With housing prices in the Greater Toronto Area on the rise, many homeowners would rather add living space to their existing homes instead of moving. The two most common ways of doing this are adding an addition to the home or finishing the basement. Which option you should choose will depend on your unique living-space needs as well as your financial budget. Like everything else, there are often pros and cons when it comes to each option.
Adding Home Addition
There’s no question an addition is more costly than a finished basement since you’re dealing with a foundation, roofing, windows, and walls and you’ll need to make sure you acquire all of the necessary building permits. Also, you’ll obviously need the required space on your property to build an extension or addition and there’s no going back if you make a mistake or aren’t happy with the finished product. You will also likely lose some of your home’s yard space unless you add an additional story.
On the bright side, building an addition is less expensive than buying a new home and there’s a good chance you’ll recover the costs if you decide to sell the house. However, recouping your costs will depend on the state of the real estate market at the time of the sale. If you decide to build an addition or a sunroom you’ll be able to use your creativity by designing your own unique structure. Everything can be built to your specific lifestyle, tastes, and needs, but you’ll also be faced with increased costs for property taxes, heating and cooling as well as more general maintenance and cleaning.
Adding a story to the home is an option for some people as long as your foundation is able to handle the additional load. You’ll need to add a staircase though unless there’s already an existing one. This is generally less expensive than building an extension since a new foundation doesn’t need to be dug.
Finish The Basement
As for finishing a basement, you’ll be adding living space to your home at a lower price and won’t need to worry about an endless stream of building permits and construction workers in your home and yard. You’re not technically adding square footage to your home, but you’re definitely creating additional living space without having to build onto your home. If you have a good-sized basement you may be able to create several different living areas in the space rather than just one large room.
Depending on the size, some homeowners are able to add things such as an office, home theatre, spare bedroom, bar, family room, home gym, and an additional bathroom in their basements. If you decide to choose this route over a home extension it’s a good idea to make sure the basement is properly waterproofed or water controlled to keep as much moisture and humidity out as possible.
The choice of an addition or finished basement is ultimately up to you and whatever best suits your needs. An addition could be the answer if your home doesn’t fulfill your needs and still won’t even if you finish the basement. If you live in Toronto or the surrounding GTA and you’re having a hard time deciding please feel free to contact us at York Construction Company for information on your options and some free, friendly advice.