The cost of moving, renovating and adding an addition to the centuries-old Morris House has been released - and it's not cheap.

The restoration and move of the 80 tonne building is expected to cost $400,000, while the new addition comes with a $600,000 price tag. Combined, it's costing nearly $1 million to bring new life into the 249-year-old home.

But for people who came to watch the building wind through the streets of Halifax to its new home, the cost is worth it.

"There's more to life than money," said John Taiani. "This place will have real character so sure. I'm all for it."

Phil Pacey, with the Heritage Trust of Nova Scotia, said Halifax Regional Municipality contributed $25,000 and the federal government contributed $325,000.

Pacey said individuals and businesses have also donated time, money and services to save and rebuild the house.

"We're looking at refurbishing this building and we're looking at building an addition of roughly the same size," said Pacey.

Slated for demolition in 2009, Morris House was saved by the Heritage Trust of Nova Scotia — which bought the structure for $1 and partnered with housing groups and the Ecology Action Centre to find it a new lot in the city's north end.

Since 2009, the house was stored in the parking lot of Nova Scotia Power located on Lower Water Street. The utility charged the trust just $1 per year for the storage space.

The house now sits at the corner of Creighton and Charles streets.

The grey, wood-shingled Morris House was named after the city's first surveyor and is considered to be among the earliest houses built in Halifax.

It will be turned into affordable housing for young adults.