Most Australian home owners understand that adding a bedroom will increase the value of their property, but by how much exactly?
Cathy Morrissey, known as The Reno Chick, says while a combination of factors ultimately determines the value of a property, adding a bedroom to a house generally adds more to the potential sale price.
But before you break out the tools you’ll need to weigh the potential increased sale price with the costs of construction.
HOW MUCH VALUE WILL ANOTHER BEDROOM BRING?
For a home valued between $500,000 and $1 million can generally add around $50,000 to $80,000 to the selling price, explains Morrissey.
“Generally speaking, that $50,000 to $80,000 figure is accurate, but there are caveats,” Morrissey says.
Adding a bedroom is often an excellent strategy, but it depends on the property, she says.
To read the complete article published on realestate.com.au, click here