The money is in the bedroom

By Phillip Tarrant 30 November 1999 | 1 minute read

The addition of an extra bedroom could be the best way for renovators to add value to a property.

The addition of an extra bedroom could be the best way for renovators to add value to a property.

According to Archicentre, the building advisory service of the Australian Institute of Architects, the housing and rental shortage in Australia, combined with older children remaining at home longer, has placed a premium value on bedrooms.

Edward Lukac, South Australian state manager of Archicentre, said the quickest way to increase the value of a two bedroom house in a suburb with a family-based demographic was to add a bedroom.

"This could lift the home immediately into a new price bracket with the potential to add another $50,000 to $60,000 in value for a modest cost."

Mr Lukac said too many renovators get caught up in glamorous make overs, failing to take market demands into account or purchasing a property without any concept of what renovation strategy can maximise their potential return.

"The bedroom is good value for money in the renovation stakes as it not only is one of the less expensive renovations with no need for plumbing or other costly services, it is also a smaller separate room with basic facilities such as inbuilt wardrobes," Mr Lukac said.

About the author

Phillip Tarrant

Phillip Tarrant

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for... Read more



The money is in the bedroom
default
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.