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Maximizing Your Square Footage with a Second Story Addition

When you don’t have enough room to expand your home by extending its footprint, you start thinking about adding a 2nd story. As you consider this option, here are three key questions you should ask to help you determine whether going up it’s a viable option for you:

Does it make sense to purchase a larger home or add a second story?  The answer to this question will no doubt be driven by cost.  Comparing the cost of purchasing a larger home with the cost of adding a second story will quickly put things into perspective.  As you consider the cost of purchasing a larger home, be sure to factor in real estate commissions, points and loan fees, as well as escrow costs, moving costs and the cost of any aesthetic improvements you’ll want to make in the new home.

As you consider the cost of adding a second story, factor in the hard costs (i.e. actual construction costs incurred), soft costs (i.e. all the other costs not associated with construction labor and materials), plus a contingency (i.e. the amount set aside for unpredictable expenses).  Click here for more details about developing a remodeling budget.   

Will my foundation support the load of a second story? This question is best answered by a structural engineer who will need to assess whether your foundation can withstand the added weight of a second story as is, or whether it’s necessary to shore your foundation to support this extra load.  It makes sense to add a second story if doing so can be done at a reasonable cost. 

Should I add an entire second story or a partial one? It’s tempting to add square footage just for the sake of adding square footage.  However, really think about why you need the extra space and how it will be used.  For example, if you need extra space so you’ll have more bedrooms to accommodate a growing family, ask yourself whether those extra bedrooms (and bathrooms) require as much space as the current size of your home. If not, a partial second story may be what you need.

Where will the staircase go?  Adding a second story means you’ll need to add stairs and figure out where to put them.  Inserting stairs will take up quite a bit of space in the downstairs floor plan which will need to be reconfigured. So, know that you’re going to be sacrificing some space on the main floor.

If you decide to increase your square footage by adding a second story, the value of your home will increase.