Adding a room to add value

[Elke]

We want to and need to get equity out of the property. Is there any truth in the idea that if you add an extra room it may value higher? We have a three bedroom plus study house but the downstairs has a rumpus which could easily be turned into a fourth bedroom by adding one wall and a door. In terms of living spaces there is upstairs a massive lounge and a dining room off the kitchen and a sunroom.

Is there a cheap way to install a wall petition and door? I read on the forum a long time ago about a simple petition method but I can't find it Or remember what it's called.

 

[Jamie M]

It should add value - but the trick is making sure it adds more value than the actual cost of constructing it.

Look at comparable sales in the area and see what properties with an extra bedroom are selling for to get an idea of what yours will value up to.

Cheers

Jamie

 

[Elke]

It should add value - but the trick is making sure it adds more value than the actual cost of constructing it.

Look at comparable sales in the area and see what properties with an extra bedroom are selling for to get an idea of what yours will value up to.

Cheers

Jamie

Thanks Jamie, that is a good point. There is definitely more for 4 bedder, although these houses, although in a 2 km radius of our place, they also in a much better suburb just over the hill so maybe not to be compared the same way.