If a homeowner wishes to build new rooms or floors onto an existing foundation, the costs can be significantly higher than converting existing floorspace. For example, building a 1,500-square-foot second floor onto a home can cost $105,000 to $225,000 if the homeowner serves as the general contractor. Hiring a remodeling contractor can raise the cost to $225,000 to $450,000. To build a smaller addition, such as a 10-by-12-foot wood deck, construction costs can range from $500 to $1,900 depending on whether or not hired help is used. Adding square footage to a bathroom, depending on hired help, costs from $25,000 to $80,000. Similar additions to bedrooms hover around $3,750 to $22,500.

On the Other: Converting Existing Floorspace

To avoid higher costs, an existing floorspace can be stripped and rebuilt to remodel a home. Converting a room into a bathroom costs around $3,000 to $6,000 depending on square footage, accessibility and quality of fixtures. To simply enhance an existing bathroom by say, installing a spa bathtub, prices can range from $500 to $4,000. To create a bedroom out of existing floorspace runs form $200 to $5,000 for a do-it-yourself project and $7,500 to $50,000 with a hired contractor. Hiring a contractor in any remodeling job will dramatically increase the overall expense.

Bottom Line

If it is possible, converting existing floorspace is a more cost effective solution for home remodeling. However, if additional square footage is desired then a homeowner should determine if the cost of construction will be higher that the increase in home value upon completion.

Source:

Cost Helper

Home Addition Plus