Author Topic: How much would you spend on a non needed attic remodel  (Read 4110 times)

partgypsy

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How much would you spend on a non needed attic remodel
« on: March 26, 2022, 07:50:43 AM »
I have a 1930 bungalow that has some unfinished space in the attic, no stairs to it (accessed by ladder in a closet). I want to finish it out and net about 300-500 square feet of space (depending on what's done), accessed by exterior stairs (I will also keep the non conforming attic access too). I don't need the extra space, but this remodel is very attractive to me for a number of reasons; give my family a semi private place to stay and visit for longer. Possibly rent as air b and b as my location makes it desirable for that, or rent (which would net 700/month, but also means increasing the scope to adding a bathroom and kitchette). I have a friend who is going to help me source materials as well as workers who are reasonable, but prices for both keep going up. I'm trying to figure out what is a reasonable budget or limit to set myself. Im a single parent with one kid in college, so I don't want to get in over my head. Any rules of thumb to follow?
« Last Edit: March 26, 2022, 09:33:34 AM by partgypsy »

iris lily

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Re: How much would you spend on a non needed attic remodel
« Reply #1 on: March 26, 2022, 08:21:36 AM »
What research have you done as to viability of this space making any money via Air bnb?

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #2 on: March 26, 2022, 09:26:33 AM »
Well, viability depends on how much it would cost to making it a conforming (coded) space. I already know my neighborhood would be a hot place for rentals or air b and b given that many of my neighbors currently rent out garage apartments, their 3rd floor, or rent out their house for weekends like homecoming and graduation weekend (making 1-1.5k for a long weekend alone). The demand is there, but don't know how much it would time/money/cost to make it rentable. My neighborhood the zoning was amended to allow both accessory buildings and accessory dwelling, to encourage more housing in this area. I haven't done any specific air b and b research other than knowing it's allowed.
« Last Edit: March 26, 2022, 09:34:20 AM by partgypsy »

Sibley

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Re: How much would you spend on a non needed attic remodel
« Reply #3 on: March 26, 2022, 06:38:28 PM »
None. Finishing an unfinished attic isn't as easy at it sounds. There can be a LOT of unintended consequences with airflow, and you're more likely to rot your roof.

Also, attics which were left unfinished were not necessarily built to handle the weight of a living space. If that's the case in your house, you're spending money to reinforce the floor or you're overloading the floor, with all the attendant problems of that.

This is not a project I'd touch with a 10 ft pole.

Villanelle

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Re: How much would you spend on a non needed attic remodel
« Reply #4 on: March 26, 2022, 06:58:50 PM »
You mention a spare place for your family to stay, but then also mention the possibility of renting it out as an apartment.  Those things seem like they would be mutually exclusive.  Also, you say that if you want to rent it as an apartment you'd need to add a bathroom and kitchen.  I'm fairly certain that as an Airbnb, it would need a bathroom, unless you want to allow them to access the main part of the house (which nets MUCH lower rents on airbnb). If that's the plan, I'd look at airbnbs in your area to see how much a room in a shared space in your neighborhood goes for, as you may be surprised at how low it is.  (And if you do this, are you going to expect your guests to go down the outside steps and into your home each time they need to use the restroom or shower?  And are you prepared to leave your house open and accessible in that case?)

Depending on what your actual purpose for this is, I'd look in to just putting a small ADU-type situation in the yard, if that is possible.  It may well be much cheaper, and provide that airbnb space (with similar questions about plumbing/bath).

Or I'd probably do nothing at all. 

