Your paradise starts feeling cramped when you do not have adequate space for your loved ones and your belongings. But, when your home becomes small, buying a new one is not the solution. According to a news report inFinancial Post, Toronto home prices may increase 20%-25% in 2017. It shows how difficult it is to buy a new home in Toronto and other communities of Greater Toronto Area. You may get a good price for your current home but buying a bigger home that can accommodate your family members can become an uphill task for you.
So, don’t think about giving up your paradise, instead increase its size and customize it to suit your needs. Think of a home addition project and make space in your home without leaving it. You can think of a bump-out addition to avoid making changes to the roof as well as the foundation. If you do not want to part ways with the beautiful landscape of your home and need more space, think of a second-floor home addition. It will help you to create several rooms in your home and make sure that your need for space is met adequately.
What is the cost of Home Addition?
When you want a detailed cost estimate for a home addition project, you have to consider several things such as labor, materials, and fixture. You also need to think of the cost of hiring an architect as well as a structural engineer.
Per Square Foot Cost of a Home Addition Project
Your total cost of a home addition project can range anywhere between $21,000 and $63,685. But, the actual cost of your project will depend on your requirement. Are you going to add a small room to your Toronto home or interested in a complete second-story addition? Usually, home addition costs vary from $80 to $200 per square foot.
A Detailed Budgetary Estimate to help you make a Decision
Usually, the price varies from one project to another. However, it will include the following things:
1. Architect fees that total up to 10%-18% of the total cost of the project.
2. Excavation and demolition fees are also a factor that you should take into account. Usually, removing a wall costs at least $300.
3. Basic framing expense that includes the expenditure of building walls can cost something in the range of $6 to $8 per square foot. So, if you are interested in a room addition of 1000 square feet, the framing cost will be $8000 approximately.
4. Drywall costs for 1000 square feet can be close to $2000 and insulation is approximately $1200.
5. Roofing cost of the new addition will vary according to your choice. Metal roofing is a pricier option. On an average, you can buy roofing material from $5 to $50 per square foot.
6. Licensed electricians charge close to $50-$100 per hour for wiring the room addition.
7. If you are looking for a fully-functional bathroom addition or a kitchen addition, you have to consider the additional plumbing costs as well.
8. You also have to keep aside money for electrical fixtures, furniture, accessories, and appliances that you want in the new living space.
Choosing a Reputed and Experienced Home Addition Contractor is the Key!
Undertaking a home addition project on your property involves spending time and money. And, you certainly do not want an inexperienced contractor handling the work. If you choose a home addition contractor on the basis of the cost, you will end up making a big mistake. You will have to spend more money on rectifying the errors and the heartache that it will cause will be phenomenal.
So, make a smart hiring decision and choose a reputed contractor with adequate experience of home additions. Check his past projects and talk to his customers to get a clear idea of his work. It will enable you to have a happy home addition project.