Location is one of the key considerations. For some homeowners, an addition allows them to stay where they are while adding much needed space. For others, buying a smaller bungalow and adding on to the existing home is the most affordable option when looking to relocate into desirable neighbourhoods.
Changes in family size and family dynamics are another common reasons for an addition. Young couples who have a smaller home may choose an addition to make room for children. For older families, adding an in-law suite is an affordable alternative to placing older parents in retirement homes. For some families, lack of work, high rental and real estate prices means young people have to return home while they begin building their careers.
Adding more space or renovating your existing space is the best way to increase your home’s resale value. Buyers love a ready-to-move-in property and will pay top dollar for a home that has the space they need! Adding a second floor to a bungalow in a desirable neighborhood can result in a much higher profit when the home is sold.