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #5 on: March 26, 2022, 07:43:09 PM »
I guess I'm surprised at people's responses. Assuming the addition can be done reasonably (including beefing up the floor, adding a bathroom and kitchenette), more room and space, for whatever ultimate use, is a win win. What "reasonable" is, is what I'm trying to figure out. There is not space in the yard for an adu, so times my family visits they sleep in the living room, and limits the length of stay. I do understand old houses cant be insulated the same way modern houses are insulated.
« Last Edit: March 26, 2022, 07:45:13 PM by partgypsy »

iris lily

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Re: How much would you spend on a non needed attic remodel
« Reply #6 on: March 26, 2022, 08:21:52 PM »
I guess I'm surprised at people's responses. Assuming the addition can be done reasonably (including beefing up the floor, adding a bathroom and kitchenette), more room and space, for whatever ultimate use, is a win win. What "reasonable" is, is what I'm trying to figure out. There is not space in the yard for an adu, so times my family visits they sleep in the living room, and limits the length of stay. I do understand old houses cant be insulated the same way modern houses are insulated.

Why don’t you tell us what you think is reasonable for the cost of building a space in your attic that includes a bathroom and small kitchenette? You start. Will tell you if you’re in the ballpark, ha ha. As if we really know because we don’t see that’s the problem.

But if you weren’t looking at $40,000 Begin the conversation then you’re out of the ballpark. And you do understand that right now you can’t get work going anyway, right I mean do you understand that?

cchrissyy

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Re: How much would you spend on a non needed attic remodel
« Reply #7 on: March 26, 2022, 08:24:32 PM »
i don't like the idea either.  you would be spending thousands of dollars - i don't know how many thousands but it's some noteworthy amount of money - and the spending won't increase the value of your house or the utility and enjoyment you get from it. the project just saves your family members the cost of a hotel room? no thanks.

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #8 on: March 26, 2022, 08:56:35 PM »
I think it would add to the value. Maybe not to the degree a remodel connected to the rest of the house would, but as an in law or sometime air b and b up to a rental, def. I think I'm willing to spend 30k for the added utility, and I'm sure other people in my neighborhood would pay significantly more than that. However, I do suspect it will be more involved, and I have limits on my money and time. I will be having a structural engineer look at it this week, which will give me more information.

affordablehousing

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Re: How much would you spend on a non needed attic remodel
« Reply #9 on: March 26, 2022, 11:09:34 PM »
You don't give a lot of details but around here, a 500 square foot adu would rent for around $2500 and would cost about $200,000 to build inside an existing space (like a garage). You may scale up or down based on your geography, but I would revise your budget to at least $60K, if you can get free labor.

BikeFanatic

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Re: How much would you spend on a non needed attic remodel
« Reply #10 on: March 27, 2022, 06:41:57 AM »
I assume you would have to add heat as well?  I grew up in an unheated attic, but we had inside staircase the the heat would rise to our level. We had kids beds built in to the slopping ceilings and only minimal stand up walking space for adults ( no dormers) but so fun for us as kids. I remember years ago my neighbor was going to add a dormer to her attic, she already had inside stairs but you had to duck to get up there. She was quoted 50K, that was 5-10 years ago.

Edit to add, however I also think attics are cool! and fun for the kids, and really if they had inside access would add value to the home meaning personal value to you and your family ( and even the next family that buys it as what they call in realestate here a "bonus room" meaning it doesn't count as square footage, unless you add heat.

So my opinion is yes, it can be worth it personally, but I do not know if it can work out financially you can crunch the numbers as others have said. it you live in a touristy or college town, maybe you have a market. Do you know a realestate agent, they tend to have educated opinions on these things.
« Last Edit: March 27, 2022, 06:53:55 AM by BikeFanatic »

NorCal

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Re: How much would you spend on a non needed attic remodel
« Reply #11 on: March 27, 2022, 07:11:57 AM »
If you're thinking about it from a purely financial standpoint, I'd see how much value it would add to your house.  For example if homes in your neighborhood are selling form $300/sqft, and you're adding 300sqft, then you would assume it would add somewhere in the neighborhood of $90K of value to the house.  Probably a bit less, as addition spaces aren't typically valued quite as highly.  I'd certainly avoid the project if it was significantly more expensive than the value-add, and look at it a lot closer if it was significantly cheaper.

If it were me, the non-financial considerations would be bigger.  Does having this space help me avoid moving in the future?  That's a big one.  How much of a PITA is it going to be living in a house under construction for X months?  That's a big one too.

