Raising a Home, Adding Story Can Expand Value, Options
Since you moved in, you added a child (or two or three), a dog, a cat, and some other animals. What was once a spacious cottage is feeling a little cramped.
But thoughts of moving up, to a larger home, vanish each time you look at the home prices. Yes, your home has appreciated in value, but so has everything else. And you’ve fallen in love with your current location. You know your neighbors, you like the amenities it provides.
Is there a way to stay put and move up at the same time that might still be within your budget?
Yes, says Spring Friedlander, owner of Spring Friedlander Remodeling. The company specializes in raising people’s homes above the ground and adding a floor underneath, making the existing level a new second story.
Although the process may seem daunting, Friedlander says it is worthwhile for several important reasons. “You can actually get your money back,” she says, referring to the home’s increased value after the work is done. “You’re not just doing this for yourself, you’re doing it for the future value [of the home].”
Friedlander also says that many homeowners choose this option because they are comfortable in their existing neighborhoods, and therefore, would prefer to keep the same neighbors and amenities they currently have.
For those with older homes particularly, adding a second story often involves foundation work that had to be completed anyway. “You have houses in the area built from about 1907 to 1920, where the foundation barely goes into the ground. They didn’t have any rebar, either. In that case, you’re going to spend $20,000 to $40,000 on your foundation anyway,” she explains.
Likewise, adding an extra story may be cost-effective for those with shorter basements. “If you have a six-foot or seven-foot basement, it may be worthwhile,” Friedlander explains, as it is a cost-effective way of dealing with the too-short basement at the same time.
Older homes aren’t the only homes where adding a story is an option, however. In fact, newer homes have a distinct advantage. “Some newer homes can be raised without replacing the foundation,” Friedlander explains, noting that it is more likely sturdier materials were used in the initial construction.
Normally, costs for the additional story run from $250 to $400 per square foot, but Friedlander says those costs may be a bit lower if the added story is left “raw,” or unfinished.
In addition to the cost, Friedlander says a series of approvals is required, usually from the city planning department, to ensure the house meets code. Approvals from neighbors are often required, too, so that those around you don’t feel the new addition blocks their view or otherwise diminishes their own homes. “There’s a whole process to go through first,” Friedlander explains, “and then the building happens.”
If this sounds like a lot of work, Friedlander is the first to admit that it is. She encourages clients to add the second story, but only if they truly love where they live. “If you have a house you’re in love with, then do it. If it drives you crazy, then go buy another house.”
Friedlander also has homeowners consider the cost of raising their home, including additional work that might have to be done to bring it up to code. In some instances, even a well-loved home would have to be changed so much that adding the second story, and doing all of the required work, would not be worth it. “In that case, it may be more worthwhile to buy a vacant lot or a new home,” she notes. “You don’t want to have to totally redo your house.”
But if the cost makes sense, and you love where you live, a second story could be a way to move up while staying put at the same time. “It can be very worthwhile.” And the number one reason most homeowners do it has nothing to do with a home’s potential value. “You’re doing it for yourself, for starters,” she concludes.
