Growing families who need more living space are tasked with making significant decisions. They can purchase a larger home, build out, or add a second story. Given rising interest rates and a volatile housing market, increasing your usable square footage may be the best course of action.
Although building out or up accomplish the same goal, other aspects are not necessarily equal. As a homeowner interested in expanding your living space, these are things worth considering.
Cost Difference Between an Addition and Second Story
It’s unrealistic to say a build-out or second floor will always be the most cost-effective home improvement. Truth be told, the construction budget will largely be determined by the existing structure. On the one hand, additions typically call for excavation work, pouring a foundation, building materials, and labor. A second story calls for removing a portion or all of the existing roof. After that, expenses are relatively the same.
As long as the existing foundation can handle the load, a second story remains a cost-effective way to increase living space without reducing the amount of outdoor space used for landscaping, gardens, and children’s areas. Perhaps the best way to make an informed financial decision is to secure a reliable quote for each option.
Benefits of Adding a Second Story
Most people generally like the privacy and flexibility adding a second story creates. That’s why building up has become one of the more trendy ways to increase a home’s living space, particularly when lot sizes restrict outward expansion. And while the immediate goal may be to keep your roots in the community and children in the school system, there are wide-reaching benefits surrounding a second floor that homeowners realize after the fact. These include the following.
Adding a second floor provides an opportunity to change the way your home looks from the outside. A second-story design can employ gables, dormers, varying pitches, skylights, high-end roofing materials, and aesthetic lines that generate curbside appeal.
Control Return on Investment
Increasing the square footage of living space typically improves real estate values. But a second floor allows homeowners to manage their return on investment in a variety of ways. You can add a partial build-up for a bedroom and bathroom, a master suite, or a full second story. One caveat worth considering is checking zoning regulations regarding an in-law apartment that could generate passive income.
Second-story windows provide a unique view of areas property owners might not otherwise enjoy. Homes near the Atlantic Ocean or high up in the New England hills overlook some of the most picturesque landscapes, bar none. Adding a second-story deck or balcony allows homeowners to enjoy sunsets in the fresh air is also possible.
The benefits of adding a full or partial second floor make the investment worthy of consideration. If you feel the need to increase your family’s living space, the next step is to get a quote. Diamond Hill Builders in Exeter, N.H., offers free quotes that help homeowners make informed decisions. Contact Diamond Hill Builders today.