Villanelle

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Re: How much would you spend on a non needed attic remodel
« Reply #12 on: March 27, 2022, 11:29:31 AM »
I guess I'm surprised at people's responses. Assuming the addition can be done reasonably (including beefing up the floor, adding a bathroom and kitchenette), more room and space, for whatever ultimate use, is a win win. What "reasonable" is, is what I'm trying to figure out. There is not space in the yard for an adu, so times my family visits they sleep in the living room, and limits the length of stay. I do understand old houses cant be insulated the same way modern houses are insulated.

You would be spending a lot of money, and I'm still not sure what you hope to get?  An airbnb with no bathroom, and a place for visiting guests?  To me that wouldn't be worth tens of thousands of dollars. 

(And again, it's still not clear to me how you see this bring in any income at all, since it sounds like you don't intend to have a bathroom.)  So sure, it is a guest bedroom when family visits, though still a very inconvenient one as it sounds like if they have to pee in the middle of the night they have to go outside, down the stairs, into the house through the door you leave unlocked for them unless they all need to carry a key for their potty breaks, pee, and then back.  Is that really significantly better for your guests than sleeping in the living room? 

Sibley

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Re: How much would you spend on a non needed attic remodel
« Reply #13 on: March 27, 2022, 02:11:13 PM »
Also remember that right now, your house is grandfathered into all sorts of building codes. Depending on your location, major work like this may require you to bring various things up to code for then entire building. Even if not, the new work would have to be up to code.

I'm surprised that you're surprised at the feedback. Major renovations aren't cheap, and major renovations to older buildings are even more expensive, and often complicated. The pay off would have to be pretty good to make this project worthwhile.

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #14 on: March 27, 2022, 08:26:25 PM »
No the plan is to add a bathroom and kitchenette area. But the first steps are going to first do the basics. I actually don't think the bathroom is going to be the expensive part. It's getting it to a livable space I'm thinking. So yes the plan is a bathroom. Heating/cooling would be via mini split. I live in a college town a block away from campus. So there is demand for both air bandb (parents) as well as student rental. Price per square feet is around 295/sq ft. But, i am not looking forward to living in extended construction zone... Most likely use would be , away place for me, plus nicer more accessible storage. And then occasional family visit spot, air b and b at the least to help defray costs. Super long term plan, when I am gone could help provide income to kids (if I don't sell before then).
« Last Edit: March 27, 2022, 08:33:22 PM by partgypsy »

Sibley

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Re: How much would you spend on a non needed attic remodel
« Reply #15 on: March 27, 2022, 10:15:34 PM »
Partgypsy, how much are you willing to spend on this project? A hard number.

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #16 on: March 28, 2022, 06:25:16 AM »
Again around 25-30k for the attic refit. Then another chunk for bathroom, kichenette done a year (or 3) from now. The person who is helping me (sourcing materials, labor, also will donate some labor) thought it could be done for 12-15k. But then when we started breaking down costs I think we got to 25k before including everything. I can borrow for a low interest up to 48k but as my kid is in college I already agreed to pay 8k a year for the next 3 years...  The other thing that worries me is I currently work from home 50%. I dk how disruptive this will be...
« Last Edit: March 28, 2022, 06:42:22 AM by partgypsy »

Fishindude

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Re: How much would you spend on a non needed attic remodel
« Reply #17 on: March 28, 2022, 06:31:28 AM »
My thinking is your budget number is waaaaay low.  Could easily spend $75-100k on something like that.

I wouldn't want people living upstairs in my attic.

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #18 on: March 28, 2022, 06:44:24 AM »
About 10 years ago if we paid someone to do it all, got a quote for 80k. And we decided against it. I know with my friends help it will be less but prob still 40k. Just don't want to be too stressed out with money stuff.  For whatever reason as long as we insulate/soundproof, doesn't bother me to have roommates, boarders. Communal living situations never bothered me as long as I had an away space like a bedroom.
« Last Edit: March 28, 2022, 06:52:18 AM by partgypsy »

Dicey

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Re: How much would you spend on a non needed attic remodel
« Reply #19 on: March 28, 2022, 06:55:55 AM »
Why the rush to do this now? Is it possible that you have come up with this project as a way of keeping someone in your life?

