Attic Conversion: How Much Will It Cost?

If you have an unfinished attic, you might want to turn it into a bedroom, office, or bonus room. Understanding attic conversion costs helps you decide if the project is within your budget. 

The price of an attic conversion varies depending on the size of the space, whether you hire a contractor, where you live, and the types of materials you use.

Read on to learn more about the factors that impact attic conversion costs.

What Is an Attic Conversion? 

Converting an attic means turning it into a functional living space. You typically put in walls, flooring, and a ceiling, among other things. Converting an attic may be a good way to add an extra room to your home. 

Average Attic Conversion Cost 

The national average cost of an attic conversion — to turn it into a bedroom, say — is $20,000, but it could range from $7,500--$35,000 or more.

An attic conversion may be expensive because it often requires extensive renovation. The walls aren’t insulated, and access to the space is typically through a small hole in the ceiling of a hallway or bedroom. Unfinished attics generally don’t have floors. Instead, there are joists with wiring and ductwork between them. 

Recommended: Personal Loans for Home Improvement

Attic Types 

There are different types of attic spaces, which also affect the attic conversion cost. These are some of the common types.

Walk-Up Attic 

Walk-up attics have a stairwell or a pull-down stepladder that you climb to get to the attic. Sometimes, walk-up attics are behind a standard-sized door in the upstairs of your home. This type of attic is easier to access.

Attic Above a Garage 

An attic above a garage area is typically a big space used for storage. The rafters in these attics usually have less ductwork and wiring, so it may be easier to convert them into a new room. If you’re thinking about finishing your garage, you might be able to combine the two projects.

Attic as a Bedroom 

If you want to convert your attic into a bedroom, you probably need to add walls, a floor, and a ceiling, as well as heating, ventilation, and air conditioning (HVAC), insulation, and electrical. You may also want to add windows or a skylight. 

Attic as a Storage Space 

Some homeowners use their unfinished attic space for household storage. Creating a basic storage space with flooring and some shelving may be a relatively easy and affordable conversion. 

Cost to Finish an Attic Per Square Foot 

The cost of an attic conversion is about $200 per square foot if you’re turning the attic into a room. A simpler conversion, such as adding drywall and insulation, typically costs $30-$60 per square foot.

Cost to Finish an Attic Per Task 

For any project, it’s smart to make a home renovation budget before you begin. Here’s what you might expect to factor into your attic conversion costs per task:

• Subflooring: $900-$3,000

• Lighting: $158-$1,021

• Doors: $497-$1,961

• Walls: $974-$3,182

• Soundproofing: $1,036-$2,743

• Drywall: $987-$3,217

• Closet: $1,080-$3,299

• Insulation: $1,066-$2,639

• Floors: $1,528-$4,859

• Windows: $300-$2,100

• Floor joists: $4,000-$12,000

• Plumbing: $372-$2,122

• Stairway: $953-$3,236

• HVAC: $5,000-$12,500

• Ceiling: $350-$3,500

Depending on how extensive your remodel is, you may need help from an architect or interior designer, which could cost between $125 and $250 per hour each.

Factors That Impact Attic Conversion Cost 

There are a number of factors that may impact the cost of your attic conversion, including these:

Functionality 

The amount of usable space you have in your attic depends on the pitch of the roof and the size and shape of the room. If the attic is oddly shaped or difficult to access, it typically costs more to convert it into living space. 

Windows 

If there are no windows in the attic, you might need to install them, which may be expensive. Fortunately, there is window financing available to help you pay for it. You could also consider adding a skylight, which costs about $1,000 to $2,800.

Ceilings 

Finishing an attic ceiling may range dramatically in price. If the existing ceiling is sound and you simply need to paint it, that could cost as little as $150. Converting a vaulted ceiling may cost $13,000-$26,500.

Plumbing 

If you install a bathroom in your attic space, you may have to add new plumbing lines and fixtures. Plumbing may range from $350 to $2,100. 

Heating and Air 

To heat and cool your new attic space, you could add HVAC. The price may range from $450-$1,200 for electric wall heaters and up to $1,800-$6,000 for radiators. 

Electricity 

Your attic may need electricity for lighting and appliances. The price of installation ranges from $600 to $2,500, which includes wiring and adding outlets. 

Size 

The bigger your attic, the more money you typically pay to convert it.

Lighting 

Installing light fixtures could cost between $20 for a lamp and $300 for premium recessed lighting.^, The total cost may depend on how much lighting and what types of lighting you want to add to the space.

Flooring 

It could cost $900-$3,000 to lay subflooring, depending on the size of the attic. You generally pay $3-$22 per foot for new attic flooring. 

Roofing 

If you plan to install new skylights, ensure the roof is in good enough shape to keep moisture out of your home. And if you add windows to your attic conversion, you may want to invest in new flashing and roofing materials around these areas. 

Do Attic Conversions Increase a Home’s Value? 

Adding a functional room and more living space to your home may increase its value. Completing an attic conversion gives your house more total square footage, so it may be a smart move. For instance, turning your attic into a bedroom could give you a 67% return on your investment, according to a report from the National Association of Realtors.

Financing an Attic Conversion 

As you explore financing for your attic conversion, carefully weigh each option to see which is right for you. Here are some financing methods to consider.

HELOC 

A home equity line of credit (HELOC) allows you to borrow against your home equity up to an approved limit. The interest rate for a HELOC is variable. You borrow the funds as needed during the draw period, which typically lasts up to 10 years. When the draw period ends, the repayment period begins, which may be as long as 20 years. It’s important to keep in mind that with a HELOC, if you’re unable to repay what you owe, the lender could seize your house.

Cash-Out Refinance 

With a cash-out refinance, you refinance your mortgage while borrowing money at the same time, based on the equity you have in your home. The process involves getting a new mortgage for a larger amount than the existing mortgage. You receive the difference in cash for your attic conversion. Lenders often limit cash-out refinances to 80% of the equity you have in your home. 

Personal Loan 

With a personal loan, a bank, online lender, or credit union lends you a lump sum that you repay with interest in installments over time. It’s a good idea to explore the different types of personal loans for your attic renovation and then research the loan terms and rates to find one that fits your needs.

For instance, with a no-collateral personal loan, you don’t need to secure the loan with an asset such as your home or car. However, the interest rates for this type of loan tend to be higher than they are for a secured loan. Long-term personal loans give you more time to pay back your loan with lower monthly payments, but you may pay more interest over the lifetime of the loan.

Recommended: What Are Long-Term Personal Loans?

The Takeaway 

Thinking of converting your attic? Remember that the cost varies widely depending on what you want to install. Before you start, create a solid home renovation budget to factor in all the potential expenses. The good news is that adding functional living space, especially a bedroom, could significantly increase your home’s value. To cover the expenses, you have options such as a HELOC, a cash-out refinance, or a personal loan. Be sure to compare rates and loan terms to find the right financing fit for your project.

As you’re considering a personal loan to finance your attic conversion, you’ll want to shop around for the best option. With Lantern by SoFi, comparing personal loans interest rates is quick, easy, and convenient. In our online marketplace, you can explore loan terms from multiple lenders and choose the one that’s the best fit for your renovation needs.

Compare rates with Lantern.