Increase Your Home Value By Rennovating The Attic

If houses with unique architecture are at the top of your wish list while house hunting consider planning to renovate an attic space into an additional room. An attic room is truly one of a kind and will have all of your family and friends wanting to move in too. You’ll also maximize the space in your home and even increase the value of your home.

The first, and most important, step you’ll want to take is to ensure that you can legally renovate your attic. Do some research on your local building codes and contact an inspector for a professional opinion. It’s important to make sure your home has the right support in place to support the added weight your renovations will add to its structure. I can’t stress how critical this step is for both your family’s safety as well as your home’s value.

Okay, so you’re armed with building code knowledge and approval from an inspector. Now you just need a vision to start your planning. Part of what makes having usable attic space so appealing is its unexpectedness as well as the cozy atmosphere that can be created from its nooks and crannies.

A bedroom, either for yourself, a family member or guests, might be where your mind first turns to. Can’t you just imagine waking up each morning to a magazine spread worthy room? You could also create a room dedicated to entertainment. Think a playroom, reading nook, home theater or game room. You could even simply design a better storage solution. 

When dreaming up your new room plan to make the most of it’s one of a kind structure. Add dormers for both natural lighting and cozy nooks to tuck a chair or desk under. Create recessed storage in knee walls by adding cubbies and drawers. You may even want to design a seating solution that doubles as storage.

Another important task for your attic renovation is to ensure your attic has the proper insulation in place before becoming an inhabitable room. Attics are prone to both extreme heat and cold depending on where you live. Insulation not only helps maintain climate control but when added in the flooring it can help to reduce noise impact on the rooms below. Adding temperature controls to the room allows you to further maintain your ideal temp at all times. 

Attic spaces create a fun and uniquely structured room but can easily appear to be too small and dark. Create the illusion of more space and light by choosing paint colors such as creams, beiges, and shades of white. Opt for wall sconces, table lamps, and floor lamps when overhead lighting isn’t an option. If your attic doesn’t naturally have much natural lighting consider adding dormers for more windows and space or a few skylights.

For that classic attic room coziness look to beadboard or wood paneling to add along the ceiling. Additionally, when painted white both add a more clean, modern feel to a room. Decor with natural textures such as straw baskets, leather details, and woven textiles bring in a cozy warmth. However, attics tend to be small spaces so be mindful of decor and give each piece a purpose to add a personal touch without overcrowding.

Whether you bought a new home with plans to renovate or have room in your budget for something more than a quick weekend project turning your home’s attic into an additional room maximizes space and adds a unique touch. You’ll increase your home’s value and have all of your friends and family excited to visit to check out your latest addition. And while it’s not a quick weekend project you’ll have plenty of time to kick back and relax in your new room when all the hard work is done.

The Assessed Value Versus The Market Value Of A Home

When you’re buying or selling a home, you may hear the terms, “assessed value” and “market value.” There are few things that you should know about these terms. First, they cannot be used interchangeably. The assessed value is generally much less than the market value. If you’re buying a home, you probably would rather see the assessed value of the home as a price! If you’re selling, the same holds true for the market value of the home for you.

Market Value Is Used Differently Than Assessed Value

The market value is how much your home is worth on the market currently. The definition is exactly as the term sounds the home is looked at by an assessor and given a value. The assessed value is used to determine property taxes, among other things. As you can imagine, the assessed value can become a point of contention for many homeowners especially when it comes to paying their tax bills. Many homes end up being assessed at a higher price than their current value, bringing tax bills to higher levels. The market value is what the home will sell for when it is listed for sale.

Be careful when searching for a home to buy. Many sites list the assessed value along with the price of the home or estimated market value of the home. You don’t want to get these numbers confused when budgeting and searching for the perfect house. 

If you’re getting ready to sell your home, pay little attention to the assessed value of the home. That is not what your home will sell for. 

The market value is a good reason to hire a realtor to help you sell your home. Realtors are experts in finding the market values of homes. They will even do something called a CMA (comparative market analysis) for you to help you determine the right price for your home to sell at. This is where comparable properties in the area are examined for their selling prices and all the perks of your home and neighborhood are considered. The market value is determined by the price of the homes that have recently been sold in the area based on the location of the home and how close it is to certain amenities like schools, parks, and the probability of future construction. 

Finally, know that the market value and the appraised value of a home have a lot to do with how much a lender will give you to buy the property. Every home that is being bought must go through an appraisal, to protect the lender from overpaying for a home.    

Whether you’re buying or selling a home, knowing your value terms can really be a help in understanding the sweet spot for pricing a property