Page 4 - Real Estate Now May-June 2022

What’s the Storey?

All About Vertical Additions

Gord Brown courtesy REALTOR.ca
f you find your family growing, or spending more time at home has you feeling like you live in a tiny home, craving
a more spacious abode could be your current reality. The obvious choice is usually to sell in favour of a larger
Idwelling, but the simplest solutions aren’t always the best—or easiest.
You may encounter roadblocks to buying a larger home like prohibitive pricing, or not wanting to move away from
a beloved neighbourhood, close family or friends. Whatever your reasons, things could be looking up with a vertical
home expansion, especially if expanding horizontally is not in your cards.

Not your average reno
Make no mistake, this is a massive and complex renovation that requires professionals from start to finish. Since you’ll
literally be without a roof over your head for a time, you’ll need to arrange alternate accommodations. Whether it’s
hiding out in your own bunkie, claiming an in-law suite or guest room with loved ones, or even a short-term rental,
plan to be out of the house for a few months. You’ll likely also need to arrange for temporary storage for the contents
of your home in order to keep everything safe from damage.
Cost, financing, and resale value
Understandably, adding an additional storey to your home carries a hefty price tag that can run well into the six
figure range, depending on the size of your home. You should also account for things like unexpected roadblocks. For
example, if your contractor opens a wall and finds something that’s no longer up to code, they are required to address
the issue, which will be an additional cost to you. As the costs of labour and supplies continue to rise, it’s crucial you
have a full-picture view as to how much the project will cost you, and how you’re going to pay for it.
There are a few different options when it comes to financing your renovation, from personal lines of credit to
construction loans, but no matter which avenue you choose it’s important to make sure this is all secured before
starting on the project.
While it can seem overwhelming to get these finances in order, keep in mind this kind of home improvement can
help increase the value of your property.

4 | REAL ESTATE NOW | denise@BCislandhomes.ca