Whether it’s the arrival of a new baby, teleworking, a home gym… these are some of the many reasons for wanting to expand your living environment. The solution : either expand your home or move. Of course, you must consider a few aspects before making such a decision.
If you’ve been following the real estate market in 2021, you may have noticed thatproperty prices are ridiculously high and homes are flying of the market in record time. Not to mention the bidding wars between new buyers. Even though interest rates arelow, your purchasing power is bleak given the rise in prices. Therefore, making it a goodreason to expand rather than buy. In addition, you’ll need to take into account the costsassociated with moving, new property tax, notary fees, the real estate agent’s commission and time you will spend to recreate a comfortable environment in your new home.
What if expanding your home was more beneficial?
When choosing where you should expand, you should consider the natural daylightentering your home. If you choose to expand on the North side, your renovation will haveless impact than if it is oriented due south, where the sun is most often found. Also, your new expansion can either darken your home or illuminate it depending on the number of additional windows.
Expanding your home means being able to create personalized rooms that truly represent you. It allows you to be in charge of your own project and add a living space that you’ve always dreamed of, such as a solarium or a veranda. The possibilities are endless. If you don’t want to impact your backyard, you can always make your extension over your garage. You can also add a story, make a lateral extension on piles or equip yourself with a basement.
You’ll have to choose which type of expansion is the right fit for you and what are therelated costs. For a pile extension, the cost per quare foot is approximately $ 212. Addinga 1,000 square foot bungalow can cost around $ 175,000. A side or rear extension willcost approximately $ 75,000 for 150 square feet. Finally, a concrete foundation for abasement will cost over $ 400 per square foot, excluding excavation.
An extension on piles allows you to expand your home at your desired location. It is essential to avoid any movement in your new addition, which could weaken your home. A solid foundation is therefore crucial, making screw piles a great option. Postech screw piles are not affected by the ground movement during the passage of seasons. They have unparalleled stability due to their strategic position below the frost level. They are also very durable due to their superior quality, as well as their galvanization.
Of course, this home project comes with the cost of material and labor, but actually theseare an investment! When you adapt your living space to your needs in terms of size, the value of your home skyrockets. To profit on a better return on your investment, pilefoundations shoud be a priority, since they are cheaper than concrete and much more durable. Also, adding a floor to your house normally provides a 100% return oninvestment! This means that all the money you invest will be recouped through increasingthe value of your property.
What’s your decision, buy or renovate?