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What are the Important Things to Consider when Buying Double Storey House
One of the most significant benefits of Buying a new double-story home is that customers can have space for enough bedrooms, living areas, outdoor rooms, studies and storage.
By going up, you are maximising your new home’s footprint, rather than chewing off space from the front or back yards.
Many buyers will opt for a two-story home to maximize living space on a small lot.
Your Budget for two-story house
Setting an effective budget before Buying a double storey home in Melbourne or other Australian regions can be difficult for inexperienced builders.
Use a ‘budget planner’ system to compare the total cost of building your new home (including the land) with comparable homes for sale in the same area.
As a result, budget planner calculations can provide you with a general idea of what your new home may be worth when completed.
It’s a wonderful feeling to know that your initial investment was sound and will pay off in the long run.
When creating a budget, keep these two common blunders in mind.
Overestimation of expenses:
Overestimation of finishing costs associated with completing the home can quickly add up, causing unnecessary stress as the project nears completion.
Overspending: Avoid splurging on luxuries that add aesthetic appeal but do not increase the value of the finished home.
Purchases of luxury materials that are not valued by others may result in a loss when the time comes to sell the home.
The block’s size
The size of your block will have a significant impact on the type of home you purchase.
As block sizes in new subdivisions around Australia continue to shrink, one way home builders have attempted to accommodate this trend is to offer buyers house and land packages on narrower lots of land.
With the average home site measuring just over 400 square metres, many buyers are now opting for a double-story design to maximise living space on a small or narrow lot.
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THE TOTAL COST of the house
Double-story houses are often somewhat more costly than single-story homes, but it isn’t the only factor to consider when determining their price.
While you may anticipate to spend at least an additional 10% more on your two story construction, you will have the added benefit of increased yard space as a result.
Those who aren’t bothered about yard space may readily accommodate a double story structure on a tiny site without having to compromise on the size of the living space.
It’s also important to consider the continuous expenditures of heating and cooling your home.
If you use air conditioning on a regular basis, single-story houses may be much less expensive than multi-story homes in this aspect.
Also read: 11 Important Costs of buying house in 2022
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Does the house have required rooms
A double storey can have many rooms as the space is utilised very well. Look for theater, study, Rumpus etc in the Ground floor.
Rooms for living
The main disadvantage of a single-story house is that because everything is on the same level, the size of the rooms can be drastically reduced depending on the size of the land. With living areas so close to bedrooms, privacy can be a challenge.
In addition, more land is used when compared to a double story home, posing the issue of having less room to fit extra outdoor living areas and amenities such as a pool or entertainment area.
It’s as simple as that: a two-story house gives you more space. All spaces have the potential to be larger, making rooms feel less cramped.
The living areas and bedrooms are separated, providing more privacy for a family with one or two older children.
To expand on that point, while every space in a home should flow, the need to be lavish throughout the home may not be as important in a two-story home.
This can be a good way to save money. Guests are only allowed to visit the entertaining areas and not the living areas.
Bedrooms on the second floor may not need to be as well-appointed as the main areas of the house.
Note: you must live in your home for at least 12 months before you can begin treating it as an investment property.
While this tax exemption may appear to be a clear incentive for renting out your home, unless you plan on moving, the financial consequences may outweigh the benefits of this decision.
Check all the items
Internal finishing items
- Window treatments
- Wall painting
- Air conditioning and heaters
- Additional lighting or power points
- Upgraded items (such as appliances, water taps and door handles)
- Floor coverings (such as timber, tiling or carpets)
External finishing items
- Landscaping, pools and water gardens
- Outdoor Kitchens
- Decks or paved lanes
- Fences and gates
- External sheds or workshops
Do you value your privacy? The best option is a two-story building. You can choose to have all bedrooms upstairs or to have an out-of-the-way parent’s or teen’s retreat up there instead.
Two levels can be very useful. If you frequently have visitors, for example, you could include a dedicated extra room and bathroom downstairs.
Alternatively, because adult children tend to stay at home for longer periods of time these days, they could live downstairs with some extra privacy and freedom for all of you for a longer period of time.
Taking in the Scenery around
A two-story house can literally change your outlook on life! If your property is surrounded by beautiful views or has a lovely garden, the second level can take full advantage of what’s outside your windows. In this case, you might want to consider “reverse living.”
The bedrooms are downstairs, with the living areas upstairs.
This configuration also helps to alleviate the heating issues (heat rises, so the upstairs can become too hot to sleep in during the summer without expensive cooling) that turn some people off to multi-story living.
A wise investment
While it is dependent on a number of factors, two-story homes are often a better investment and provide higher returns.
In cities where space is limited, the trend towards higher density living favours two-story homes over sprawling one-story blocks.
Most people like the idea of separate living areas, whether to separate children and adults or otherwise, and this lends itself to two-story homes.
When deciding whether to build a single or double storey home, there are several factors to consider, the most important of which are the size and shape of the block, as well as your lifestyle requirements and preferences.
THE LIFESTYLE AND THE AGE OF THE FAMILY
Double story living is often less common among families with very young children, mostly due to concerns about safety — steep stairs and greater space to wander might make new parents feel a bit anxious about their children’s safety.
If you have plans to accommodate elderly relatives now or in the future, it’s a good idea to consider whether or not stairwells will be an issue.
If You Own a Home
You can now access your home equity without selling your home, taking out a HELOC, home equity loan or reverse mortgage.