Page 6 - Smartline eBook - Upgrading your home
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For homeowners looking to add square meterage, you can extend the ground floor or build a second storey. So how do the costs compare?
It’s a common misconception that building a second storey is more expensive than extending the ground floor. However, typically the cost to remove the existing roof covering and framework, plus putting down joists and a new sub-floor will generally offset the costs involved in a ground-floor extension which, includes excavation, formwork, concrete costs and so on. Second-storey extensions, unlike a ground- floor extension, do not normally require any foundation work or concrete slabs to be poured, and this is a big saving.
Standard second-storey additions, using a lightweight timber frame, tend to range from around $1,800 to $3,000 per square metre. This means a typical second
storey – around 100 square metres – could cost around $180,000 to $300,000. You should also allow another $10,000 to $15,000 for ground-floor works like staircase installation, electricals and plumbing.2
Every renovation is unique and there are many variables. Cost depends on the degree of difficulty – affected by the age, style and condition of the original home – as well as other factors such as the type and number of rooms added, the materials used,
the quality of external claddings and interior fixtures, and any remedial works the existing home may require. You should also factor in design and architectural fees and potential costs relating to council permits and site access.
 Pros and cons of renovating and rebuilding
• You’re free to design your dream home (within the scope of the extension or build, of course).
• You avoid the relocation costs involved in moving, as well as
the empty costs of buying and selling such as stamp duty, legal fees, agency fees, sale preparation fees and so on – money that would otherwise go towards your renovation.
• You avoid having to move schools or adjust to a new neighbourhood.
• Building and renovating can
be disruptive and stressful.
It can also involve unforeseen challenges; bad weather, builder error or nasty surprises during works that can lead to delays or extra material and labour costs.
• You may need to find somewhere else to live while you build or renovate, which brings its own complications in regard to timing, cost, convenience and being close enough to monitor the building work.
Upgrading your home 2. www – How much does it cost to build a second storey?

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