Finishing unfinished space in the house is an extremely cost-effective way to offer what potential buyers are looking for. It's true everywhere, but especially in older neighborhoods with smaller homes, a finished attic can definitely add to resale value.
Does Finishing an Attic Add Value? For most projects, finishing an attic adds 50% to 60% in increased value. It depends on the type of project and other factors, including when you might decide to sell the home.
This rule means, at least half of your attic space must be 7 feet high by 7 feet wide, with a total of 70 square feet. Keep in mind, codes vary from place to place, but for using the attic as an actual room, this rule typically applies.
Finishing an attic is usually worth it if you plan to stay in your home for a while. It will also increase your home's value when it's time to sell.
Finishing your attic can add significant value to your home. A midrange attic bedroom remodel can provide a return on investment of around 72.5%, which can make it a valuable investment for homeowners who are looking to increase the value of their property.
It not only adds space to your house, but it also adds value. Most Attic conversions will give you an additional bedroom or two as well as an ensuite or second bathroom. Yes it does require building work to complete but can add at least 15% onto a property's value, usually more than the works cost in the first place.
How Much Does It Cost to Finish an Attic per Square Foot? On average, you can expect to pay between $10,600 to $50,000 — or $50 and $150 per square foot — to refinish your attic, according to Angie (formerly Angie's List). A specialized or high-end attic conversion can cost as much as $200 per square foot.
Finishing an attic generally costs between $30 and $60 per square foot, including labor and materials. This gives you an average overall cost of $4,000 to $16,000 for the standard sized attic. Of course, the cost depends on how big your attic is and what type of finish you want.
Reach out to your local municipality to see if you need a permit for your attic remodel. A permit is usually only needed if: You are adding electrical wiring or ventilation. You plan to change the structure of your home in the process, such as knocking down an existing wall or adding a dormer.
Attic remodels can take as little as 2 months, but typically they will take 3 to 4 months and require a few different types of permits.
Finished attics have to meet certain coding requirements to be considered a legal and safe living space.
Most building codes require a specified minimum amount of headroom. It's often tough to meet this requirement when insulating a finished attic, especially since most codes require insulation equal to R-38 or more.
The average dormer loft conversion costs between £30,000 to £40,000. Average hip-to-gable loft conversion prices are between £35,000 to £50,000 and involve changing the shape of the end of your roof to provide more space in your attic. An average Mansard loft conversion costs between £35,000 to £60,000.
SAVINGS AND COMFORT
EPA estimates that homeowners can save an average of 15% on heating and cooling costs (or an average of 11% on total energy costs) by air sealing their homes and adding insulation in attics, floors over crawl spaces and basements.
Attics are often poorly insulated, meaning that temperatures can get hotter than the outside air during the summer. Lack of proper ventilation can also lead to extra condensation build-up, especially during the winter, when the warm air in your home rises and hits the cold air in the attic.
You can expect a finished attic to add 20% in increased value depending on several factors. Depending on the space size, the number of rooms, bathrooms, and more, the added value can increase. A local real estate agent can provide a more accurate estimate of the added value from your finished attic.
BUILDING CODES
Regulations vary from county to county, but most attic conversion building codes require: A minimum of 70 sq. ft. of floor space.
Here are a few standard requirements to check first. If you plan to make your attic space livable, it needs to meet the typical seven-foot ceiling height or clearance in a minimum of a seven-foot wide space–after finishes are installed!
An attic conversion will not only create extra living space within your home and potentially avoid you having to extend into the garden, but it also increases your home's value, making it a smart investment.
Choosing the right attic insulation involves balancing cost and performance, with options ranging from $2,700 to $8,600 per 1,000 square feet. Modern alternatives like cellulose and spray foam offer superior benefits over traditional fiberglass in extreme conditions. Fiberglass is rarely used except in basement walls.
Attic conversions are the most cost-effective and least disruptive way to add square footage. They make use of existing space to create functional living areas, such as in-law suites or guest bedrooms.
Transforming your attic is a great way to add value to your home and get some extra space in the form of a bonus room. Just remember, it's a process that takes time (usually 3 to 5 months) depending on various factors. But with some good planning and the right team, you'll be enjoying your new space before you know it!
First things first, loft conversions tend to be cheaper to carry out than extensions in general which can make them a more alluring prospect if you're on a budget or if you're planning on gradually renovating various areas of your home gradually.
Installing and maintaining attic insulation is beneficial in making homes energy efficient and comfortable. When the attic insulation is in excellent shape, the HVAC system does not have to work as hard, saving you money by avoiding repairs or insulation replacement.