There comes a time when you might feel cramped in your home. Maybe you have additional children or pets or accumulated “stuff” over the years. You are not sure if you want to move or add an addition to your house. What is the cost and what resale value would this add to your place? Here are some ideas to inspire you!
Home addition costs
Home addition costs will always vary on the size, cost of materials and contractor pricing. Let’s look at a couple of scenarios. These prices are just meant to be a guide. The best way to get exact pricing is to contact a contractor to get an estimate for the type of addition you require.
- In general, the square footage could range between $400-$500 sq. ft.
- A small addition of 600 sq. ft. could average around $240K to $300K.
- A 2,000 sq. ft. second-storey addition could be around $880K and up.
- Renovation costs increase by 5 to 10% per year.
Factors that may affect the cost of your addition.
A garage would be less expensive than a family room. Whereas a family room would be less expensive than a kitchen. The location of your addition will also affect your price. First-floor additions are generally less expensive than second-storey additions. Pricing will also depend on the complexity of your design.
- The taller your ceilings increase the price.
- High-end luxury finishes will also increase the price.
- For example, designer tile flooring can be $30+ sq. ft.
- Hardwood flooring would be approximately $10-15 sq. ft (not including installation)
You should also consider how easy it is to access your home. If your home is closer to the builder, this may cut prices as it may be easier to transport materials than a home that is more remote. If you decide to change the work stipulated in the contract, it will also cost you more.
Play it safe!
It is a smart idea to add a little cushion to your budget for any contingencies that may crop up. Add 10-20% to cover any changes or repairs. Always, get a few estimates from different contractors and decide which is the best choice for your plans. A contractor can give you a better picture of what your addition may cost you.
Defining the value
It is always nice to have extra space in your home and it will affect the resale value of your home. As always when you are looking at the resale value of your home with an addition it is always best to contact a real estate team that can help you define the value of your home before you start.
Our Anne Winch Real Estate Team will be able to give you advice on what type of home additions will give you the best value for money. You may ultimately decide that you may prefer to move than add the cost of an addition to your home.
Getting expert real estate advice is paramount when selling your home, especially if you are thinking of having any renovations done. If you are not sure what improvements to make for your home, contact our Team to help you with any of your real estate questions.