Toronto Home Additions or a New Custom Home? How to Make the Right Decision for Your Wallet and Your Family
There are many reasons you might want to upgrade your current housing situation:
- Have you had a recent addition to your family, such as a new baby or a relative coming to live with you?
- Has your lifestyle changed so that you need some extra space for visitors or entertaining?
- Or, do you just need to do some renovating to update or repair areas of your home?
to start exploring options. Generally, you will have two: do some Toronto home additions, or find a new custom home that meets your specifications.
Both options come with their fair share of advantages. Building an addition tends to be more affordable than seeking out or building another home that has your desired square footage. On the other hand, an addition might leave parts of your home unusable during the construction process, which can temporarily make your life a little more difficult.
Whether you build a new home or do an addition, you can often take advantage of certain tax incentives, as there are several options available based on energy efficiency or for doing a home addition in Toronto. You should also consider property values. Here are some questions to ask yourself:
- Will a well-done addition add some square footage that would increase the value of your home in the future, allowing you to recoup some of your costs when you sell?
- Would you have better long-term returns on a new house constructed in a desirable neighborhood?
- Would you take a loss on the sale of your current house?
If you decide to do an addition, you need to take certain steps along the way to ensure it is done well. First, you should have a clear-cut idea of what you want to accomplish. Is this an additional bedroom? Are you adding a closet, a bathroom, or a living room? Where will the addition be attached? Home additions in Toronto can sometimes have a surprising effect on how your house looks, and can even look like they do not belong if they are not done properly. That is why you should have a good idea of what your needs are before you do an addition.
Aside from having a good vision of where your addition project is headed, working with a skilled architect can also be a great help. Sketches and even computer generated images can give you a more realistic idea of what your home will look like with the addition. Another option is finding a way to put your addition onto the back of your house, which can be more effective at helping you minimize the impact the addition as on your home’s overall image.
Keep in mind that your new Toronto home additions will likely take several weeks or even several months to complete, depending on the nature of the addition and the complexity of the design. Prepare to be patient throughout this process. If you do not think you can manage it, then you may ultimately benefit from buying a new home just in terms of sanity and peace of mind versus waiting out an addition.
Selecting the Right Contractor
After you go through the initial planning stages, chances are, you need to hire a home renovation contractor in Toronto. While it might be tempting to take a “do-it-yourself” approach to save some money, consider how much time you really have to dedicate to this project. Will it languish, unfinished, for several weeks at a time? And, while you might be fairly handy around the house, do you really have the necessary skills to build a quality addition that will look like it goes with the rest of the house? Being honest with yourself upfront will save you time and headaches, and could also save you the added expense of needing someone to go in and fix potential mistakes.
A good contractor for home additions in Toronto will be able to show you a variety of ideas for how to go about your project, including materials and styles. Many offer an on-site survey and estimate, just to give you a good idea of what to expect. Some contractors can even help you save money in the long haul by ensuring your new addition is energy efficient and environmentally friendly. These features will help increase your home’s value in the future whenever you go to sell.
If you are still on the fence about doing a home addition in Toronto, here are some ideas to get you started with visualizing the interesting things you could potentially do. Which ones appeal to you the most?
- Be expressive. If you are putting your addition onto the back of your house, consider something that makes a bit of a statement, perhaps using a different material or color than the rest of the home. Can one wall be painted in a bold way without compromising the entire structure? Play around with different design ideas.
- Consider a pavilion. Can your addition extend away from your house a bit? If so, that gives you even more flexibility in terms of design and layout while still complementing the original house.
- Add a second floor. If your yard is fairly limited and you are already pushing the bounds of your lot, a second floor could be your best bet.
- Use your yard. Many homes do not take advantage of a spacious yard. Can your addition incorporate more of your yard into your daily living, either by adding a back door or a room with better views of the yard?
If you are not keen on moving, then building an addition could be your best bet for creating a home in which you feel more comfortable and which suits your needs and tastes. What have you done with your current home? Would you ever consider an addition? If so, what are you likely to add?