Should you finish an attic or a basement? If you want to expand your living space, an attic remodel can provide a viable alternative to finishing a basement. A finished attic can add character, value, and square footage to a home. This versatile space right above your head works well as a bedroom, playroom, or home office.
Benefits of a Finished Attic
In terms of resale price, an attic remodel can potentially increase your home’s value. According to the 2022 Remodeling Impact Report by the National Association of the Remodeling Industry (NAR) and the National Association of Realtors (NAR), a finished attic provides an average cost recovery of 75%. Additionally, the report notes that this upgrade typically results in a high level of satisfaction for homeowners. With a solid design plan, finished attics can transform a storage area or unused space in your home into a unique, beautiful room with a sloped ceiling and abundant natural light.
How to Budget for an Attic Remodel
Although homeowners can expect to receive a bump in home value after an attic remodel, a project this large typically calls for the need to establish a budget and price out each element ahead of time. The Remodeling Impact Report estimates a $100,000 cost to finish an attic, listing this upgrade as one of the most expensive interior projects. For a smaller-scale, bedroom-only option HomeAdvisor prices a finished attic project in the range of $12,000 to $70,000, or $100 to $300 per square foot. The cost of your project will widely depend on the size and scope of your attic remodel, plus the addition of features such as a bathroom.
When considering the cost to finish an attic, you may also want to measure how the increased living space could affect your annual household budget. With a larger home to pay for and maintain, you may need to add a higher cost for property taxes or homeowners insurance to your household expenses. Consider setting aside additional funds in your budget for home maintenance and utilities.
Costs of an Attic Remodel
If you’re contemplating finishing your attic, it helps to understand some of the essential cost elements of the project and some potential stumbling blocks along the way. As with any large home improvement project, you should request estimates from multiple contractors to find the best rates. You may also want to break down your project into individual elements, such as flooring, and price out various options to help control costs.
Design
A finished attic must meet all applicable building codes for the local municipality. You’ll most likely need to hire an architect, engineer, or contractor with experience in attic remodeling to draw up an initial plan. You can set a starting budget when you’re happy with the schematics.
You’ll also need to apply for and pay for building permits. After completing these steps, you should know the different options for finishing the space and the amount of square footage you hope to gain when finished.
Upper-Level Access
If a drop-down ladder provides the only access point to your attic, you’ll need to include the cost of installing a staircase into your project budget. Depending on the location of the access ladder, you may need to switch your access point to fit a more extensive set of steps rising from the floor below. Your contractor or architect can review your options and help decide between a turn staircase versus a straight flight of steps.
In addition to the staircase, you will need to provide at least one other point of egress for your finished attic. The point of egress could be through an existing window that meets the local building code’s safety requirements.
Finished Walls and Ceiling
The walls and the sloped ceiling of an attic offer the potential to create a unique space with your design selections. Instead of simply placing drywall in the space, consider adding a texture with wood paneling or beadboard. Rather than trying to hide the wood beams, you can work them into your design for a more rustic look.
No matter how you incorporate the walls and ceiling finishes into your plans, make sure the end result meets the local building code requirements for headroom in a living area of your home—for example, the Residential Code of New York State requires a home’s habitable space to generally have a floor area of at least 70 square feet and the ceiling must be seven feet high.
Heating and Cooling Systems
Pay attention to temperature moderation in the finished space. Attics may benefit from the tendency of warm air to rise, but they may also need the help of a home heating and cooling system to make the finished area truly livable year-round. Carefully price out your options, as the addition of a finished attic will affect your overall home energy expenses. According to Energy Star, air sealing your home and installing recommended insulation in attics, crawl spaces, and basements can net homeowners up to 15% savings in heating and cooling costs and improve comfort and energy efficiency.
