Is an Attic Remodel Worth the Investment?
When the subject of remodeling is raised, most people think of their kitchen or bathroom. Though uncommon, it is possible to remodel a home’s attic and obtain a sizable return on investment. Your attic is a cost-efficient space for remodeling as the base structure of the floor and roof are already in place. Remodel your attic and you will have extra space for a new family member, a tenant, storage or anything else you desire. Furthermore, remodeling your attic increases the value of the home. The question is whether remodeling your attic is worth the trouble in terms of money as well as time and annoyance.
An Affordable Means of Adding Space
Most homeowners who remodel their attic find it is worth the investment. Even if the home is not put up for sale in the ensuing years, remodeling the attic provides more usable space without adding to the property. This means your property taxes will stay the same unless you rent the attic to a tenant. There is no need for a tax assessment as the remodel simply makes better use of your current space.
Attic Remodeling by the Numbers: Is This Investment Really Worth It?
The National Association of Realtors’ Remodeling Impact Report states the country’s median attic bedroom remodeling project runs $75,000. The same report states homeowners who make the investment in an attic bedroom remodel ultimately receive 53 percent of the investment back when selling the home. However, the true value of the attic remodeling project cannot be quantified in its percentage of the home’s selling price. Homeowners considering an attic remodel should consider the value they will receive from enjoying this newly-beautified space. If you rent out the remodeled attic to a tenant, you will make a pretty penny that likely makes up for the 47 percent loss on investment when selling your home at some point down the line.
Important Considerations Beyond Money When Considering an Attic Remodel
If you are still on the fence as to whether it makes sense to remodel your attic, consider important factors beyond price. Even if you receive all of the money you invest in your attic remodel, you might have to pay for ongoing maintenance, repairs and so on. You might even run into a building code conflict when planning your attic remodel. In some cases, a dormer must be added to comply with ceiling codes.
If the rafters cannot support plumbing, lighting, electrical and drywall, it will not comply with joist codes. Egress codes mandate there are at least two exits, usually a door and a window. In other words, there might be some latent costs to the attic remodel you should consider when attempting to calculate the total cost.
To Remodel or not Remodel, That is the Question
In the end, your decision to remodel your home’s attic will hinge on your unique budget, the timetable for living at the property and the intended use of the newly-remodeled space. The majority of those who remodel their attic are more than pleased with the result. This is your chance to convert an attic used for storage or nothing at all into a bedroom, home office, playroom, studio or entertainment space. Make the most of this opportunity and you will obtain that much more value out of your home in terms of enjoyment as well as a higher selling price.