Home additions can be a significant investment for your home but incredibly worthwhile, provided you maximize the potential of your new space. Whether you’re hoping to expand your kitchen, build a new mudroom or bonus room, or create a master suite oasis, there are so many ways in which a home addition can enhance your home’s layout. Home additions are a unique approach to home improvement, as it allows you to start from scratch and create a space that is based entirely on your wants and needs, rather than simply working within a pre-established frame.
But while home additions can have a large emotional impact, they can also present a financial one as well. Home additions can be expensive, so gathering information and determining your budget in advance can help you prepare for the cost. But how much exactly can home additions cost? Let’s explore potential costs below.
How Much Do Home Additions Cost?
Home additions are generally one of the most expensive home renovation projects you can take on. However, the results are incredibly drastic and can greatly alter how you interact with your home.
HomeGuide estimates that the average cost of building a home addition or adding a room is roughly $48,000, with homeowners spending between $22,500 and $74,000. This breaks down to approximately $86-$208 per square foot. Keep in mind that this pricing can vary widely depending on where on the globe you live, and exactly what your addtiion will look like.
Naturally, the more extensive your home addition is, the more it will cost. Smaller home additions that simply provide extra living space, such as a sitting room or a mudroom off the back of your home, will require less necessary features, such as electrical and plumbing. A bathroom, meanwhile, will need several plumbing and electrical fixtures, which therefore requires additional labour.
Adding a second story to your home is typically the most expensive type of home addition, averaging between $100 to $300 per square foot. If you intend to build a second floor that is composed of several rooms, be prepared to hit six-figure digits.
What Are Some Of The Benefits Of A Home Addition?
Home additions may be pricey, but the rewards they offer can entirely be worth it. From a practical standpoint, they offer space that wouldn’t otherwise be there. You can only be so creative with where the furniture is placed for so long before you realize that your home isn’t fitting your needs anymore. By choosing to add an addition, you can be sure that your home is working for you, while also preventing your family from tripping over each other anymore.
Home additions also save you the hassle of moving. Perhaps you’ve found yourself a home in the perfect location, surrounded by good schools and neighbours, but its only downside is that it’s a little too small. There’s no guarantee that a new home will offer you everything you’re looking for, but a home addition ensures that you get to keep everything you love, but just with a little extra room.
This also allows you to flex your creative skills. Home additions are a blank slate, so rather than conforming to established perimeters, you can build a space that is the exact shape, size, and design that you want. So whether you’re expanding a room or creating a new one, you can allow your own personal preferences to determine what the final product will look like.
Home additions can be expensive, but if this project will allow you to enjoy your home for years to come, then it is arguably worth it. Simply take the time to determine your budget in advance, allowing you to move forward with confidence and security.