The number one complaint people have about their homes is that they just don’t have enough space. And with the real estate market being what it is, more and more people are trying to find new ways to add extra living space rather than go through the stress and expense of moving. If this is a problem you’re facing, consider these five useful options.
Scott McGillivray is a real estate expert and host of HGTV Canada’s Income Property and Moving the McGillivrays.
Finish the Basement
This one is my favourite, and quite frankly, the most obvious. Finishing a basement is an ideal way to create an extra living space. But in order to carve out usable rooms, you need to have the adequate ceiling height – which is no less than seven feet over 75% of the space. If you have to start digging down to get that space, you’re going to incur a lot of cost. However, if you can simply finish an unfinished area, you can create extra room without too many headaches. These 8 reno hacks will show you how to save time and money during your next remodel.
Build an Addition
Additions are tricky. First, they eat up some of your outdoor space (which can reduce the value of your house), and second, extra rooms like sunrooms and offices tend not to add a lot of value – despite the additional square footage. However, more living space off a kitchen can be very appealing to buyers. And if you can add another bedroom or bathroom to the second story, you can really make the most of the extra space.
Convert an Attic
Converting an attic into usable living space is ideal because it doesn’t require you to remove walls or ceilings or to lose outdoor space. However, like in the basement, you still need to have sufficient headroom, and this isn’t always easy in an attic. The slope of the ceiling can make finding that seven feet hard, but attics with dormer windows, which provide more space, generally lend themselves well to this type of conversion. For attics, I usually recommend a bedroom/bathroom combo to add the most value.
Exterior of Partially Finished New Home
If you’re willing to undergo a big, costly renovation, adding a second storey onto a bungalow can double your living space without affecting your home’s footprint. You can also potentially add a third storey on top of a two-storey home, thus increasing your space by a third. If you can swing it, this is a great option in older neighbourhoods where houses are being renovated and rebuilt. Just be prepared to move out for the duration of the renovation. I suggest working the cost of a rental for a few months into your renovation budget.
Convert a Garage
Converting a garage is a great way to add living space (or an income suite!). However, keep in mind that a space designed for cars has different requirements than one designed for living. There will most certainly be zoning and legal considerations that impact what you can do. But even a simple office, craft room or playroom can be a great addition that will free up space in your main dwelling. Just remember that you’re essentially trading one space for another, so find storage space for all the stuff you used to keep in the garage! Not sure which exterior building material is best? See here for whether to use vinyl, brick or wood.
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