When you need more living space, the decision often comes down to moving, building out, or building up. If you want to stay in your current home, adding a second story may be worth considering because it can increase usable space without extending into your yard. Below are three reasons a homeowner may choose to build up instead of building out.
When you build a wing outward from your home, you will need to pour more foundation and take up a section of the yard with the new addition. By building upward, you can keep your yard intact and use the existing footprint. You may even be able to build into an attic space without making any structural changes to the home itself.
When you add a second story onto your home, you essentially will be adding more usable square footage with finished out space. This can have a direct and significant impact on your property value. You will not need to pay moving expenses or worry about if your existing furniture will fit into a new home. You will be able to enjoy the benefits of a larger and more functional home coupled with the ability to recoup most or all of the cost of the renovation through an increase in property value.
By using the existing footprint of your home and by avoiding pouring more concrete for the foundation, you will be able to keep costs to a minimum. In some cases, such as if you build into the existing attic, you will not need to adjust the frame or roof to find the additional space you need. You may still need to add drywall, HVAC ducts and other features inside the frame of the home to take advantage of this space, but it generally is more cost-effective to build upward rather than outward when renovating a home.
A major renovation is one that can improve the style of your home, but it often will improve the function and increase value as well. If you are thinking about renovating your home, you may research how beneficial it can be to add more space upward on your home rather than to build outward. Talk with your mortgage professional today to see what financial options you may have available to you for renovating your home.
Sammamish Mortgage can help. We serve clients across Washington, Idaho, Colorado, Oregon, and California. Since 1992, we’ve been providing several mortgage programs and products with flexible qualification criteria to borrowers across the Pacific Northwest. Visit our website to get an instant rate quote, use our online mortgage calculator, or reach out to us if you want to discuss financing options for a second-story addition or another major renovation.
Yes, in many cases a one-story home can be converted into a two-story home or expanded with a second-story addition. Whether that makes sense depends on the home’s structure, the condition of the existing frame, and the overall renovation plan.
Adding a second story usually starts with evaluating the home’s structure, layout, and renovation goals. Homeowners often choose this route when they want more living space without expanding into the yard, and some projects may even make use of existing attic space.
Adding a second story may be the better fit when you want to preserve yard space and use the home’s existing footprint. Building out may make more sense if your lot has room and you want to avoid some of the structural complexity that can come with building upward.
It can be more cost-effective to build upward in some situations because you may avoid pouring additional foundation and taking up more yard space. Costs still depend on the home’s structure and the amount of interior work needed, such as drywall, HVAC, and finishing.
A home’s ability to support a second-story addition depends on its existing structure and whether major changes to the frame or roof would be required. Some homes may allow you to build into attic space with fewer structural changes, while others may need more extensive work.
Adding a second story can increase property value because it adds more usable, finished square footage. The value impact will depend on the quality of the renovation, the functionality of the new space, and how well the addition fits the home.
Moving may be the better choice if renovation disruption would be too difficult, if the home is not well suited for major structural changes, or if you are not ready for the financing and planning that a large addition usually requires.
It can, especially when a ranch home’s lot is tight and preserving outdoor space matters. The right approach depends on the home’s structure, layout, and whether an upper level would create a more functional floor plan.
Financing options may be available for major home renovations, including projects like a second-story addition. Homeowners who want to explore financing can discuss available mortgage and renovation-related options with a mortgage professional, including assistance for borrowers in Washington, Idaho, Colorado, Oregon, and California.
The timeline depends on the scope of the renovation, the amount of structural work required, and how much interior finishing is needed. Projects that can use existing attic space may be simpler than those that require larger changes to the frame or roof.
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