Why Should you Hire an Architect?
Considering a renovation? It might be time to think beyond just the immediate costs and aesthetics. A revealing study by the University of Melbourne has shown that architects aren’t just for grand designs; they’re a wise financial investment.
Here’s why:
Capital Gains: For every dollar that was spent on engaging an architect, the property gained $11.40 in capital appreciation. For example, on architects fees of $10,000, the added value after ten years would be an impressive $114,000. So, whilst architectural services fees might seem high when compared with going it alone, the value returned on this investment in the long term is much higher.
Consistent Value Growth: Properties that are renovated by architects increase in value 1.2% per annum more quickly than those that are renovated without an architect. Whilst that 1.2% might not sound a lot, for a house with the median price of $1.2 million dollars this amounts to a substantial $256,000 increase in value over ten years. This suggests that the quality achieved in renovations designed by architects is valued by prospective buyers when the property is eventually put on the market.
Engaging an architect for your home renovation isn’t just about aesthetics; it’s a financially savvy decision. This University of Melbourne study highlights that architects not only ensure a unique and appealing design but also significantly enhance your property’s market value. Investing in professional architectural services is a wise financial strategy, offering substantial returns on investment and ensuring your property’s value growth over the long term.