Villanelle

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Re: How much would you spend on a non needed attic remodel
« Reply #20 on: March 28, 2022, 09:51:53 AM »
It seems pretty clear that the numbers here don't make sense.  And even articulating the need doesn't seem to be something you can do.  You are living na construction zone, which you say you don't want to do, and maybe in 3 years you can bring in some very limited income, if you decide to rent it out?

I can't put my finger on it, but something about all your posts about this just seems off, like there is some other factor or you are trying to rationalize this for some reason. 

You even said you are willing to spend $25k and it will probably be $40k.  So it is clearly waaay more than you want to spend, and that is with numbers that I think are grossly optimistic.  And you won't be able to have any income for 3 years (the point at which the bathroom and kitchen may go in), and it won't even be a particularly feasible space for visitors until then either.

It makes no sense and the numbers don't work.  If you are doing this for other reasons, so be it, but I think you at least need to be honest with yourself that you are probably going to spend upward of $50k for whatever those reasons are, and then evaluate whether those reasons are worth $50k to you. 

Also, if you are relying on this friend to get you from 80k to 40k, then that is a LOT of work from them (and you).  before you start, make very, very sure this friend is willing to do all you are expecting of him or her, and isn't going to bail from this massive project partway through.  I have some very, very dear friends, but I don't think I'd be willing to take on a huge project that ate up my weekends and free time for years, for any of them.  And I certainly wouldn't ask that of any of my friends, because to me that is too much to ask.  A few weekends of labor in exchange for pizza, wine, and hearty thanks?  Sure.  But you've outlined a 3 year plan here, and $40k+ in labor savings.  That's a lot to ask of your friends.  And even if they say yes now, that doesn't mean that at some point they arent going to realize that it's just too much and they need to tend to their own lives and other relationships. 

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #21 on: March 28, 2022, 11:03:28 AM »
One of the main reasons is, my sister currently lives with my brother. He is giving her a free place to live, but doesn't intend to indefinitely. Right now she doesn't want to live with me. But, she has never been good about the nuts and bolts of life, and at this point I don't see that as changing. I would not be able to live with myself if she became homeless. My brother isn't asking for me to take it on 100%, just that he can get a break. So, it's not an immediate problem. But one I see down the road. The simpler solution would be to sell this house and move where I either have more space, or space for an adu. But I like where I live.

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #22 on: March 28, 2022, 11:05:59 AM »
You are all right in that there are a lot of complicated emotions, motivation s wrapped up in this. I don't need to worry about my friend bailing. In fact he is pushing for the remodel more than I am.

Dicey

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Re: How much would you spend on a non needed attic remodel
« Reply #23 on: March 28, 2022, 11:07:46 AM »
One of the main reasons is, my sister currently lives with my brother. He is giving her a free place to live, but doesn't intend to indefinitely. Right now she doesn't want to live with me. But, she has never been good about the nuts and bolts of life, and at this point I don't see that as changing. I would not be able to live with myself if she became homeless. My brother isn't asking for me to take it on 100%, just that he can get a break. So, it's not an immediate problem. But one I see down the road. The simpler solution would be to sell this house and move where I either have more space, or space for an adu. But I like where I live.
You could like a new place, too. The "simpler solution" is very much worth exploring.

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #24 on: March 28, 2022, 11:11:55 AM »
One of the main reasons is, my sister currently lives with my brother. He is giving her a free place to live, but doesn't intend to indefinitely. Right now she doesn't want to live with me. But, she has never been good about the nuts and bolts of life, and at this point I don't see that as changing. I would not be able to live with myself if she became homeless. My brother isn't asking for me to take it on 100%, just that he can get a break. So, it's not an immediate problem. But one I see down the road. The simpler solution would be to sell this house and move where I either have more space, or space for an adu. But I like where I live.
You could like a new place, too. The "simpler solution" is very much worth exploring.
yes, but it would mean moving to a non walkable
or less walkable neighborhood, which makes me feel sad. 

