There are several creative ways of spicing up the curb appeal and livability of your home.
Some are cost-effective and others require a sizable investment of capital.
While several homeowners opt to focus on room-specific upgrades or remodeling projects, a growing segment are discovering the exceptional ROI potential of adding a second story to their home.
When it comes to building a second story to an existing property, the sky and your budget is where most limits are set.
Working with a professional home addition contractor in Phoenix will streamline and simplify your upgrade, there are still several questions that homeowners have about making the investment.
To provide some clarity, we have put together some valuable information that will outline some facts about adding a second story to your current home.
Take some time to read the information below, as it will help you make an informed decision.
Investing into Your Home
Most of us consider a home remodeling project as central-focused – or helping to improve our family’s comfort or lifestyle.
But at the end of the day, any remodeling or home improvement project is an exceptional investment – which improves the equity and resale value.
While adding a swimming pool or converting empty rooms to livable space can help improve property value by $10,000 to $30,000 – a second story or virtually doubling your square footage can double your initial investment.
This is arguably the biggest concern of homeowners that are considering this type of major investment.
But, fear not – according to HomeAdvisor.com and their True Cost Guide, you can expect to recoup a 65% return on your investment when adding a two-story addition within a short period of time.
And, specific to the Phoenix Metro area market, with Home Prices SOARING, the ROI for adding square footage to you property can be realized at a higher rate in much less time!
Additionally, you’ll also need a new roof – which can provide up to a 94% return on investment.
Building Options – Full, Partial, or Out?
Not all second-story remodeling projects are the same. Generally, there are three major types of second-story additions that most homeowners can consider.
Full Second Story Addition
The full second-story home addition is – as expected, the most expensive of the three.
This is a great option for homeowners who are looking to significantly expand their homes’ square footage and livable space.
Partial Second Story Addition
For the homeowner looking for some additional space – but not quite comfortable or able to complete a full second story, the partial addition is a great option.
This allows you to add an extra bedroom and bathroom, or a loft – to increase living space.
The Over the Garage Addition
One of the quickest growing home remodeling projects – especially in the southwestern US is building out vs up.
This is also known as a garage addition, where you add a bonus room over the garage.
These spaces are often used as offices, man caves, or the infamous in-law suite.
Outlining the Costs with a Second Story Addition
Homeadvisor.com estimates that building a second-story addition can range $100 and $300 per square foot.
The diversity of materials and complexity of the project can elevate cost as much as $500 per square foot.
As you can see, just like home prices, the costs associated with completing a second story addition vary greatly on multiple variables.
However, for a growing metro area like the Phoenix Valley, the costs are mainly based on your location, existing property size, the scope of demolition and materials. Here are a few ranges to consider.
Full Second Story – $200,000 to $500,000
Partial Second Story – $100,000 to $250,000
Garage Bonus Room – $50,000 to $150,000
What Makes a Second Story Addition Expensive?
While the numbers above might present some sticker shock, it is important to realize the complexity of a second story addition.
When a professional contractor begins the process of estimating your project, the first item on many flow charts is completing an onsite inspection.
Some of the items that will impact your final costs may include the following.
First Floor Modification
A second-story addition, even a small one, will require some modification of the first floor.
For starters, removing the roof in sections you are planning to expand, adding reinforced walls, and infrastructure improvements are typically required by law.
These modifications can expand to replacing first-floor windows, trim, and doors to match second-floor additions.
HVAC – Plumbing – Electrical
Anytime you are building up – the entire home’s square footage is likewise going to expand.
This impacts the HVAC system – especially since these systems are installed by using a load calculation (which measures the livable space to pick the right sized system).
However, an expansion will also increase the need for electrical and plumbing systems.
Foundation Improvements
Building up also increases the weight of the property.
This might require a few improvements to the foundation of your existing home.
A professional remodeling company will spend time at your existing property to determine if these upgrades are required.
Tips for Managing Your Construction Budget
There is no sugar coating the fact that the cost to add a second story is a major financial decision.
While the numbers we have shown above are exceptionally generic, there are several important tips you can follow that will help you manage your construction budget and reduce mistakes.
Work with a Full-Service Home Remodeling Company
When you take on a major home improvement job like adding a second story, you will want to mitigate possible mistakes that typically occur when working with independent contractors.
An experienced and proven home builder like Mariano & Co. offers complete home remodeling services, from concept, through design & drafting of plans, the permitting process, construction, and final inspection and Certificate of Occupancy (CoO).
Ask Questions
Transparency and open communication are crucial with any major project.
The team at Mariano & Co. has established their 5-STAR Experience, which provides a roadmap that helps to improve the lines of communication, reduce errors, and ensure any issues are handled quickly.
No matter who you work with, make sure you ask a lot of questions, so you can feel comfortable with the company you choose.
Think Big and Scale Down
You get one shot at upgrading your home by adding a second story – so make it count.
When you are planning – take notes and complete a lot of research on previous second story additions in your area.
Find out what others have done, consider your needs today and the future, and shoot for the stars.
If you give the remodeling company all your desires, they can outline the scope and give you accurate costs.
If they are outside your budget, you can always scale down.
If you are thinking about adding a second story to your home in the Phoenix metro area, contact the leaders at Mariano & Co. today.
Are you looking for a licensed residential remodeling company in Mesa, Chandler, Scottsdale or beyond? The team at Mariano & Co. is committed to providing each client with a 5-Star experience. Call (480) 287-4096 or request an estimate online today!
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