Comments0 by in Building a New Home
June 15, 2016
Home Extension or Renovation and which one is Right for You

No house is perfect until you invest a considerable amount of effort and love to make it so. People spend thousands of dollars to turn a property into a home and ensure it’s exactly like they want it to be. To get the best results, a homeowner will either do a home renovation, a home extension, or a combination of both. So which one is best for you..? A home extension or renovation?

What are they?

Renovation:

To renovate means to make repairs or changes to a building or structure. You improve upon something that already exists. For example, you can renovate your existing kitchen by adding new flooring, countertops, cupboards, etc. Renovation projects can be big or small based on the amount of changes you want to make.

Extension:

To extend is to increase the size or add to an existing structure. You create new space or add new rooms where there were none. For example, when you add a deck to your master bedroom, you extend it and increase the amount of useable space available to you.

What would the cost be?

Renovation:

Renovation costs can vary based on the changes you make. For example, it won’t cost much to repaint the drywall of your room. You might be able to do it on your own and spend money only on materials. However, if you want to overhaul your entire bedroom and bathroom, replace the fixtures, and add a new floor, you could potentially spend thousands of dollars on the project.

Extension:

Even the smallest extension project can cost thousands of dollars, because you need to build something from scratch. You need more materials, planning, and time, and this means the project requires more investment. Extensions are also difficult and labour-intensive, which increases the cost of the project. Overall, an extension to your home is more expensive than a renovation.

Do you require permissions?

Renovations:

Small renovations that don’t require any structural changes don’t need special permits or permissions. You can paint the walls; add new cupboards, countertops, and new fixtures without the need of any permits. But if you want to pull-down walls, add new windows or doors, or make any subfloor plumbing changes, you need to get the necessary permission.

Extension:

You can’t extend any part of your property without the right permits and permissions. As we mentioned in the previous point, all structural changes require permits and an extension will alter the blueprint of your home. If you hire an experienced builder, they’ll arrange all the permits for you and make sure that all the additions are made legally.

What profit would you gain?

Renovations:

Renovations do add to the value of your property; so it’s worthwhile to plan them well. For example, you might have to spend about $25,000 to $45,000 to completely update your kitchen, but that could potentially add over $100,000 of value to your property.

Similarly, if you invest $25,000 on green energy solutions like solar panels, you’ll see your property value increase by at least $35,000. These improvements need to be planned carefully because some renovations can actually decrease the value of the property.

Extension:

When you increase the number of rooms or the amount of space your home has, you can expect a significant increase in value. Home Extensions offer a higher ROI than renovations. For example, if you add an extra bathroom, it might cost you about $25,000 to $35,000. However, at the point of sale, you could expect to see a value increase of over $100,000. Similarly, a deck or terrace may cost $15,000 to $25,000, but the potential increase in value is much greater than than the initial investment. As you can see, extension projects can be a distinct value-add.

Why should you renovate your home?

You can improve and update your old, worn-down design and make sure home looks fresh and current. A renovation could improve the overall structural integrity of the property if it’s done properly. For example, you can replace an old, water-damaged drywall that’s structurally unsound during renovation.

With a renovation, you can upgrade your appliances like ovens, stoves, hot water systems, air conditioning systems, etc. You can also upgrade an out-dated plumbing and electrical system and make sure there are no leaks and loose wires.

Find out more about our home renovation service.

Why should you add an extension to your property?

With an extension, you can upgrade and modernise your home. It helps improve the overall architecture and design and ensure they fit your taste.

When you add a room or a deck, you create more living space on your property. This is one of the best advantages of an extension because it often provides increased privacy and more room. For example, if a couple & three children live in a 3-bedroom home, two of the children would have to share a room. By adding an extra room, the latter two can have additional space and enjoy some privacy.

As we already mentioned, extension adds value to the property.

Many people live in the same home for decades; and over time, there can be a change in their lifestyle. You might purchase a new car, get married, have children, ask your elderly parents to live with you, etc. Extensions will ensure your house can grow a little to accommodate these needs.

Find out more about our home extension service.

Are you planning an Extension or Renovation?

If you are serious about completing a home extension or large renovation and require the services of an experience builder, then let us know. We offer a free building consultation and estimate and will be able to help you decided which one will be best for you, your family and your budget.

Alternatively you can give us a call on 0414 446 572 or use the contact form on our Contact Page to send us through your enquiry.

Cheers,
Shane Caldwell

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