An extra bedroom tops your property wish-list according to our latest data, which shows over 25% of Aussies would opt to add a room to their home if they had the choice.
Coming in a close second was, of course, the Aussie favourite – a swimming pool.
While practical additions such as off street parking got less than 5% of your votes, and en suite bathrooms just 7.5%, adding a swimming pool was high on people’s renovating wish-lists, with over 21% saying a pool would be the way they’d go if money was no object.
Extra bedrooms rule
Investment specialist and realestate.com.au contributor Peter Koulizos says an extra extra bedroom is a wise thing to lust after:
“Adding an extra bedroom adds real value to a property,” he says. “Firstly, one of the key determinants in the valuation of property is the number of bedrooms; the more bedrooms, the higher the value.”
“Secondly, purchasers of property are also willing to pay more for a bedroom. Why? Because owner occupiers will pay more for a bigger block of land and/or a bigger house (i.e. more bedrooms) as these are two of the prized attributes of a property.
“In addition, tenants will pay more in rent for a property with a greater number of bedrooms as there is more space. However, not all bedrooms are the same. Someone would pay a lot more for a two bedroom unit compared to a one bedroom unit but the difference in value between a six bedroom house and a five bedroom house is minimal.”
Practicality over luxury?
We all dream of that backyard pool, but Peter explains that if someone is considering spending $50,000 on either a swimming pool or extra bedroom and they want to add value, a bedroom probably the wisest way to go.
“Consumers of property (that is owner occupiers and tenants) will always pay more for additional bedrooms but most consumers do not want a property with a swimming pool.”
“Pools take a lot of extra maintenance and take up space in the backyard. A family who are keen to have a property with a swimming pool would most likely pay more for a property when renting or buying, but it wouldn’t be $50,000 more,” says Peter.
