If you have an attic in your Houston, TX home, you could have a potential bedroom and bathroom space for a fraction of the cost of adding on. Attics are already framed and some even have ventilation and electrical work done, making the conversion easier. But, before you convert your attic into a bedroom, there are a few things to consider first. Not only do you need to make sure you have the financing to take on a big project, but you need to make sure it is a good investment for your home.
What is an attic conversion?
An attic conversion typically consists of creating a bedroom and a bathroom. Remodeling Magazine defines it as adding windows, closet space, insulating and finishing the walls, adding to the existing stairs, and extending plumbing, electrical and HVAC. By converting your attic into a bedroom, you have added to your overall livable square footage in your home, and now you have extra space to grow.
A lot of homeowners convert their attic into a bedroom for their growing family, to create a home office or to accommodate guests. It’s important to analyze your reasons behind the renovation, because if you’re solely renovating for profit, you’ll need to make sure the cost versus value is actually worth the effort.
Cost versus value: why it matters
Cost versus value determines how much value you will add to your home versus the cost of your project. This essentially tells you the return on your investment. For Houston, TX, the average cost of an attic remodel is $49,438 and Remodeling Magazine estimates you’ll add $41,656 (or 84.3%) in value to your home. That means if you were to sell your home today, you could potentially add $40,000 to the listing price for that renovation.
Is an attic conversion right for you?
If you are thinking of adding an attic conversion to your list of to-do’s just to sell your home, it is best to stick to other worthwhile projects. While it may make your home more appealing to potential buyers, it’s an expensive, and lengthy, undertaking. If you have enough equity to cover the difference, it may still be a good investment.
However, if you are planning on living in your home for a while, and you need the space, an attic conversion could be worth the investment. As time goes on and market values continue to rise, you will eventually make up the cost of your attic conversion.
Top image credit: Benco Construction