If you want to add extra space to your house without moving, adding a second story through home renovations is a handy and sufficient option. Adding an additional level will double the square footage of your home and can enhance its value as well. Although the benefits of a second-story addition are plenty, the costs and effort it will take to renovate should be taken into consideration.
Here is all the information you need to know about adding a second story to your home.
Types of second-story home renovations
When your home desperately needs extra space to maximize functionality, adding a full second story to include multiple rooms might be your best option but is also the most costly. If you want a second-story addition that is more affordable and you only need an extra bedroom and bathroom, a partial home addition will be your optimal solution. Adding an office space or storage room to your house will only require a room expansion, which can easily be completed over your garage, reducing the structural work and cost.
Hiring a professional
Unfortunately, adding a second story to your home cannot be a project you do yourself to save money. Hiring a professional is necessary to complete this home renovation safely, correctly, and promptly. Consulting a contractor about your desired second addition will give you a chance to understand this process while the professionals configure the complexities of this renovation.
Hiring professionals can add to the high cost of a second story addition but will be well worth your money.
Depending on the area where you build, the size of your home, and the extent of the addition, prices will vary, ranging from $300,000-$500,000. Typically, completing these second-story renovations in cities like Toronto or Calgary can start at a price of $225,0000 with a bungalow home. If you get both your exterior and interior done, complete with decor, with multiple rooms involved, the price tag of this second-story addition will inevitably arise. Acquiring small additions that only consist of one room can be as cheap as $82,000.
The varying costs of installing a second-story addition aren’t your only cost. When budgeting for this project, you should include the price of permit fees, insurance premiums, planning fees, and interest from the project. Some of these building necessities can cost an additional $10,000-$15,000 for your renovation. And due to a second story addition, your property tax might increase as well.
Is this renovation worth it?
Adding a second story to your home can be well worth the investment and effort, particularly if you need extra space in your home. Establishing a well-thought-out plan and strategic budget can make this process easier. To implement a second story where quality and efficiency will be assured, you should hire professionals and a contractor to help you properly execute the home renovations.