Expanding Your Property: At What Cost and Why?

This week on Les Oranges Pressées on CIBL, we’re talking about property expansions by way of additional floors or new basements. This kind of renovation is increasingly common, but it’s always best to get informed before taking on such a sizeable task.

Zoning

Although the majority of neighborhoods in Montreal authorize expansions, certain districts regulate these types of renovations. For example, the Plateau Mont-Royal borough applies a tax equivalent to 10% of the land value. For a property of $150,000, that means a sum of $15,000 must be paid to the borough.

Costs

According to architect Yves Perrier, owners must plan $175 per square foot for the addition of a new floor. This value can vary depending on the type of work to be done, and may even increase up to $200 per square foot. Whether it’s adding a floor or a new basement, home expansions are always an expensive investment. That said, one positive aspect is that costs are returned without fail at the time of resale since new additions increase property values.

These new additions represent much more than a simple expansion—they are the perfect opportunity for architects to put their expertise to work, providing homeowners with a new and improved lifestyle. This massive investment is worthwhile not only in terms of profits but also because it creates a new living space for the current family and all future owners.

Home expansions often occur with the arrival of a new family member. However, real estate market prices can deter families from purchasing new and larger properties. A simple solution is to extend a floor or design a basement. The fact that many families have carried out such expansions, and haven’t moved since goes to show how advantageous these large investments can be!

Between adding a floor or digging a basement, there is no one expansion better than the other. It really all depends on personal needs. In both cases, the best advice is to keep a natural light in mind, that is to say, to take advantage of the construction work and open up the space to let in as much light as possible. Buyers are fond of this type of renovation, which will in turn balance out the costs of the work done!

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