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cost of moving home
Second Storey Additions for Multigenerational Families
In today’s ever-changing world, it’s not uncommon to see multigenerational families living under one roof. Whether it’s to share costs, provide convenient babysitting options, or leverage the strengths of different generations, more and more families are embracing the benefits of multigenerational living. One solution that has become increasingly popular in catering to growing families is the addition of a second storey to the family home. In this blog post, we’ll explore how multigenerational families are capitalising on second storey additions to accommodate their expanding needs and enjoy a host of advantages that come with this choice.
Shared Costs:
One of the primary reasons why multigenerational families are turning to second storey additions is the significant cost savings that can be achieved. The initial investment in expanding your home may seem daunting, but when you consider the long-term benefits, it becomes a wise financial decision. By adding a second storey, families can effectively double their living space without incurring the astronomical expenses of relocating to a larger home. The costs of a second storey addition can often be shared among the family members, making it a financially sustainable solution for everyone involved.
No Need to Move:
Moving to a new home can be a stressful and expensive endeavor. It often means uprooting your family, leaving behind a familiar neighborhood, and adapting to a new environment. With a second storey addition, you can avoid all these hassles. You get to stay in the place you’ve called home, maintain your connections with the community, and preserve the memories associated with your existing house. The continuity and stability that come with not having to move are especially important for children and seniors in the family.
Built-In Babysitting:
One of the many advantages of multigenerational living is the availability of built-in babysitters. Grandparents, aunts, uncles, and older siblings can provide childcare when needed, allowing parents to take some well-deserved time for themselves. With a second storey addition, you can create a designated space for the older generation to stay comfortably while ensuring privacy and convenience for everyone. This arrangement is a win-win for both childcare and bonding among family members.
Leveraging Multigenerational Parenting Styles:
Each generation brings its unique parenting styles and experiences to the table. Multigenerational living allows for the exchange of wisdom, knowledge, and different approaches to parenting. A second storey addition can provide separate living spaces for each generation, which is vital for maintaining a sense of independence while still benefiting from the collective family support system. This dynamic can result in a holistic approach to childcare and child-rearing that enhances the well-being and development of the younger generation.
Build a Second Storey Addition today:
Multigenerational families are discovering the myriad of benefits of second storey additions in accommodating their growing households. These additions offer the advantages of shared costs, the convenience of not having to move, built-in babysitting, and the opportunity to leverage multigenerational parenting styles. By choosing to expand upward instead of outward, families can create a harmonious living environment that fosters both togetherness and individuality. If you’re part of a multigenerational family looking to capitalise on the benefits of second storey additions, it’s essential to consult with experts like 32 Degrees Building to help make your vision a reality. Embracing multigenerational living can bring joy, financial relief, and a stronger sense of unity to your family.
Save yourself over $100,000 by building an addition vs. buying a new property
Often a difficult choice for families looking to increase their living space is whether to purchase a new home or build an addition on their current home. The costs associated with both decisions can vary but there are many hidden and overlooked costs related to purchasing a home which are not applicable when building an addition. We have outlined costs below for you to keep in mind if this is a decision that you are currently looking to make;
Costs related to purchasing a home
Loan fees – This is the fee charged by a bank or other lending institution when you apply for or take out a loan. Approximate cost: $Nil – $800 There may be additional costs preparing and registering a mortgage.
Mortgage discharge fee – If you have a mortgage, you can expect to close your mortgage loan for approximately $1,000, but this cost can vary depending on your bank. This is essentially a fee for the paperwork involved. Approximate cost: $1,000-$2,500
Conveyancing fee – A conveyancer is required for the process of transferring the property from the seller to the buyer. Approximate cost: $700-$2,500
Disbursements – Your solicitor/conveyancer will charge for some of these expenses paid on your behalf during the conveyancing process. Approximate cost: $100-$350
Stamp duty – You must pay contract stamp duty on the purchase price of the property. Approximate cost based on a house valued at $1.1 million: $45,990
Inspection fees -Building Inspection – A building inspection checks structural soundness and lists any visible defects and necessary repairs. Approximate cost: $300-$700 & Pest Inspection – A pest inspection checks for any signs of past or present pest infestation. Approximate cost: $250 – $300
Real estate agent commission – The cost of selling will depend on the amount of commission charged by your real estate agent. The national average commission rate in Australia sits at around 2 per cent, but commission rates vary from agent to agent. Approximate cost based on a house valued at $1.1 million: $22,000
Auctioneer fees – If you’re holding an auction, you’ll often have to pay an auctioneer’s fee. Approximate cost: $6,000
Moving costs – The cost of moving generally depends on the distance you’re travelling, the amount of furniture you’re moving and whether you’ll hire a full-service removalist or pack the truck yourself. You’ll also need to purchase storage boxes if you haven’t got them already. Approximate cost: $400 – $3,000
Property repairs and renovations –When buying a new home spending money on repairs and renovations is very common. Common repairs include painting, flooring, lighting repairs, kitchen repairs and maintenance, bathroom repairs, electrical repairs as well as giving the exterior a touch up to give your new home that personal touch. Approximate cost: $1,500 – $20,000
| Costs associated with moving: | |
| Loan Fees | $Nil-$800 |
| Mortgage Discharge | $1,000-$2,500 |
| Stamp Duty Based on a home valued at $1.1 million | $45,990 |
| Inspection Fees | $300-$1,100 |
| Real Estate Commission Based on a home valued at $1.1 million at 2% Commission | $22,000 |
| Auctioner Fees | $6,000 |
| Moving Costs | $400 – $3,000 |
| Property Repairs and Renovations | $20,000 |
| Total Costs Estimate | $103,890 |
Additional inconveniences and disruptions related to purchasing a home:
- Relocation of services – When moving you will need to relocate your existing services to your new property. This can include transferring and updating your: Gas, Electricity, TV, Internet/Phone, Insurances, Licenses and addresses for your bills.
