When the real estate market experiences high demand but low supply, many people look for ways to maximize the amount of space they have currently rather than navigate the property market. Investing in a remodeling project will take care of needing more space, but it is also a beneficial move for whenever you decide to put your house on the market. In particular, an attic conversion has significant potential for generating property value.
How Value Is Generated
Any updates made to the home have the potential to increase the worth of the property. Some projects hold more value than others, but this doesn’t always depend on the price tag of the remodel. Much of the value is determined by the functional benefit of the project. For example, an attic remodel could cost the same as a kitchen makeover, but the additional square footage of living space from the attic can hold more value than fancy appliances or nice flooring.
How To Maximize Value
Conversions yield value when they create multi-purpose spaces. Adding in an additional bedroom with an adjoining bathroom could add as much as 23% to the cost of the home. This space could also double as an entertainment area or a private office. Though more costly than a basic restructuring of attic space, there is a significant payoff in the end.
How To Plan Your Conversion
Speaking with a professional remodeling team will help make sure you get the most out of your available space and your remodeling budget. The space should be designed with your immediate needs in mind, followed by the potential earnings down the road.
Creating additional space in your home is one of the ways to maximize the property investment you have already made, with an attic conversion often being of the more successful and efficient ways to generate additional square footage. These conversions generate value while giving your family more room.