From Floor to Ceiling
Third floor extensions are prime investments for homeowners, especially since they signifcantly raise the value of a home, while also providing more livable space – without spending as much on structural elements. In terms of budget, though, it really depends on the square footage and design.
Building on Up
The cost of adding a third floor can be anywhere from $150,000 – $300,000. That drastically raises the value of a semi because a semi is limited to how much space it has anyway. But depending on where you are, adding a third floor to a semi gives you so much living space on the top floor. You would easily double your investment.
Depending on where you are, adding a third floor to a semi gives you so much living space on the top floor
Moving on Up
A lot of people live in semis and in single, detached homes in that area [Midtown] and they’re always trying to find more space in their basement or by doing an addition off the back, but it’s actually more cost-effective and better value for your dollar if you build up, obviously, if you’re allowed to. This area has a lot of prominent third storey-potential properties that allow zoning for a third floor.
The extent of It
A lot of the extensions or a lot of pricey parts of a build are in the excavation and in the foundation. Excavating and then, filling it with concrete costs a lot of money, whereas taking the roof off and adding another storey is really just wood, like lumber, and stucco, or siding or brick, and is a lot more cost-effective. You’re just building on top of the template that’s already there, the blueprint of the house.
…Taking the roof off and adding another storey is really just wood, like lumber, and stucco, or siding or brick, and is a lot more cost-effective
The other thing about adding a third floor is that heat rises but you naturally gain heat to the third floor really, really easily without spending a lot of money on your HVAC.
Allocation, Allocation, Allocation
Some families have kids that are young children but not toddlers, and they like to keep young children on one floor and the parents like to move up to the top floor and have a beautiful en suite and have a master bedroom, master bathroom, master closet and leave the kids on the second floor.
Other people have babies and they would rather put their two kids on the third floor and put an office and a master bedroom on the second floor.
An extension to a semi off the back means you have to add more foundation and excavation which means you are going to impede on your neighbour’s property to excavate. I can’t excavate behind a semi unless I’m allowed onto a neighbour’s property. And if I’m pouring a foundation, I’m risking the structural foundation of the semi next to me, but if I’m adding a third floor I don’t even have to touch the neighbour’s property. So it makes for a better relationship between the semi owners.