How to Boost the Value of Your Home with an Elegant Addition

Life is full of amazing experiences and whether your family is growing in size or your work-from-home situation has become more permanent, sometimes you just need more space! But with the current housing market (and sky-high interest rates), selling your current home and moving into a bigger, better model isn’t necessarily the best idea.

Instead, why not take matters into your own hands and turn your existing home, with good bones, into your ultimate dream home? Home additions in Toronto are becoming increasingly popular, especially since a home addition can significantly boost the overall value of your property and give you the added space you so desperately need!

Home Addition Ideas to Boost Your ROI

Looking to get more bang for your buck? Consider these custom home addition ideas that are sure to boost your property value and make you the envy of your neighbours.

Second Storey Addition

Homes without sufficient landscape to build outward may be able to add a second storey, depending on the local zoning bylaws and the condition of the structure and its subbase. Building up instead of out provides you with the capability to add more bedrooms, bathrooms, and/or living/recreation rooms to your crowded home.

Related: Questions to Ask Before Adding a Second Floor to Your Home

Basement Renovation

As one of the more common home addition projects, a basement renovation can boost the overall value of your home and property, provide you with more living space and serve as a rental unit in certain cases. Most homes have existing basements that offer adequate room for improvement while others may require underpinning to design a comfortable living space.

Sunroom

By adding a sunroom addition to your home, not only will your property value increase but you will also have the best of both worlds, enjoying nature while shielded from the elements. A well-designed sunroom provides added warmth to your home during the colder months while lowering energy consumption thanks to the natural light and cool outside breeze.

Home Office

Many companies have realized the benefits of having remote workers to lower overhead costs and there is an increased presence of people starting their own businesses from home. With a home office addition, your workspace can feature a comfortable sitting area, an ensuite bath, sophisticated décor and specially designed spaces for video calls.

Home Gym

If you’re looking for a convenient way to improve your health and well-being, a home gym is a smart solution. Creating a space with the latest gym equipment, a spa-like environment and/or a quiet and relaxing space for meditation is an investment in your future and your health. Plus, by bringing the gym to you, there’s no excuse for missing a workout.

Home Theatre

Investing in a home theatre can bring hours of enjoyment for your entire family while saving money as entertainment prices keep rising. A good home theatre will have a big screen, a flexible lighting system, proper seating, a surround sound system and be completely soundproof from the rest of the house.

In-Law Suite

Whether you’re hosting family from overseas or caring for an ailing family member, having an in-law suite added to your home means you’ll always have space for your loved ones. These additions can have basic living facilities such as a bedroom and bathroom or can be extravagant with a kitchen(ette), living room and second bedroom for company.

Factors That Affect the Cost of a Home Addition

Several common factors could affect the cost of a home addition aside from the recent price increases for materials due to supply and demand.

• Project Size and Scope: This impacts the final cost of the addition since a basic sunroom would be cheaper than building a full second storey addition with plumbing, electrical and central heating systems, as well as an entirely new roof.
• Location of the Addition: Location matters not just in real estate sales but also with the construction of an addition due to materials, labour, and zoning permits.
• Materials: The materials used to build the addition as well as the interior finishing materials can have a major impact on the budget. Exterior finishes will need to match the existing structure such as brick, wood or concrete.
• Permits: Depending on your municipality, specific permits are needed before any construction can begin. The type of permit required and the number of permits obtained can also impact the overall cost.
• Site Preparation: Lastly, in most cases, your contractor will need to prepare the site (e.g., clear land and/or modify the existing structure) before work can begin. Will the necessary equipment be able to maneuver in the space without breaching property boundaries or sustaining damage to the existing home? These questions need to be considered.

How a Strategic Home Addition Can Be a Game-Changer for Your Property Value

Most home improvements can significantly increase your property value, but certain ones can have a bigger impact than others. While basic renovations such as adding new flooring, renovating the bathrooms, upgrading the kitchen and installing a new roof can add sufficient value to your home, the biggest ROI is seen with extensive home additions. In fact, a second storey addition can boost the value of your home significantly.

Contact Elite Construction and Renovations for a Free Consultation on Your Home Addition

The experienced team at Elite Construction and Renovations offers speedy and guaranteed service with no compromise on quality. As a leading home addition contractor in Toronto, we adhere to industry by-laws and the Ontario Building Code to provide you with a viable and beautiful home addition. Contact us today with any questions and to schedule a no-obligation onsite estimate and consultation.