Fishindude

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Re: How much would you spend on a non needed attic remodel
« Reply #25 on: March 28, 2022, 12:10:19 PM »
One of the main reasons is, my sister currently lives with my brother. He is giving her a free place to live, but doesn't intend to indefinitely. Right now she doesn't want to live with me. But, she has never been good about the nuts and bolts of life, and at this point I don't see that as changing. I would not be able to live with myself if she became homeless. My brother isn't asking for me to take it on 100%, just that he can get a break. So, it's not an immediate problem. But one I see down the road. The simpler solution would be to sell this house and move where I either have more space, or space for an adu. But I like where I live.

Help rent her an apartment.
Moving an adult sibling in the same home, sounds like a recipe for disaster.

Sibley

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Re: How much would you spend on a non needed attic remodel
« Reply #26 on: March 29, 2022, 11:02:54 AM »
You state that your sister doesn't want to live with you. Say that you do go ahead with a major reno - would she be willing to live with you then? It sounds like you're making assumptions. Talk to her, see what she envisions, if anything.

sammybiker

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Re: How much would you spend on a non needed attic remodel
« Reply #27 on: March 29, 2022, 11:56:24 AM »
@partgypsy My sister & brother-in-law did this to their 1930s bungalow, sounds very similar to yours except it was designed as just additional space/upstairs bedroom - no bath/kitchen.  This was done in 2015.

Brother-in-law is a talented carpenter.  Did it himself over about 12mo, leaning on his trade buddies as required (electrical).  Their all-in was somewhere around $7k, mostly materials.  I don't have # on hrs spent.  The completed space was stunning and made a smaller 2bd/1ba bungalow into a place that could easily sleep 2 more folks when family came over + great play place for the little ones. 

I think I could have my contractor do it for around $20k ($30k if including simple bath/kitchen) including materials (stairway, framing clean-up, updated electrical, drywall, light can drop-ins, paint, new flooring).  I probably get better prices than someone cold calling a GC but I think if you went out and found your own drywall guys, electrical guys and someone that could do the stairs, you could get about the same price.

When my BIL/sister completed theirs in 2015, this conversion added ~$50k in equity for about $7k out of pocket and untold weekend/nightly hours. 

When they sold the house in 2020, this conversion ultimately added ~$72k in equity.
« Last Edit: March 29, 2022, 11:58:49 AM by sammybiker »

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #28 on: March 30, 2022, 01:07:04 PM »
Hey, thank you for the more encouraging post! I did meet with an engineer. Good news: attic is tall enough to not require raising roof. While I will need to sister additional 2x 6 to floor joists, what proposing to do he thought doable without additional vertical support due to existing load bearing walls and piers below. The downside. Need to finalize, decide on egress. If an interior spiral, can be considered loft space only (not a deal breaker to me). Biggest is deciding how to insulate. He proposed spray foam, but that means closing up ridge vent which is scary to me. I am leaning towards rigid foam panel insulation, if that will work (for needed r value, depth etc). Anyways it feels like I have a path forward. It might be more of a loft space than a full apartment, but if I space out work should be affordable. I will have to be patient though.
« Last Edit: March 30, 2022, 01:12:32 PM by partgypsy »

NorthernIkigai

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Re: How much would you spend on a non needed attic remodel
« Reply #29 on: March 30, 2022, 02:02:38 PM »
You are all right in that there are a lot of complicated emotions, motivation s wrapped up in this. I don't need to worry about my friend bailing. In fact he is pushing for the remodel more than I am.

