When you first moved into your home it may have been great for 1 or 2 people but now that you have a growing family, your home no longer suits your needs.
Finding a large home in a great area is not easy. Great neighbourhoods generally equal more substantial prices.
You may have contemplated moving to a more affordable area to purchase a larger home. But don’t worry! You do not have to an undesirable area to be able to afford your dream home. There are ways for you to stay where you are currently living just in a larger and more spacious home. Here is how:
Consider a knockdown-rebuild
A knockdown rebuild can be a great solution to solving your space issue. It is generally less risky than renovating as it doesn’t affect the structural integrity of your current home and all of the construction will be done by professionals. If you have some equity in your home you can use it to your advantage and build yourself a new home on your land. You might even save yourself some money. You may find it cheaper to build a bigger home on your current block than purchasing a home somewhere else. Having a newer and larger home on your block will also improve the value of your home. Therefore if you decide to eventually sell you will most likely make the money invested back.
Add an extension
An extension can be a great way to create more space and a great way to modernise your home.
You may be able to sacrifice some of your backyard space to expand the size of your home. Imagine the value that you could add to your home if you had an extra toilet, bathroom and bedroom. Having additional bedrooms and bathrooms is a great selling feature and will add a lot of space to your home. If you have space you can even add another living area. Having multiple living areas can be great for large families. You can have a living area for the kids and one for the adults of the house.
Add a second storey
A second storey can almost double the space in your home. This is a great option if you have a small backyard and cannot extend outwards. You may find that the only way to extend your home is to go upwards. A second storey can be a great way to add more bedrooms, bathrooms, living areas and storage to your home. Just make sure that you get approval from your neighbours and council first.
Add a guest-house in the backyard
If you have teenagers, older relatives or guests staying in your home a guest house can be a great way to add an extra bedroom and bathroom to your home. Not only does it add value but you can also use the extra unit in your backyard to make money. If you find that you no longer need the extra space you can rent it out on home-sharing websites or to renters.
Repurpose unused space
You may have some space in your home that is not being used to the best of its ability. Maybe you have a small kitchen but have large living areas. You could consider decreasing the size of your living areas to extend your kitchen. This could also be the case with many other areas in your home. You can obtain the builders plans to find areas in your home that do not have load-bearing walls. You can then see what you can do to utilise the overall floor space to your advantage.
Another thing to consider is garage space. If you have more garage space than you need you can consider refurbishing your garage to make more room in your home. This can usually be accomplished with minimal construction and can be done quite economically.
The only downside to these options is that you will live elsewhere during the build period. This might require you to rent elsewhere for a while. If you have friends and family who can help you out for a while, this could be a cheaper option.