- Posted 01 May
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Have you ever considered adding a feature like a pool or garage to your home? When considering adding value to your home, you want to be careful not to over capitalise. Two large external features people often consider are adding a pool or garage. We at Australian Credit and Finance are home loan experts, and want to make sure you get the most for your investment. Here are some ways adding a pool or garage could or could not be the best way to use your money.
Do Pools Add Value?
Pools can be a fun addition, especially if you live in constant warmer weather conditions. But they can also be very costly; not only to put in but also to maintain. Your yard needs to be of considerable size and it’s wise to assess the risks and benefits for your home and its value.
If you decide a pool is in your best interests, keep in mind if you ever intend to sell it can be polarising and limit potential buyers. It could be considered a risk for families with small children or people might be wary of the time and additional costs of maintenance.
Speak to a couple local real estate agents and get their thoughts on interest in the local area for pools and also what value it would add to your home before taking the plunge.
One option is getting the DA (council approval) for a pool so the option is there for buyers who want it. This would also save you money and time and remove the risk of turning off buyers who don’t want a pool.
Do Garages Add Value?
Unlike a pool, adding a garage is really an extension of the home and additional square footage can mean a higher price. Also, it is appealing to a wide group of home buyers who want to protect their cars and keep them undercover, as well as anyone who likes storage.
Just be careful when deciding on the design as cost will vary between freestanding and attached.
Keep in mind there are a lot of other ways to add value to your home for minimum costs such as fresh paint, tidying up the landscaping, and fixing things around the home that are broken or starting to show their age. Doing market research is a great way evaluate what other homes in your area are selling for so you make sure not to cap out your property’s worth.
Our home loan experts can help with new or construction loans that can make your investment worth every penny.