you both on energy and building costs.