Browse Forums Renovation + Home Improvement 1 Jan 02, 2013 2:20 pm Hi, i have just recently purchased my first home. It is a 1970's, brick & tile home, 3 bedroom, double garage, and has A LOT of potential! My question to you guys is, is it worth extending the home and building a second living area (it currently only has one living room), or should i put the funds into building an awesome outdoor entertainment space in the back yard? I'm just thinking about the re-sale price and what is going to add more value to the home? Is it important to have 2 living rooms these days? If you were me, what would you do? Cheers. Re: Re-sale Advice 2Jan 02, 2013 10:10 pm Hi there..... Good question . I have no serious 'real estate' experience, so I can't help you in terms of what might add more value, I can only answer in respect to my own opinion or preferences. I guess one of the first things to ask is - do you plan to live there and make this your home for a while, or is it purely for investment/resale down the track? If you plan to live there and make it a bit of a base or family home (or whatever), then my suggestion would be to go with what kind of space would suit you better - extra internal living space, or outdoor living space? Is the existing living room a decent size? Is it big enough for you and any any existing or future-planned family? I love a good 1970's brick/double garage home (it's what I always wanted to be honest, but have still never quite got there).... but I have looked through many in my time and often the living space can be quite small - especially as they tend to incorporate, or have a dining room off one end. So maybe if the existing living space is small, you could look at adding another living room? If it's adequate, you could lean towards the outdoor space? For me, if I was looking to buy (and when I was looking to buy), two living spaces was a pre-requisite (we have two small kids). This house has a deck but no other outdoor living space - we are planning on building a pergola/other outdoor area over the coming year or so. I would think, that extra living space would appeal to more people than an outdoor area (which can be appealing, but I see it as a bonus extra). I think people might see an outdoor area (if there is none) as something they can easily do themselves or at least at less expense than an extension to the house. You never know, you might find a way to do the extra living space and down the track also add a small pergola or outdoor area as well - something basic but at least it's there. Good luck with whatever you decide. HHCIB Re: Re-sale Advice 3Jan 03, 2013 2:44 pm Cheers for the reply. At the moment, it's just me and my dog- so one living area is sufficient haha. I guess i'm looking at the big picture- i'm 26 years old and don't really plan on living there for the rest of my life, thats why I'm thinking about the re-sale and what would be a lot more attractive to potential buyers and what is going to give my home a point of difference in the future. I just dont want to overcapitalise i suppose. Thanks again for your advice Re: Re-sale Advice 4Jan 03, 2013 3:44 pm My suggestion is to talk to some Real Estate agents in your area-you need to ensure that whatever you do suits your area and that you don't overcapitalise. Good luck. Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: Re-sale Advice 5Jan 08, 2013 11:52 am Agree with Deemaree, ring some agents. If its going to be a long term home you do what suits you. But if not you need to do your research to ensure you don't lose money. What is in demand in your area? Will the money you spend increase equity by double? Eg if you spend $1 you expect an increase equity of $2. No use spending money unless you reap the reward. The same goes in all areas of the house, garden etc. Versaloc is a mortarless besser block system that still needs a properly engineered footing. If you just do a 400x200 footing it will fail in time. At 17m long you need it… 1 17736 Thank you so much for the effort. We will use it to talk with builder. We also had idea of building duplex instead and seeking suggest ions. viewtopic.php?f=31&t=106744 11 13835 Hi All, I engaged a tradie to install concrete retaining wall 600-800mm high over 32 meters in Victoria. Sleepers are 200*75*2000 mm installed over 17 steel posts. I… 0 6903 |