If you want more space, but you aren’t able to expand your home’s footprint, you are left with two choices: add a second story or build a basement.
For most homeowners, this decision comes down to the simple question of which is the cheaper option. The answer, however, isn’t so simple. The best and cheapest choice depends on many factors.
Constructing a Basement
The idea of digging or finishing a basement may sound less labor-intensive than taking off the roof of a house to add a second story. However, it’s not as easy as getting some shovels and a concrete truck or slapping up some drywall.
To build an unfinished basement, the cost of excavating and pouring a floor is around $33 per square foot vs. a minimum of $86 per square foot to add on in the traditional manner (1). When thinking about basement construction in Calgary, the frost line is so low you may already have a head start on this part of the project.
If this is the case, then you may just need to finish your basement. The price range for finishing your basement will be somewhere around $32 per square foot (2). This can vary greatly, however, depending on your plans for the space. The more rooms, plumbing, and high-end fixtures, the more expensive the completed project will be.
Building a basement from scratch includes the following basement construction checklist:
You will also need to consider additional moisture-battling steps like a sump pump and dehumidifier.
If your home already has a basement, finishing it will likely be the cheapest option. If you are digging a new basement to add more livable space, keep in mind you will be paying for both the basement construction and the basement finishing.
When is building a basement the smarter option?
Adding a Second Story
Adding a second story to your one-story home can cost as much as a traditional extension. However, you add more value to your home this way than by investing in basement construction.
If you ever plan to sell your home, the basement cannot be included in the appraisal (7). Even if it is clearly a livable space, only above-grade areas can be counted in the square footage assessment. If you build a second story, any future listings will reflect the true size of your livable space.
There are a few inconveniences to consider when building a second story addition that may not come into play with a basement:
When the roof is being removed and floor joists are being installed above your head, there is no avoiding the noise. You may also be required to leave the premises temporarily for safety reasons.
If you plan to add a second story, it will likely mean replacing the siding so that the exterior looks cohesive.
You don’t want your addition to look like an addition, so unlike with a basement, you’ll need to put some thought into how the building will look once completed. It may help to hire a company that has a designer on hand to help you visualize this (8).
When is adding a second story the smarter option?
When choosing between basement construction or a second story addition, the best choice depends on many factors. Personal preference, your future plans for the property, and your home’s current layout can make all the difference.
The best thing you can do is talk to a contractor that is well-versed in all types of additions. Reborn Renovations can help you with building a second story, constructing a finished basement, or expanding the footprint of your current home by building out.
Reborn has a designer on hand, experienced contractors, and reliable subcontractors.