When it comes time to sell, a question we often get asked is: ‘Will building plans & consents add value when it comes time to sell?’ So, is it really worth digging out those old plans and consents you had done a few years back with the best of intentions, but never went ahead with? And have them ready to show potential buyers?
Prepping The Plans
If you never got around to that extra bedroom, en-suite, double garage or sleep-out, and now it’s come time to sell, there could still be some benefits to doing some paperwork to help make your property more attractive to buyers.
However, before doing anything, it’s important to think about whether it’s worth the effort. If the project needs building or resource consent, then it’ll likely take time and money including any architect plans you might need to get drawn up.
When considering these options, consider whether the renovation you had planned will appeal to a likely buyer. If it’s an extra bedroom or bathroom, and the enhancement will make your home popular with young families, the answer might be a resounding yes. However, if the plans are for your dream triple garage that will take up most of the back yard, it may not appeal to the buyers looking for outdoor space.
Plans and consent could equally add value if they address a negative feature of the house – for example, the lack of an outdoor deck – plans can show buyers that by doing the addition, it will eliminate that ‘negative’ off their list.
However, remember that the time, cost and energy of securing consents and plans may not actually add any additional value to most people who may not want to do the work, or they’re happy with the property as it is.
Doing The Work
If the renovation or add-on is really going to add value by making the property more attractive, remedying a very negative feature, or adding a potential income stream, then it could be a better idea to simply forge ahead with the work before you put the house on the market, and potentially reap the rewards in your sale price.
However, it’s important to discuss such plans beforehand with a reputable real estate agent who can advise on whether it will pay off in the long run, and crucial that you keep the build costs within set limits to ensure you don’t over-capitalise