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Hopeful Homebuyer

07:17AM | 05/07/01
Member Since: 05/06/01
1 lifetime posts
Bvmisc
I'm looking to buy my first house, and I found a very cute little bungalow that I fell in love with. It's under the price range I was looking at, but the promblem is that it is smaller than what I was looking for. It is in a great location and is one of the only single story homes on the street. I'm considering buying the house and adding a second floor addition to the house with a bathroom and two bedrooms. I know that this will greatly increase the value of the home (since it is the smallest on the street in a great location). The problem is that I have no idea how much this would cost. Could anyone give me a ballpark figure as to how much this would cost? The first floor has about 816 sq ft of living space. The house has an unfinished attic that is currently being used for storage. I think the floor might be usable, but I'm not sure. Thank you very much for your help.

MarkV

09:09AM | 05/07/01
Member Since: 04/05/01
32 lifetime posts
Can you give us any more information? It is difficult to give even a rudimentary estimate if we don't know where you live. As well, ti will depend on how much you contract out and what you choose to do with the space. A bathroom will add quite a bit, as would hardwood flooring. Even with this info it would be hard to say what it would cost you. The best thing to do would be to contact at least 3 contractors to try to get a ballpark figure, but you'd want to do this before you buy, which will make the estimates very approximate.

To get detailed estimates you need to give the contractors as much detail as possible; preferrably a plan and bill of materials. Without that, every contractor will have vastly different visions of what will need to be done and you will have a large spread in estimates. If you get 3 estimates at this point, I'd either average them all or average the two highest as you're looking for a worst-case scenario.

That said, I think that where I live (Kitchener Ontario), you are looking at at least $100 per sq foot for a finished addition. It might be less for a second storey as the foundation already exists.

I've got a house with a hip roof and a walk-up attic that I want to finish. I'd like to take my roof off completely, frame a gable roof and a large dormer at the back and then finish it. I've been told that I should expect it to cost at least $50 000, and probably higher if I get a company to do it all for me. That said, I think I'll be doing most of the work, with the likely exception of the roof framing and shingling. I'm already re-doing the electrical in my house and I won't be adding a bathroom, but I have to beef up the floor joists to bring them up to code. I estimate that it will cost about $25 000 for me to go this route. Probably the only reason I'm considering this, though, is that I've got to strip my roof down to the rafters anyway, so I figure that it wouldn't cost me that much more to take it all off and gain more than twice the space.

I hope this helps.

Mark

Jay J

12:32PM | 05/07/01
Member Since: 10/26/00
782 lifetime posts
HI Hopeful Homebuyer,

Well, keep your emotions in check (for starters.) If you find that the cost for the addition is prohibitive, then you'll be REALLY disappointed if you decide not to buy the house.

MarkV has pretty much hit it on the head. I'd like to add that you MAY find that you won't get your $$$'s worth. That's why I'd like you to add to Mark's Follow-up some info about the rest of the neighborhood. You see, IF you're 'the guy' whose house is 'setting the standard', your value won't be as much as you think. In this case, EVERYONE ELSE is going to be 'riding your coat-tails' in terms of value. THEIR homes will go up because, well, you home is worth more.

Now, IF on the other hand, you Bungalow is the 'bottom of the barrel' (for the sake of my example), then a 2nd floor addition MAY reap good benefits for you. HOWEVER, if your home is NOT 'in character' with the rest of the neighborhood, then what will the 'comparable home' be when you go to sell? Understand, in this case, YOUR home is the 'odd lot' if you know what I mean.

Give the additional info and we'll see what we can do. Some things that will most likely have to change are:

Upgraded electrical (from the street) since the bungalow may NOT be adequately 'fed'.
Upgraded HVAC since the existing unit is most likely NOT sized for handling a 100% increase in area.
Possible residing of the house so everything matches.
Homeowner's Insurance, Taxes, and the like will go up too.

I patiently await the answers to Mark and my outstanding questions. My best to ya and hope this helps.

Jay J -Moderator

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