If you are a San Francisco homeowner and want to increase your living space, you may feel your options are quite limited. The cost of adding a second story or a new addition may seem financially out of reach—well beyond your means.
So What Other Remodeling Options Are Available?
If you have an unfinished attic or basement you’ve got many options. An unfinished basement unit or attic apartment, for example, can be converted into a new bedroom with bath or even a home office. And the price if often much less than adding a second story or building a new addition.
In San Francisco, an unfinished attic that’s converted into a bedroom with bath, including four new windows and closet space, recoups *135.2 % of its value. A basement remodel that includes an entertaining area and full bathroom recoups *117.8 % of its costs. And still, there are other options.
Think of it this way: If you were to sell your home, given either of the above scenarios,its resale value would pay for the remodel and earn you a healthy profit.
A basement or attic remodel is a smart investment regardless of how long you’ll be living in your current home. For those staying put and needing additional living space, an attic or basement conversion provides extra space and greater comfort. And if you’re planning on putting your home on the market, your investment will be reimbursed once your home is sold.
* All figures are based on Remodeling Magazine’s 2014 Cost vs. Value Report for San Francisco homes.