This is such a great question! If you’re deciding between moving to a bigger home for your growing family and adding a room or two to your existing home, you have found yourself in some confusing waters. You might have read about how some home additions don’t add to the resale value and that’s made you question. But worry not, let us guide you through the costs associated, pros and cons of both, and how you can ensure this addition increases property value. Let’s begin…
Signs You Need a Home Addition
From a family’s growing needs to generating passive income, home additions are the way to go.
Your Family is Growing
If that’s the case, then you need extra bedrooms and bathrooms, an in-law or guide suite, or a small space for your space.
You Need a Dedicated Workspace
With more people working from home, a dedicated office space helps increase productivity and improve work-life balance. You can create a barrier between work and homelife, while being involved in your kids day-to-day activities.
Your Storage Needs Have Outgrown Your Space
When closets are bursting at the seams, the kitchen looks messy all the time, or your garage is cluttered, a storage-focused addition, like a mudroom, walk-in pantry or built-in shelving space, can help you organize better. At YKC, we can help you build innovative storage solutions like under-stair storage, attic conversions, built-in window seats with hidden storage, and wall-mounted cabinets.
You Want to Increase Your Home’s Value
A well-planned addition, like a larger kitchen or an extra bathroom, can add to your property’s value. Most buyers consider the kitchen the heart of the home and often prioritize it when evaluating a property. A spacious, modern kitchen with upgraded features is highly desirable among buyers, and many are often willing to pay a premium during a bidding war.
You’re Considering Rental Income
If your kids have moved out and you’re left with empty rooms, why not turn them into a source of income? With a few adjustments, like reconfiguring the layout to create a rental suite, you can make that unused space work for you. Depending on where the new unit is located, you might need to add a separate entrance for privacy. Ontario’s rental market is buzzing, so finding tenants won’t be a challenge as long as the price is fair.
How much do home additions cost in Kingston?
The cost of home additions in Kingston, Ontario depends on the complexity of the project, location, ceiling height, finishes, and current condition of the home. You can expect the costs to start around $90 per sq ft for a car port and around $300 per sq ft for bathrooms, bedrooms, and sunrooms. For adding a second floor to your existing homes, costs start around $430 per sq ft in Kingston. To make calculations simpler, adding 1,000 sq ft of second floor will cost around $300,000 – $350,000 and a bedroom with an ensuite washroom and walk-in closet will cost around $100,000 anywhere in Ontario.
Beyond this, you also have to pay for a permit, which costs $240 and if these permits are acquired by a certified professional on your behalf, you’ll pay around $2,500 in their fees. If your project needs an architect, you’ll be paying them around 10-20% of project cost as fees. You can find more information about building permits in Kingston here.
As far as the timeline goes, you can expect permits and planning to take around 3 months followed by another 7 to 12 weeks of construction, depending on the type and complexity of home addition.
Are there any major cons to home additions?
While we know the pros – more living space, ability to customize your home to your needs and lifestyle and avoid the whole stress of selling existing property and buying a new one, let’s talk about the cons.
- Some home addition projects don’t add to the property’s value. Adding car ports or sunrooms is a hit or miss.
- You have to go through 4-6 months of stress from planning to construction. If you have kids or elderly living with you, you may need to make some major temporary arrangements.
- Construction can get delayed, especially during summer when many homeowners take up renovation projects. Also, Ontario has a construction labour shortage, so most contractors in Kingston are spread thin. Book a home addition contractor in spring, so you can get priority during summers.
- There’s always a chance of unexpected costs mostly because of the unavailability of materials and specific designs.
- Your neighbours might get annoyed by the noise and dust.
How do I make sure it adds to my property’s resale value?
The answer’s simple – find a reputable, experienced general contractor in Kingston. They will guide you on the types of additions that will add value, those that should be avoided, and how to incorporate your space needs into your home’s layout. You can also talk to a local realtor and ask them what features are in demand in the neighbourhood.
Typically, adding a mid-sized bedroom with an ensuite bathroom will fetch you a 55% return on investment, a bathroom will bring in 87% return on investment, and a deck addition gives 65% return on your investment.
Home additions are less stressful and cheaper than moving, paying realtor fees, and adjusting to a new neighbourhood. Searching for a trusted home additions contractor in Kingston? Your Kingston Contractor is here at your service. Book a consultation today and tell us more about your dream project!
