As Adelaide house prices continue to show strong growth, and with RBA interest rates at historic lows, now could be the ideal time to look at adding an extension to your existing property rather than taking on a big, potentially expensive move, Or, if you do want to get it out there onto the market, it’s a good time to consider renovating your home in order to get the best possible price while sales are buoyant and money is cheap.
The most recent figures released in July 2016 show that the median value of Adelaide homes has increased by 5.42% over the past twelve months, up to a record-breaking $450,000. This is up on the previous quarter’s growth of 4.71% and represents the biggest median house price increase in Adelaide since 2010, suggesting that the underlying fundamentals of the housing market are the strongest they have been for some time. Across the rest of South Australia, the median price is now up to $410,000, up 5.13% on this time last year.
What does this mean for Adelaide homeowners? For those looking to upgrade, the uptick suggests it won’t necessarily be as easy as it was until relatively recently. Therefore, if you’re on the lookout for more space, it may be the right moment to consider adding a second storey, a family room extension, or an outdoor living area to your home, as opposed to selling up altogether.
For those who are in a position to buy, or circumstances are such that you have no option but to move, rising house prices mean that, while you will probably have to pay more for a new home, at the same time you can expect a greater sale price for your existing property as well. Renovating before you sell could therefore help you to take advantage of the demand for houses in Adelaide and help you to move your home up into that next price bracket.
Adding an Extension to Your Home
Adding an extension to your Adelaide home is a cost-effective way of increasing your living space and improving your lifestyle without the hassle and expense involved in moving. Plus, with the rise in Adelaide house prices, a move may not accomplish what you need and you may not get as many square metres for your dollar as you did even a year ago.
Therefore, if you need more space to meet the needs of a changing lifestyle, or to accommodate a growing family, adding an extension can be a cost-effective solution – without all the upheaval associated with moving.
For instance, adding an extra storey to your home is usually less expensive and disruptive than you may think, while connecting your outdoor and indoor living spaces more effectively is a simple way of gaining more room for the family. Likewise, adding a second bathroom is a home modification that can be accomplished relatively simply, but which can greatly add to your quality of life.
If you’re looking to improve rather than move, contact us to discuss the options and how we can help you to make the most of your home.
Renovate Your Home to Add Value
Ultimately, you may decide that a move is the best way to go. And while rising house prices might mean you’re paying more to get into a new property, one positive aspect to this is that you have the potential to get a better asking price for your own house. Therefore, you should look to maximise your sale price while the market is on the up by ensuring your property is ‘Move In Ready’ and renovated to look its best.
Whether it’s a heritage property in need of modernisation, a bathroom or kitchen that is looking a bit tired, creating a more open plan style, or simply adding a skylight to brighten up a dark entrance hall, renovations can add significant value to your home, particularly at a time when the market says that more people are looking to buy in Adelaide, giving you a greater chance of selling your property for top dollar.
Even the simplest facelift can add significantly to your home’s asking price, while updating the layout to meet the needs of today’s families (more open plan living, greater connectivity between indoors and out, etc.) can mean a sale price well in excess of the costs associated with the renovations.
If you feel your Adelaide home could do with some renovation and restoration before you put it on the market, get in touch with Builders At Your Service to discuss the ways in which we can help you to maximise your sale potential.