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 home 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 unique, but in general, a full second story addition to a typical Toronto 800-1000sqft bungalow will start in the $225,000 range. Our most popular addition for older semi-detached homes is the rear main floor family room/kitchen with a 2nd floor Master bedroom and ensuite. These additions are usually in the 4-500 square-feet range in size, and would cost approximately $180,000 to $250,000 depending on the scope of work and big ticket items such as kitchens/bathrooms. If you’d like to add a new two car garage of 20 by 22 feet with a finished dry walled interior you should expect to pay between $80,000 and $100,000. Laneway and coach houses are a very hot topic now and vary tremendously, but expect that they would start in the $250,000 and up range.
It’s interesting to note that adding a second story may in some cases cost more per square foot than it will to add additional living space on your ground floor. This is due to potentially having to replace major items such as the roof, electrical, plumbing, heating and air conditioning systems etc. and a set or two of stairs. And don’t forget the rearranging of the existing living space on the main floor will inevitably require attention as you may have added the bedrooms upstairs and now want a gorgeous great room, or that larger kitchen you have always dreamed of. The cost will also depend on what exactly you plan on including on the upper floor. For example, a laundry 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 permit fees, design and architectural fees, project financing and interest, insurance premiums, and possible landscaping. In general, our design and planning fees will be approximately $10,000 to $15,000 and since your home is now worth more after the second story addition your insurance premiums and property taxes may 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 information on second story additions, other home remodeling and renovation projects in the Greater Toronto Area, Contact us at Novacon Construction to schedule a free consultation.