Our house that we are purchasing was built in 1966. It is built well. We want to add a second floor and increase the existing square footage to double (2400 as opposed to 1200) and renovate the basement at the same time.
Thoughts on what makes more sense?
Anything you want is applicable most of the time but depend on your budget?
Cost to build a home addition vary from $200 per square foot on the cheapest end to $450 / sq. ft. or even more for custom top notch work. Accurate estimated can be provided only after analyzing architectural drawings with all technical details, calculating number of man-hours for completing the project and determining the total expenses for materials, fixtures and finishing products.
We have converted several single storey homes such as yours to 2 storey homes over the years. The cost is much lower than buying a newly built home since you already have the land and foundation in place.
Your property has mature trees, etc and usually a much larger lot than what you'll get with a new home. All of our past clients resided in their homes while we worked on their new living space, saving expensive out of home costs and inconveniences.
If you love your location (schools, shopping, work, etc.) then building on is the way to go. The least cost and fewest problems compared to moving and starting all over again.
Ace Renovations, Brampton.
Like mike from m&d building said once the contractor has all the architectural drawings with all technical details, man hours and material in place then if its not in your budget to do buh jobs then do one thing at a time that you can afford, as long as its code and have the right permits for the job, now if there is no budget and cost is not a problem then there should be not problem adding a second floor and renovating the basement at the same time depending on the contractor if he dose all that type of work you might have to have 2 different company ! i would do the second floor then do the basement as some times to add a second floor they need to add support in the basement to hold the weight of the second floor !! if you do the basement first then they might have to take down some work you had paid for to support the second floor then re renovate !
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