- Disruptions in relocating – When moving to a new home you face the uncertainty of not knowing who you are moving next to. You have to consider that your new neighbours may not be as accommodating as your previous neighbours which you have good relationships with.
- Other things to consider are the need to change – Schools, churches, social groups, gyms, childcare and the commute to your workplace.
Benefits of building an addition
One of the benefits of building an addition is that you can custom design your plans to tie in with your existing home and remove the need to move or purchase a new home. Building an addition is the perfect way to add significant value to your existing home whilst bypassing any of the issues related to moving.
We specialise in building second storey additions that seamlessly integrate with the existing structure of your home, giving you an aesthetically pleasing street frontage which will make you the envy of all of your neighbours.
Costs related to building an addition
Plans and drafting – $6,000
Council lodgement – $5,000
Council fees – $2,500-$15,000
The average cost of adding a 3 bedroom, 1 bathroom and 1 living room addition to a home starts from $200,000.
If you are looking for an affordable solution and you are happy with your existing location, have a great relationship with your neighbours and would like to avoid the stresses of moving, then an addition is the perfect option for you to consider.
Give our team a call or complete our Pre-Quote Enquiry Form if you would like to discuss a potential addition to your home. We can conduct a pre-site assessment prior to the builder coming out to meet with you to ensure that building an addition is a viable option on your property for you.
Sydney is a wonderful place to live, but it can also be challenging when it comes to living arrangements. As property prices continue to soar, many families are finding it difficult to find affordable homes that fit their needs. Multi-generational families living together has become more common, particularly around the inner city suburbs, where there is a high demand for living space. However, with the increase in demand comes an equally high cost, which means that many families are turning to alternative solutions like home renovations, particularly second storey additions.
Adding a second storey addition to your home is more than just a way to gain extra living space; it’s an investment in your future. Many people assume that purchasing another property is a better investment, but this is not always the case. When you take into account the cost of purchasing and maintaining another property, along with the legal fees and taxes associated with buying and selling properties, the investment may not be worth it.
On the other hand, building a second storey addition is a better financial decision that has many benefits. Firstly, building a second storey addition on your home adds significant value to your existing property. Secondly, your home will have more space to accommodate your entire family, giving everyone room to spread out and enjoy different aspects of the house. Multi-generational living is becoming more acceptable and popular, particularly in the larger cities where real estate prices remain high, and families want to stay close to each other.
As a homeowner, choosing to build a second storey addition gives you the flexibility to create a design that suits your needs. Whether you need an additional bedroom, a home office, or a second lounge area, you can work with a professional builder who can create a custom design according to your requirements. With a bespoke design, you can ensure that your new space will be both functional and aesthetically pleasing.
Another advantage of building a second storey addition is that it is less disruptive than moving. Moving your entire family to a new home can be challenging and expensive, particularly when you consider the cost of moving fees, furniture removals, and utility connections. Building a second storey addition, on the other hand, requires minimal disruption to your lifestyle. You can continue to live in your home throughout the building process, ensuring that your children can maintain their routines and attend their regular schools.
Multi-generational families living together in Sydney are a growing trend, and building a second storey addition on your existing home is an excellent investment option. It’s cheaper than buying another property, gives you extra living space, adds value to your home and allows your family to stay close to each other.
If you are considering building a second storey addition for your multi-generational family, it is important to work with a reputable company like 32 Degrees Building. We have a proven track record of delivering high-quality, customised solutions for families in Sydney, and can help you achieve your goals while staying within your budget. With their expertise and experience, you can create a beautiful and functional home that supports your family’s unique needs.