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Architects Add Proven Value to Renovations, Boosting Home Prices

New research shows that hiring an architect for a home renovation can significantly increase the property's value. Here's a breakdown of the key takeaways:

  • Increased Capital Growth: Melbourne homes with architect-designed renovations saw an average of 1.2% higher annual capital growth compared to non-architect designed ones.

  • Return on Investment: Every dollar spent on architect fees translated to a gain of $11.40 in increased property value. For a $1.2 million house, this translates to a potential gain of $256,000 over a decade.

  • Benefits Beyond Price: Architects improve building quality, functionality, comfort, and sustainability, making the home more desirable to buyers.

  • Debunking Myths: The study challenges the misconception that architects are too expensive. While their fees may be higher upfront, the long-term value increase outweighs the initial cost.

  • Shifting Priorities: The pandemic highlighted the need for flexible, functional homes with dedicated work and relaxation spaces. Architects excel at designing for these evolving needs.

  • Focus on Sustainability: Sustainable design features are increasingly attractive to buyers, and architects are experts in incorporating them.

  • Building for the Future: Architects consider how a home's layout can adapt to changing family dynamics over time.

  • Government Investment: The research emphasizes the importance of utilizing architects during the current construction boom fueled by government spending.

Overall, this study provides compelling evidence that hiring an architect for a renovation is a sound investment that can significantly increase your home's value and appeal to buyers.

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