You say this as if it were a good thing.

iris lily

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Re: How much would you spend on a non needed attic remodel
« Reply #30 on: March 30, 2022, 02:25:24 PM »
Hey, thank you for the more encouraging post! I did meet with an engineer. Good news: attic is tall enough to not require raising roof. While I will need to sister additional 2x 6 to floor joists, what proposing to do he thought doable without additional vertical support due to existing load bearing walls and piers below. The downside. Need to finalize, decide on egress. If an interior spiral, can be considered loft space only (not a deal breaker to me). Biggest is deciding how to insulate. He proposed spray foam, but that means closing up ridge vent which is scary to me. I am leaning towards rigid foam panel insulation, if that will work (for needed r value, depth etc). Anyways it feels like I have a path forward. It might be more of a loft space than a full apartment, but if I space out work should be affordable. I will have to be patient though.

Oh yes, the spiral staircase. We installed a really cool one 30 years ago, one DH made from scratch with engineering approval from the city building department.

30 years later, in my 60s, I hate going up those tiny crowded steps.

My real estate friend groans at the idea of selling our house with a spiral staircase to the third floor.

Villanelle

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Re: How much would you spend on a non needed attic remodel
« Reply #31 on: March 30, 2022, 02:57:39 PM »
Hey, thank you for the more encouraging post! I did meet with an engineer. Good news: attic is tall enough to not require raising roof. While I will need to sister additional 2x 6 to floor joists, what proposing to do he thought doable without additional vertical support due to existing load bearing walls and piers below. The downside. Need to finalize, decide on egress. If an interior spiral, can be considered loft space only (not a deal breaker to me). Biggest is deciding how to insulate. He proposed spray foam, but that means closing up ridge vent which is scary to me. I am leaning towards rigid foam panel insulation, if that will work (for needed r value, depth etc). Anyways it feels like I have a path forward. It might be more of a loft space than a full apartment, but if I space out work should be affordable. I will have to be patient though.

Oh yes, the spiral staircase. We installed a really cool one 30 years ago, one DH made from scratch with engineering approval from the city building department.

30 years later, in my 60s, I hate going up those tiny crowded steps.

My real estate friend groans at the idea of selling our house with a spiral staircase to the third floor.

We had one in our last rented home.  It was a finished attic space.  The stairs made it nearly unusable because we couldn't get furniture up there.  basically, anything had to be Ikea-style, totally disassembled, and even then some pieces were difficult.  There's no way we could have gotten a bed up there.  Maybe one of those spring-less mattresses that come shrunk wrapped, I suppose, though once it was up and open, it would only have come down in pieces! 

It sounds like no bathroom and no kitchenette, which means no airbnb rental.  So now you are doing this 100% for personal reasons, with no financial offset (other than maybe added value, which I'd guess is surprisingly low with a spiral or outdoor staircase). 

It definitely seems like there are factors pushing you toward this that have nothing to do with money or possible rentals or visiting family, or even your sister who doesn't want to live with you. 

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #32 on: March 30, 2022, 03:03:01 PM »
Yeah. A spiral is not ideal. Especially during the construction phase. I am philosophical I can't get everything I want, given various constraints. If I am able to make these changes, having a spiral stairs to bonus space will be the least of my problems.
« Last Edit: March 30, 2022, 03:04:35 PM by partgypsy »

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #33 on: March 30, 2022, 03:15:39 PM »
The reasons being, maybe I watched too many This Old house episodes. It's something I've always wanted to do.  I have someone who has the skills and connections to make it financially possible. If anything I'd be an idiot to pass up this chance (even if the process itself will be a pain). Estimated equity increase is something like 120k.
« Last Edit: March 30, 2022, 03:28:04 PM by partgypsy »

Villanelle

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Re: How much would you spend on a non needed attic remodel
« Reply #34 on: March 30, 2022, 03:30:25 PM »
Yeah, if a finished attic with spiral staircase is truly going to get you $120k in increased value, that's well worth it.  That number is surprising, but if it comes from trustworthy, unbiased sources, then it sounds like a solid project, even if it does end up costing $50k to do. 

