How expensive and time consuming is it to build a loft bedroom or 2cd level floor on an existing home (small)?
Question:We have been considering buying a home, but homes are so very expensive right now, it would be wise that we choose a smaller home or a larger "run down" home. I am not sure we can afford the expensive costs of repairs to an older larger home... we have found a small two bedroom on a .06 acre lot (very crowded) neighborhood, but the home is nice and "fresh"- new. Just wondering if say in 3 or 4 years we wanted add on- the only option I see is to go up. It is a 900 square foot home, not with garage but carport. Thanks for any information.
Answers:
Generally upgrading and upsizing a home in a not so good an area is a bad investment unless you plan to live there for decades. You will not get your money back when you sell. Additions out or up cost in the neighborhood of $150 per square foot and take about 8 months from when you decide to start to finish if everything goes okay.
You will have to reinforce the ceiling joists, build a stairway, build some short walls from the floor to the rafters, install electric lighting and outlets, install insulation, install sheet rock, install wood trim, you will most likely need a small air conditioner, paint and carpet. Not a beginner project. Depending on where you live it could cost any where between $10,000 - $20,000.
I bought a house a couple of years ago with an unfinished attic space. We finished it (about 700 square ft) last year for about 12k (US) including 2k for an additional air conditioning unit. My father in law and his brother in law did most of the work though, so I didn't have to pay for labor except for the sheetrock guys and the carpet installation. (Unless you've just got one small area to work on, or you're a masochist, I suggest letting professionals do sheetrock.)
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