Time to dispel myths

CANA bedroom add value to your home? In the complex world of real estate it is true adding a bedroom will almost always benefit your home, but beware as this statement should carry a caveat.

Creating an extra bedroom from existing accommodation only works if you haven’t lost another valuable space. The mostcommon mistake is changing your garage into a bedroom. In such a case, the value gain is questionable because you havenowlost a garage.

Sectioning off part of a large space, like a rumpus room and converting this space into a bedroom – providing it is done properly and works with the floor plan of the house – could arguably add value.

Extending your home with an extra bedroom is more expensive, but should generate value gain, but again ensure that extension works well with the existing floor plan. Successful extending is when no one can tell the home has been extended and the extra accommodation just blends in! So converting the shed to bedroom number five, or adding a bedroom on to the back of the house with no relationship to the rest of the homemay add nothing. THIS myth should carry a financial health warning. Sellers play a dangerous game dismissing any offer without careful consideration. Of course, if the market is riding high and you have numerous offers, the crazy low one could be rejected without thought, but please beware as sometimes these buyers are serious. To work outwhois serious, you need to know if you are selling in a buyers’ or a sellers’ market. If you are the seller in a buyer-focused market, listen to all offers.

After the shock of receiving a crazy low figure dissipates and you have supressed your immediate – and totally understandable – desire to stick the offer, my advice is check out the buyer’s profile. Are they able to buy right now? Have they tried to secure other homes and lost out? What purchasing terms are they offering? This is all information a good agent should be able to discover for you.