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #35 on: March 30, 2022, 04:16:20 PM »
Yeah, if a finished attic with spiral staircase is truly going to get you $120k in increased value, that's well worth it.  That number is surprising, but if it comes from trustworthy, unbiased sources, then it sounds like a solid project, even if it does end up costing $50k to do.
housing prices in my town, esp neighborhood, are pretty crazy. Demand far outstrips supply, both buying and rentals
 

Villanelle

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Re: How much would you spend on a non needed attic remodel
« Reply #36 on: March 31, 2022, 10:17:09 AM »
Yeah, if a finished attic with spiral staircase is truly going to get you $120k in increased value, that's well worth it.  That number is surprising, but if it comes from trustworthy, unbiased sources, then it sounds like a solid project, even if it does end up costing $50k to do.
housing prices in my town, esp neighborhood, are pretty crazy. Demand far outstrips supply, both buying and rentals

You are very fortunate.  In my HCOL area, a finished attic would probably add less than 50k, and prices here are insane!  Unless maybe this is a huge space?  We are at about $350/sqft at the very high end of things (with exceptions going higher in some areas), and you'd get less for an attic with spiral stairs.  So a 120sqft space, might get you $35k, at the very high end. 

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #37 on: April 01, 2022, 12:35:13 PM »
Yeah, if a finished attic with spiral staircase is truly going to get you $120k in increased value, that's well worth it.  That number is surprising, but if it comes from trustworthy, unbiased sources, then it sounds like a solid project, even if it does end up costing $50k to do.
housing prices in my town, esp neighborhood, are pretty crazy. Demand far outstrips supply, both buying and rentals

You are very fortunate.  In my HCOL area, a finished attic would probably add less than 50k, and prices here are insane!  Unless maybe this is a huge space?  We are at about $350/sqft at the very high end of things (with exceptions going higher in some areas), and you'd get less for an attic with spiral stairs.  So a 120sqft space, might get you $35k, at the very high end.
if I finish it out (that's a big if, need to figure out the insulation question first) it would be a little over 400 square feet. There are garage apartments that are around that size (not sure how big), in my neighborhood rented for 600-700 a month. The spiral is only if I can't do the exterior stairs. If I can't do exterior stairs, then would probably still do it but really just so I could use the space.  I'm really hoping the exterior stairs is workable.
« Last Edit: April 01, 2022, 12:39:16 PM by partgypsy »

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #38 on: April 03, 2022, 07:40:05 AM »
Anyways I decided If I'm going to do it, at the least I am going to do it piecemeal, one thing at a time. To reduce wear and tear on myself.

Jon Bon

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Re: How much would you spend on a non needed attic remodel
« Reply #39 on: April 03, 2022, 01:48:56 PM »
A data point for you, I just remodeled my friends attic (really unfinished second floor room)

And I charged him ~25,000 and that was a hell of a deal I gave him for 400 sqft. This was really just insulation, some minor electrical and hvac, some sheet rock and paint.

This involved no plumbing, electric was already roughed in, and we had real stairs and a real door to access the space. He also already had 2x10 floor joists so it was really just finishing off a second floor bedroom.

Materials and labor are off the charts right now, good luck


partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #40 on: April 06, 2022, 03:23:02 PM »
Yeah. I realize I don't want or need the attic remodel to the point of borrowing money (loan). If I was handy, and had lots of time,that's one thing. So this is going on back burner until my time, money situation is freer. Thanks everyone!

affordablehousing

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Re: How much would you spend on a non needed attic remodel
« Reply #41 on: April 07, 2022, 11:43:22 AM »
Jon Bon, It clearly pays to be your friend!

partgypsy

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Re: How much would you spend on a non needed attic remodel
« Reply #42 on: April 07, 2022, 02:31:51 PM »
A data point for you, I just remodeled my friends attic (really unfinished second floor room)

And I charged him ~25,000 and that was a hell of a deal I gave him for 400 sqft. This was really just insulation, some minor electrical and hvac, some sheet rock and paint.

This involved no plumbing, electric was already roughed in, and we had real stairs and a real door to access the space. He also already had 2x10 floor joists so it was really just finishing off a second floor bedroom.