Plumbing Needs
If you plan to add a full or half-bathroom to the attic space, it’s best to engage a plumber to find out what’s involved in this modification. An attic designed for future renovation may have basic plumbing connections. If not, you must decide how to mesh your existing plumbing system with your finished attic. You’ll also need to ensure the flooring supports heavier bathroom fixtures such as a shower or tub.
Modification of the Original Home Construction
Builders may construct some homes with basic features that can be the foundation for a future attic conversion. These features could include HVAC ducts reaching the attic, the placement of wood beams to easily frame the room or rooms, and a sub-flooring structure that can support the weight of future living space. Split-level homes may feature attic spaces with easy access for remodeling. It may take more time, effort, and finances to make an unsupported attic livable.
Flooring
Unfinished attics may not have the existing flooring needed to support the weight of a finished living space. You’ll need to work with a contractor and possibly an engineer to find the best way to secure and build the proper floor for your attic. When choosing flooring, you’ll also want to consider noise reduction. Carpet or another flooring that can deaden sound will prevent echoing footsteps and loud music from reaching everyone on the lower levels.<”
Lighting and Electric
The strategic placement of windows and skylights can beautify your finished attic with natural light. You should also consider additional ambient and task lighting needs. Have an electrician pre-wire the attic to accommodate the necessary light fixtures. Determine the number of outlets you’ll need as well. If you intend to turn the attic into a home office, make sure you can supply enough power and internet access to support your daily work. Remember that more expensive lighting features, like recessed lights, can jack up the cost of the remodeling project.
Finishing an Attic Versus Finishing a Basement
If you have two unfinished spaces in your home, you may need to decide which area would work best for you—the attic or the basement. Each option brings its own set of benefits and also a few challenges. There are various pros and cons when deciding between finishing the basement or the attic.
Cost Versus Added Value
According to the 2022 Remodeling Impact Report, the 86% estimated cost recovery of finishing a basement edged out a finished attic project. Finishing a basement also rang in at a lower average price tag, around $57,000 compared to $100,000 to finish an attic.
If you’re choosing between finishing an attic or a basement, remember that every home has its own unique properties and physical characteristics. Work up a budget for each space to find out which project may better fit your needs and personal preferences. You may also want to take the ongoing costs to heat and cool the finished basement or attic into account. Depending on the amount of space available and the type of work required to convert the area to a livable space, one option may make more sense than the other.
Consider the follow elements of both your basement and attic:
Existing Features
Does one of the unfinished areas in your home feature a pre-existing supply of heat, electricity, or plumbing? If so, you may want to build on these foundational elements rather than starting from nothing in the alternative space.
Desired Personal Use
How do you envision using the finished space? Will you want your walk-out basement to provide a transitional area between your backyard and the rest of your home? Or do you need to add a bedroom in the attic to accommodate a growing family? Take a look at the square footage and current design of each option to determine which better fits your needs.
Those looking to generate additional rental income may opt for remodeling a basement with a separate entrance instead of an attic where the renter may have to enter through the primary living space.
Local Climate
Some areas of the country may better accommodate an attic remodel over a finished basement. The rising temperature in attics during the summer months may result in energy inefficiency and high costs to keep the space cool. Below-ground basements may serve as a better place to relax on hot days. Alternatively, in colder climates, you may view a warm attic in a more positive light.
Windows and Ventilation
Attics typically provide an easier option when adding windows or improving air circulation, while proper ventilation can become a challenge in below-ground finished basements.
Accessibility
Do you have the required number of egress points in your basement or attic? Building a staircase for an attic increases the cost of this remodeling project. Your basement may have the necessary interior staircase and possibly a walk-out sliding door. In either space, you must provide the necessary entrances and exits to meet local building
Conclusion
As with any project that adds square footage to your home, a finished attic can increase future resale value. A finished attic also can set your home apart from comparable properties on the market. In addition to a higher resale price, homeowners may derive personal satisfaction and enjoyment in a cozy new attic. If you need space to accommodate a growing household, finishing an attic may cost less than building an addition or relocating to a new home.
