Many homeowners plan attic conversions to increase the square footage of the home. However, will converting an attic add value to your home? You may be surprised to learn that an attic renovation is not the most cost-effective way to increase the value of your property. However, that being said, attic renovations are still popular in Calgary.
According to some studies, converting a basement into an extra room in your home adds more value than converting an attic. It is estimated that an attic renovation only has a return on investment (ROI) of 53%. In contrast, a basement has an ROI of 63%.
Of course, your only option may be to convert your attic into a living space. So, how can you maximize your home’s value with an attic remodel? Read on to find out more.
1. Get permission before any attic conversion
Before you start renovating your attic, you need to get permission. Different provinces and states have different rules. For example, living spaces over a certain height may need additional safety features. In fact, it may not even be legal where you live to convert an attic. If you are selling your house and arrange a home inspection, you will need to show the proper documentation.
You also need to ensure that the stairs meet local safety codes and that there’s an escape route.
2. Install windows
If you get the proper permits, make sure to install windows in the attic. Windowless living spaces are going to make your home unattractive. It may mean that your home loses value if you don’t plan for windows in your converted attic.
3. Insulate your attic
An easy way to add value to your home is to insulate your attic. Insulation is a great way to improve energy efficiency and cut down on utility bills. However, you will also need to ensure proper ventilation so that moisture doesn’t form on the underside of the roof.
4. Have a budget
Before you start converting your attic, it’s important to work out a budget. An attic conversion can add value, but not as much as you think. So, work out how much you’re prepared to spend and stick to your budget.