Materials and labor are off the charts right now, good luck
. I agree with you. Material prices keep rising, which is one of the reasons I feel antsy about it. It's a want not a need.  Me and my sister would probably kill each me or vice versar if we lived on the same floor but either way her living with me it would be a self-limiting problem!

LiveLean

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Re: How much would you spend on a non needed attic remodel
« Reply #43 on: April 09, 2022, 04:59:30 PM »
Finished attics come across a lot better in the movies and The Brady Bunch. In reality, there's usually a reason this is unfinished space.

beekayworld

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Re: How much would you spend on a non needed attic remodel
« Reply #44 on: April 10, 2022, 03:57:13 PM »
Is your child in college living at home?

If not, have him move most of his things into the attic and rent out his room as an AirBnB to try out and see if you like being a host.  And/or use the room as the getaway space you want.  And/or ask your sister if she would consider living with you if she could have that bedroom.  And/or have you family stay there when they visit and have your son sleep with a sibling or on the couch.

If your child is living at home while going to college, he only has three years left before you can do all of the above with his room. Three years is the length of time you are planning on fooling with the attic. If you just wait three years, you'll have that spare bedroom to use in all of the ways you envision using the attic space, for free with no construction hassles.

A word about changing the house for your future adult children to enjoy.  I know so many people who had similar plans but their kids weren't interested. 

I know one woman who grew up in a house with her grandmother just a few doors down.  Her dad, over the years, acquired five other lots of the block he was hoping his five kids would build homes on.  They all moved away and had no interest in living in their home town.

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Re: How much would you spend on a non needed attic remodel
« Reply #45 on: April 10, 2022, 06:55:16 PM »
Good points

Also, tread with caution about making any of your life choices with the sibling in mind. There are lots of ways to help people. Moving them in with you is often not the best way. That's especially true if they don't want it! Or if any of the reasons they have trouble supporting themself make them an unsafe housemate for your own quality of life. You haven't given detail on their situation but probably if you want to help, there are programs out there for the siblings needs, maybe including housing programs. It's a huge leap to assume you should personally be providing that.

Jon Bon

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Re: How much would you spend on a non needed attic remodel
« Reply #46 on: April 11, 2022, 06:58:27 AM »
Finished attics come across a lot better in the movies and The Brady Bunch. In reality, there's usually a reason this is unfinished space.

Yes it really depends. However my attics make me (checks notes) ~$2500 per month in revenue, so that is pretty good.

The big thing is access, if you have to climb a latter to get up there its not worth it. The other is likely HVAC, lots of older homes just cannot get AC up there, especially if it is not insulated well. Lastly would probably be head space? If you cant stand up in >50% of it you likely should not bother.

They can be done, and IMO they are better than basements, but yes definitely not as good a regular finished space in the traditional house.



beekayworld

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Re: How much would you spend on a non needed attic remodel
« Reply #47 on: April 11, 2022, 08:20:29 AM »
Most likely use would be , away place for me, plus nicer more accessible storage. \

"Nicer more accessible storage". Most people are drowning in stuff. They rent storage units to keep extra stuff. You are thinking of spending a lot of money to store stuff that's probably not worth the thousands you would spend to store it.

If this becomes an AirBnB you won't be able to store much in the space.  If you want it to be a nice place for yourself and guests, having a lot of old furniture and trunks of stuff won't make the space inviting.

What about getting rid of a lot of stuff? If you get rid of stuff in your house, you can move the stuff you want to keep out of the attic. 

A caution about keeping stuff "for the kids". Young adults don't want armoires, bookcases, china cabinets, their childhood trophies, or doll collections.  A rare one may want grandma's china and serving pieces, but mostly they like dinnerware that goes in the dishwasher and microwave.

A lot of people only keep Christmas decorations in their attic and have their adult children bring the stuff down over Thanksgiving weekend.  Having a ladder would be fine as you could have one person hand boxes and the tree down from the top to someone midway up the ladder who would pass it to someone at the base.

If there are things up there that you access more than once a year, is there a way you can keep those things in the garage?