It’s a fact that Sydney is quickly running out of empty blocks of land and that the land sizes being sold, especially in the suburbs seem to be getting smaller with each passing year.
If you’re lucky enough to own a property with space to spare, you have the luxury of being able to utilise this space to expand your home on the ground level. Gone are the days where having a large yard is a major selling point, it seems that living and “alfresco” areas are much more valued both by inhabitants and by potential buyers.
But what does it mean if you live in a relatively new area with a smaller block size? Moving is always an option, but the cost of buying a bigger block, including all the transaction fees and stamp duty can make the process very costly, not to mention the disruption of moving and the stressful task of hunting for the perfect property.
A first floor extension means you can expand your home, without losing land space on the ground floor. Not only does an addition increase the value of your home, it also but it means you can stay in the same area and street that you know but enjoying extra space in your home. No uprooting the family and no major lifestyle overhaul to achieve the same outcome as moving.
Experts agree that densification is the way of the future for Sydney so you can expect to see more and more multi-unit developments being built in the coming years, especially in the inner suburbs. As the population increases, they expect to see many more families moving into units rather than free standing homes. These properties are generally cheaper to buy, but unlike freestanding homes, it makes expanding your space as your family grows and lifestyle changes significantly more difficult or impossible. Renovations are the best option in this case, but at the end of the day you are still limited by the m2 of your home.
So what is the best solution?
There really isn’t one! It completely depends upon your situation, your lifestyle and how you envisage it changing over the next few years. For some, a free standing home with lots of yard space and room to expand is the easy choice. For others, staying where they are and adding an additional storey is a relatively simple and more cost effective solution. Yet for others, not needing expansive space right now or in the near future means breaking into the market with a unit. There are many factors to consider and each family is completely unique in their needs and desires.
Whether you are looking at a ground floor extension, first floor extension or custom designed home, Keystone Home Additions can help. Get in touch today.