Welcome to Better Real Estate, a podcast about all things property! This episode is about adding value to your home. It’s a good idea to invest in your biggest asset but you don’t want to over-capitalise.
In this episode, our hosts Dora Papas and Greg Fahey discuss the granny flat Greg built in his back garden. Then they talk shop with special guests Danelle Wiseman, an agent from Better Homes and Gardens Real Estate, and Alanna Smit, a renovation, extension and design expert from Cove Creatives. It’s essential listening if you want ideas on how you can transform your place.
Here are some of the key topics discussed in the podcast. We’ve also created a checklist to help you decide whether a granny flat is right for you.
Download our Should I build a granny flat checklist here
What does adding value mean?
When most people think about adding value to their property, they think in terms of sale. And while there are many ways you can add value to your home before selling there’s more to the concept. If you buy a home to live in and build an extension, that’s classified as adding value. A kitchen reno or a new bathroom. Ditto. The key to adding value is to not over-capitalise, which in simple terms means that the cost of your improvement doesn’t outweigh the value it adds. How do you guard against that? With sound advice from finance and real estate experts.
Is a granny flat the go?
In this episode Greg talks about building a granny flat on his property. And when he and Dora chat to Danelle Wiseman of Better Homes and Gardens Real Estate she gives the thumbs up to this strategy. As Danelle says, dual occupancy is a great way to add value especially with housing affordability becoming more of an issue – and there are amazing flatpack and other solutions out there. Plus, it generates an income stream. She also talks about how your agent can help you with decisions around adding value, as they know the market so well and can help you tailor any upgrades you make to appeal to the end user.
Ready to renovate?
How do you work out what your home and your lifestyle needs and what your budget can handle? You consult and interiors and renovation expert. From installing beautiful bi-folds to open up the back of your house to the outdoors, or doing a complete overhaul of your property, Alanna Smit is here to talk you through the process. And she has so many amazing tricks to get more space out of your place, did you know a bigger entry will give the illusion that the rest of your home is bigger than it is? Tune in for even more designer secrets.
And check out The BHG guide to homeownership.
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