Adding completed square footage to an existing home is a huge undertaking. Many current homeowners have expressed interest in building an expansion to their current homes. Even if they think their existing home is enough, every homeowner ultimately wishes they had a larger kitchen, an extra bedroom, or a larger bathroom. This is where a home addition in Toronto comes into play.
This article will provide fundamental information on four main types of additions that can provide you with additional living space and some elements you should consider before making your final decision.
Different Types of Home Additions
Home additions are broadly classified into four types. These categories result from parameters such as the need for new space, style, and construction cost. Please remember that many factors, such as the required area, the capital used, and the state of funds, must be considered before selecting a type.
Traditional Home Extension
More than one room that can be entered directly from the main house is what most people think of when they hear “home extension.” If the addition is constructed with care and consideration for the existing home’s design, the two structures can blend invisibly to form a spacious dwelling.
The new space could be a kitchen, living room, master suite, bathroom, or any number of other rooms. Only in extreme cases, when the present kitchen needs to accommodate a large family, is an additional kitchen constructed. A significant home addition can quickly go into the five figures, but it can bring a substantial return on investment when it comes time to sell the house.
Room Addition or Bump Out
A room addition is exactly what it sounds like: a single room added onto the side of an existing home. Only one use, such as a home office, is allowed. It’s safe to think of a bump-out as a miniature version of a standard house extension. You may like to construct an upper-level nursery next to the master bedroom, enlarge the current kitchen to accommodate a dining table or both.
They will install a new roof and cladding to alter the outside appearance of your home. Although it is less expensive than adding a whole new room to your home, it is still quite pricey because it must adhere to the same building requirements, zoning regulations, and permissions as any other retrofitting job.
Sunroom Extension
A sunroom is more of a luxury addition than a functional one. They are frequently separated from the main house by exterior plush doors. They frequently resemble temporary structures and, in some cases, can be assembled on-site. Predominantly made of aluminum, glass, and other pre-fabricated materials, they can visually be different from the existing house.
Since they are temporary structures and last only a short time, you will never see a bedroom, kitchen, or bathroom installed. In most cases, they are used as longing areas or greenhouses. They are also not required to have air conditioning or heating, which makes their construction very cost-effective.
Garage Addition
Simply put, a garage conversion project is a process of converting garage space into a living space. The garage can be converted into living rooms or bedrooms by adding elements such as flooring and ceiling and replacing the garage doors with solid walls.
There are already walls, roofs, and foundations for you to build on. They are less difficult to convert into living spaces because the majority of the structural elements required are already present. In most cases, details such as an electric supply and windows are also present. The only disadvantage is that you will have to start from scratch with plumbing lines and HVAC for air conditioning and heating.
Choosing a Home Improvement
While expanding a home’s footprint is a significant financial commitment, it might be a sensible option if there’s an immediate need for more room and the family budget permits. It is usually less expensive and more practical to add to your current home rather than uproot and move to a new, larger dwelling. However, give the project some serious thought to ensure it will provide exactly what you need.
Consider the broader picture when deciding what kind of extension would be ideal. Although the initial outlay may be prohibitive, keep in mind that your requirements may change drastically shortly. Important things to remember:
Will The Size Of Your Family Change?
A small bump-out may seem adequate for today’s demands, but what if your family grows? Or if your elderly parents require your care? If you foresee an empty nest in the next few years, a smaller project that adds a luxury bath or home theatre may be a better option than a massive multi-room addition.
Will Your Financial Circumstances Change?
Young families on a tight budget may desire to save corners on house improvements, but in a few years, you may regret not investing in a more significant home addition. However, if retirement is in your future, you should wait before taking out a second mortgage to pay for that major purchase.
How Much Of An Increase In Value Can We Expect From This Home Addition?
With careful planning, specific home improvements can increase the home’s value and provide a substantial return on investment when you sell. Not a good idea if you plan to sell your home soon, as the added value will only be realized for a few years. Of course, there will always be exceptions to the norm, such as when you need to build an addition to get your house up to code or match the other homes in the neighbourhood. Adding a new bedroom or bathroom to your home is another good way to recoup your investment quickly.
What Exactly Is The “Cost Of Money”?
If you plan to borrow money (as many individuals do), keep an eye on the banking industry while you decide what type of project to pursue. Is a low-interest loan, such as a home equity line of credit, easily accessible to you? Are current loan rates at an all-time low, making it appealing to remortgage your property to include extra cash for your addition? If so, this might be an excellent time to start that big project. However, a more minor, more economic expansion is preferable in times of historically high loan rates.
The Bottom Line
Before beginning the exciting adventure of home addition, ensure you secure the proper financing for what you’ll need to complete the project. This is particularly important because the addition will increase the overall value of your home. If you’re not sure where to start, consult with a professional who can help guide you through the process.
