Second Story Additions Toronto Contractor

How Much Does a Second Story Addition Cost?

When you’re looking for additional living space and the option of moving to a bigger home isn’t in the cards you can always consider a second story addition. Here in Toronto, the ever increasing real estate prices makes adding a second story addition an attractive option compared to buying a bigger home. 

Adding a second story addition to your home enables many homeowners to nearly double their existing living area at a more affordable price than buying a new home. It is a complex project though and will add weight to your original home, so you need to make sure your structure can support an additional story before getting ahead of yourself on the project. You’ll then need to come up with some detailed plans for the addition.

Second Story Addition Costs

The cost of a second story addition will obviously depend on the location and size of your home and how much square footage you’ll be adding. Each home is more or less unique, but in general, a full second story addition to a 2,000 square-foot home will cost between $175,000 and $225,000 in the Greater Toronto Area. For a partial second story addition of about 500 to 700 square-feet in size would cost approximately $95,000 to $125,000. If you’d like to add a new two story garage of 20 by 22 feet with a living area on the top floor you should expect to pay between $100,000 and $150,000.

It’s interesting to note that adding a second story will cost more per square foot than it will to add additional living space on your ground floor. This is due to having to replace the roof as well as installing electrical, plumbing, heating and air conditioning systems etc. and a set or two of stairs. And don’t forget the addition of stairs will also affect the living space on the lower floor where they will be originating from. The cost will also depend on what exactly you plan on including on the upper floor. For example, a kitchen and bathroom will be a bit more work and money than just adding a couple of bedrooms.

Hire a Professional Contractor

Adding a second story isn’t a do-it-yourself project since you’ll need to work hand in hand with a contractor with experience creating second story additions as structural work will need to be carried out and the existing mechanical systems will need to be worked on. There are other costs involved with a second story addition that aren’t exactly hidden, but many homeowners often forget about them when budgeting for their project. For instance, when looking for a contractor you should ask for a fixed-price deal just in case the cost of building materials and supplies such as lumber, concrete and shingles fluctuates during the job.

Additional Costs For Adding a Second Story

Also, you’ll need to budget for building permits, design and architectural fees, loan fees and interest, higher property taxes and insurance rates, and possible landscaping. In general, the architect’s fees will be approximately 15 percent of the construction costs and since your home is now worth more after the second story addition your insurance premiums and property taxes should rise to reflect it. The exact percentage of property tax and insurance increases will depend on the new value of your home. As for the landscaping, you may need to remove or replace items such as shrubs, bushes, trees and/or flower beds etc, after the work has been completed.

For more detailed information on second story additions and other home remodeling and renovation projects in the Greater Toronto Area,  contact us at York Construction Company at your convenience.

home remodeling design Toronto

Home Additions: Additional Costs To Be Aware Of  

Nobody likes to be given a quote for the cost of something only to find out later the actual price is quite a bit higher than originally thought. It happens in all walks of life such as auto repairs and maintenance contracts etc. and it’s usually no different when it comes to home additions. There are typically hidden or additional costs with any type of remodeling project and it’s a good idea to find out exactly where you may have to shell out more money before it has been completed.

For example, the contractor doesn’t really have any idea what’s under the floors and behind the walls of your home until the work is well underway and you may also find out the home doesn’t live up to new building codes in certain regards. However, if you take these things into consideration when planning the project you can add them to your budget so you won’t be taken completely by surprise. This includes items such as loan interest, financing fees, unforeseen repairs, the fluctuating cost of building materials, increased property taxes, landscaping costs and higher insurance premiums.

When hiring a contractor for a home addition or remodeling job you should always insist on a fixed-cost quote and contract which outlines exactly what is going to be done and how much it will cost. Of course, once the contractor gets started the price may still rise due to unforeseen circumstances such as mould or dry-rot. However, you can ask the contractor beforehand how much more it will cost if rot is found for instance. A good contractor should consider the possibility of something such as rot and mould when giving you a quote. In addition, a fixed-cost contract will cover you if the price of building materials should happen to jump midway through the project.

 

Design Fees

When budgeting for your home addition, don’t forget to include architectural fees as well as construction costs. If you’re using an architect you’ll find they don’t work for free, but some contractors will include these fees in the quote. Either way, the design will end up costing you something.  York Construction is a Design-Build company, meaning we include all aspects of the project including the design, architecture and related fees.

 

Financial Fees

If you plan on borrowing money to finance the remodelling project you’ll likely be facing processing fees along with the interest fees unless you’re fortunate enough to land an interest-free loan somewhere. In addition, the lender may also insist on an appraisal and inspection which will add to the cost.

 

Permit Fees

In most cases a building permit is going to be required for the addition or remodelling work and you may also need plumbing and/or electrical permits. Be sure to ask the contractor if these have been included in the quote.

 

Higher Insurance Premiums

Once the home addition or remodelling work has been completed your home will now be worth more than it was before you started. Naturally, your insurance company will want to jack up your premiums because of this. The exact cost or percentage of this increase will depend on how much the value of your home has been elevated.

Increased Property Taxes

As well as paying higher insurance premiums the taxman will also want his share. Again, this is because your home is now worth more due to the work done on it. Your yearly property taxes will go up when the worth of your home as been evaluated.

 

Landscaping costs

If you’re planning an addition to the home it will likely affect the landscaping of the property. You may need to get rid of shrubs, turf, trees and flower beds when making room for the addition. Even if you don’t have to remove them you may need to replace them when all the work has been completed due to the wear and tear of daily construction.

 

Don’t Delay

Be sure to make all of your remodelling-related decisions are planned in advance as the contractor will need to organize the labour and building materials in a timely manner to get the job done on time. Materials will need to be ordered well in advance to make sure they reach the job site on time. If you have questions about your upcoming home addition project, you can contact us here.  York Construction is a Toronto based design-build company that offers an all in one solution for your home renovation project. We offer free in-home estimates and consults.

Home additions Toronto

Should I Finish My Basement Or Add An Addition To My Home?

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

Creating home additions Toronto

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

finished basement Toronto

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.