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.