When your family grows or you simply crave more space, you’re faced with a choice: should you add a second storey to your existing home or move to a larger one? Both options have their pros and cons, especially when considering costs. Let’s explore these choices to help you decide which might be more economical.
Adding a Second Storey
Building upwards allows you to increase your living space without sacrificing your garden or yard. In Sydney, the cost to add a second storey typically ranges from $1,850 to $3,300 per square metre, depending on factors like design complexity, materials used, and the current structure’s condition.
Factors Influencing the Cost:
- Size and Design: A larger addition with multiple rooms will naturally cost more.
- Structural Requirements: Your existing foundation may need reinforcement to support the new level.
- Materials and Finishes: High-end finishes and materials will increase costs but can add value to your home.
- Access and Site Conditions: Difficult site access can lead to higher labour costs.
Pros:
- Stay in Your Neighbourhood: No need to uproot your family from a familiar area.
- Customised Design: Tailor the new space to your specific needs.
- Potential Value Increase: A well-executed addition can boost your property’s market value.
Cons:
- Construction Disruption: Living through a major renovation can be challenging.
- Approval Processes: Obtaining necessary permits can be time-consuming.
Moving to a Bigger Home
Alternatively, purchasing a larger home means you can move into a space that meets your needs without the hassle of construction. However, this option comes with its own set of costs:
- Stamp Duty: A significant expense in Australia, often amounting to tens of thousands of dollars.
- Real Estate Agent Fees: Costs associated with selling your current home.
- Moving Expenses: Hiring movers, transportation, and potential storage costs.
- Market Conditions: In a rising market, finding an affordable larger home can be challenging.
Pros:
- Immediate Space: No waiting for construction to be completed.
- Avoid Construction Stress: No dealing with the noise and mess of building work.
Cons:
- High Transaction Costs: Expenses like stamp duty and agent fees add up.
- Emotional Factors: Leaving a home filled with memories can be tough.
Which Is Cheaper?
Financially, adding a second storey can often be more cost-effective than moving, especially when considering transaction costs associated with buying a new home. However, it’s essential to obtain detailed quotes and consider all factors, including emotional and lifestyle impacts.
Esteem Constructions: Your Partner in Home Transformations
If you’re leaning towards adding a second storey, partnering with experienced professionals is crucial. Esteem Constructions, based in Sydney, specialises in home additions and extensions. With over 16 years of experience and more than 1,700 projects delivered, they offer a seamless process from initial design to final construction. Their commitment to trust, clarity, and quality ensures your dream home becomes a reality.
Second Storey Additions: Your Questions Answered
1. How much does it cost to add a second storey?
In Sydney, the cost ranges from $1,850 to $3,300 per square metre, depending on various factors like design complexity and materials used.
2. What are the benefits of adding a second storey to my house?
Adding a second storey allows you to increase living space without losing yard area, customise the design to your needs, and can potentially increase your home’s value.
3. How long does a second storey addition take?
The duration varies based on the project’s complexity but typically ranges from several months to over a year, including planning, approvals, and construction.
4. Do I need council approval for a second storey addition in Sydney?
Yes, obtaining council approval is usually required for significant alterations like adding a second storey. It’s essential to check local regulations and work with professionals familiar with the process.
5. Can Esteem Constructions assist with the design and approval process?
Absolutely. Esteem Constructions offers comprehensive services, including design, obtaining necessary approvals, and construction, ensuring a smooth and stress-free experience.
Deciding between adding a second storey and moving to a larger home depends on various factors, including costs, personal preferences, and long-term goals. By carefully weighing the pros and cons and consulting with experienced professionals like Esteem Constructions, you can make an informed decision that best suits your family’s needs.
Cost of Adding a Second Storey vs Moving to a Bigger Home: Which Is Cheaper?,