Home Additions in Edmonton:
What to Consider Before Taking the Plunge
Real estate prices right across Canada are, to put it bluntly, bonkers. Most provinces saw increases in home prices of as much as 30 percent, from March 2020 to March 2021. There are lots of reasons for this dizzying upward spiral, but they can be summed up in two words: the pandemic.
People are realizing that working from home is difficult if you don’t have enough space. But some folks are choosing to stay put by adding square footage to their homes, rather than go through the nightmare of buying a new place in the midst of a public health emergency.
If you live in Edmonton, what does that mean?
Well, it’s not all that different in Edmonton compared with other cities, whether they be in the middle of the country, out west or in the Atlantic provinces. Certain principles apply just about everywhere, and you should keep them in mind before deciding to add a room (or two) to your home.
1) Are there zoning restrictions? Like all cities, Edmonton has rules and regulations that govern construction projects, including home additions. Depending on your neighborhood, you have to stay within the guidelines set down for your area. This is where a knowledgeable architect, contractor or designer comes in – their experience and training can tell you whether that second-floor addition you’re dreaming of is legal or realistic. Consequently, they should be your first phone call!
2) Can you afford it? Unfortunately, too many people aren’t realistic about the costs involved in building a new room, or a second floor, or any other home addition. It’s crucial that you find a contractor you trust, get a quote, and then plan on spending extra. Even the most knowledgeable designer can’t anticipate every problem or hurdle that may present itself when walls are torn down or plumbing added under the floor. Any reputable contractor will do their best to stick to their estimate, but you should anticipate going over budget, just in case. A 10% contingency fund is standard.
3) Does an addition make sense with the original house design? Have you ever driven by a home with an addition and thought, “that looks awful!” Like someone just glued an addition onto a kitchen, for example? It’s vital that you consider whether more square footage will work with the overall aesthetic of your home. Again, this is where the expertise of professionals come in!
4) Should you chat with a real estate agent? Putting on an addition spares you moving, of course – that’s the whole point! But a sizable addition is bound to change the value of your home. Speaking to an agent gives you a clear picture of your return on investment (ROI) in the coming years. Someone who has sold homes close to yours will have a solid idea of the value your addition will bring to your property.
5) Will you move out or stay put? Living in a home while it’s in the midst of a massive renovation is stressful, to say the least. But if you don’t stay, where will you go? You may have to add rental costs to your overall renovation budget, but will you find a place nearby to lease temporarily? This logistics can get complicated when, for example, you’ve got children in a nearby daycare center or school. Everyone’s situation has to be considered, whether you stay put or move out, and it can get tricky!
Deciding to have an addition put on your home is a great way to get that extra space your family needs and wants, without giving up the home you love. But it is a time-consuming process that can get expensive, so be sure you’ve covered all your bases when you talk with your professional home renovator. With Kay2 Contracting, you can feel confident that your pricing will be accurate and your project will be done right! Call today for your free no-obligation renovation consultation.