Plenty of homeowners know the struggle of not having as much space as they'd like. When it comes to renovations, there are two broad strategies to address this issue.

One option is to work with the space you have, such as finishing a basement or attic. Alternatively, you can put on an addition to increase the home's square footage.

Lofts offer something of a mix of the two. While a loft does involve new construction, it stays within the home's existing footprint.

A loft allows you to capitalize on a high ceiling by establishing elevated floor space within the home. You may be able to use this area as an extra bedroom, but it will also work well for functions such as a home office or playroom.

Before you get too heavily invested in such a project, you'll want to check with your local building codes as well as any homeowners association rules. Charles Smith, writing for SFGate, says a loft will have to meet certain safety standards for any newly installed stairs and railings.

Careful planning is also necessary for a loft because the new floor space needs have sturdy support. If it will be placed on top of existing walls, they should be strong enough to support the addition. You may also need to use joists or support columns, in which case you'll want to make sure they don't interfere with how you use the room below.

There should be enough headroom both in the loft and below it for people to stand comfortably. Kate Burt, writing for the home design site Houzz, says a ceiling height of at least 14 feet is necessary to install a loft. This might be a tight squeeze for taller residents, but it still allows for a feasible renovation.

Decide whether you want the loft to be open or enclosed. Traditional lofts are open, with a railing or half wall allowing a person to look down on the room below. Salter Spiral Stair, a company in Collegeville, Pa., says an enclosed loft provides additional privacy and might be a preferable option for lofted bedrooms.

One option is to make the loft semi-enclosed. This can be accomplished using materials such as interior windows and movable shutters.

The loft may not have sufficient light, and the underside of the loft will also serve as a new ceiling for the room below, potentially blocking more light. To better illuminate the space, you may want to put in additional windows. Burt says skylights work well to improve lighting in elevated areas.

A sturdy ladder may be all you need to reach the loft, but this is a less convenient option and may not meet building codes. Traditional staircases work well, but can take up a considerable amount of floor space below. For this reason, spiral stairs are often used as a convenient way to reach the loft while taking up a minimal amount of space on the lower level.

While lofts help boost the amount of available space in your home, they typically won't provide as much extra room as an addition or finished space. Salter Spiral Stair says you might want to combine this renovation with other space-saving features, such as furniture with built-in storage space.

If you don't have enough room to feasibly install a full loft, you can still consider other lofted options that capitalize on the available space. Burt says one option is to elevate a bed, which allows you to fit furniture such as a desk or dresser underneath. You might also create an elevated platform, which allows you to put a table or bed on top while installing drawers in the platform itself.