This blog post is written by Shelley, a House Hacks Tips writer, self-proclaimed packrat, and professional organizer (we know, who would’ve thought?!).
If you’ve been a part of the House Hacks Tips community for a while, you may recall a recent post where I shared my experience getting rid of my home’s sentimental clutter. What I didn’t share about that process, however, was having to ascend the creaky old steps leading up to my attic to access where a lot of that clutter was stored.
When I got up to my attic, I noticed how much unused space there was. And, dust and spiderwebs aside, the attic actually had some real potential. After a bit of research, I was pleasantly surprised to learn that renovating my old attic into a liveable space would be much less expensive than I thought.
In comparison to adding on an addition, or even a kitchen remodel, an attic remodel comes out on top as the most affordable, and profitable, home project. However, that’s not to say this type of project doesn’t require a pretty significant upfront investment.
The average cost of an attic remodel is about $20,000 (depending on the type of remodel, and materials used, of course). Before getting started on this project, have a plan in place for how you’ll fund it. From savings and personal loans, to HELOCs and home equity loans, there are a host of options available to help fund your remodel. If you’re unsure of the best funding solution for you, specifically, consult with a loan or financial advisor to go over your options.
That being said, the ROI of an attic remodel–regardless of how you plan to use the space–will far outweigh the initial investment, paying off in increased home value and equity almost immediately. Keep reading for three attic transformations guaranteed to optimize your living space while skyrocketing your home’s value.
Attic Additions–and Their Value
Add An Extra Bedroom
If you’re seeking a private, secluded space for your (or a teenager’s!) bedroom, an attic could be the perfect solution. And, adding another bedroom to your home can boost your resale value by anywhere from $30,000 to $50,000–per bedroom.
So, if you were to convert your attic to two bedrooms (space permitting), your remodel could increase your home’s value by over $100,000. Not too shabby for a fairly inexpensive and straightforward home renovation!
Create a Guest or In-law Suite
Similar to a bedroom, converting your attic into a guest or in-law suite can provide guests or aging parents with access to your main living space, while also offering plenty of privacy when wanted.
While the total value of an attic in-law suite varies by features (ie: a kitchen, bathroom, and so on), and your region, homeowners can expect an average of a 35% increase in home value upon completing the project. Whatsmore, homeowners can also expect their home’s resale value to jump by $30,000 to $50,000 for the additional bedrooms and living space.
Level-Up Your Home Office
With today’s rise in remote work, home offices have become an increasingly sought-after asset for new homeowners. In fact, adding a home office to your property can increase its worth by about 10%! If you have the space, the attic can be the perfect place to spend your 9-5. Afterall, attics are secluded away from the main living areas of your home, meaning they’re quiet–the ideal environment for concentration, taking calls, and working in general.
Although it does require some project planning and initial funding, revamping your attic can be a great way to unlock hidden space in your home, while boosting your resale value.
Have you renovated your attic into a livable space? Share your experience with us in the comments!
