As a homeowner, you may be wondering if adding a garage to your property is worth the time and money. The answer is a definite yes! Adding a garage to a home is a significant investment that can enhance both its resale value and overall utility.
The Value of Adding a Garage to Your Home
While the immediate thought might be about extra storage or vehicle protection, the financial upside is clear: homeowners generally recoup 75% to 85% of their investment when selling the property.
In my experience, garage conversions typically do not add value to a home. Right off the bat, a large handful of buyers will not even be interested in the property if it does not have a garage. Therefore, the seller is missing out on about 60% of the potential buyers.
Compared to other home improvements, adding a garage provides excellent return on investment. On average, a garage build will cost between £18,000 and £24,000. A garage could add on average 16% to your property value -- or £45,000, based on average UK property prices.
Yes, converting a garage will often increase the property value. This is because you will typically be taking an underutilised space and transforming it into a more functional living space, whether you add an extra bedroom, living area, or home office.
Recent research found a garage can add as much as five per cent to the price of a typical home. With the average house price in the UK currently standing at £225,000, a garage could be worth an extra £11,000 to buyers looking at your home.
“Not having a garage is never an issue if the home is priced appropriately,” says Vander Stelt. “Every home sells in every type of market for a price. There's always a market, always.”
While it could devalue your house, it will also depend on what you choose to replace your garage with. If, for instance, you remove your garage in order to add another bedroom to your home, you'll usually end up increasing the value of your house.
A garage is a highly sought-after feature in a home. Not only does it increase the value of your property, but it provides practical benefits as well. If you have one or more vehicles, an attached garage can provide a secure space to keep them protected.
Influencing factors include the size of the garage, chosen materials, labor costs, and additional features like insulation. Whether you're building an unfinished garage or remodeling an existing one, it's important to understand the financial implications of each aspect.
Detached garages primarily sacrifice a small amount of convenience for an increase in flexibility and the added safety of not having as easy of an access point into your home. These are the primary factors that make detached garages stand out from attached garages, but otherwise offer most of the same benefits.
Extreme weather conditions — from snow and sleet during cooler months, to UV rays and extreme heat in the summertime — can take a toll on your vehicle. By keeping your car stored in the garage, you're shielding it from the elements and thus extending its life and better maintaining its resale value.
Attached Garage: Typically costs $30 to $50 per square foot. These are cheaper because they share a wall and utilities with your house. Detached Garage: Ranges from $40 to $70 per square foot. More expensive due to the need for additional walls and separate utilities.
A garage can add between 5% to 20% to a home's value, depending on factors such as location, design and the existing housing market. This increase can be especially significant in suburban areas where parking space is a premium.
Choose a Simple Design
Choose one-story floor plans, simple door and window designs, and minimal accessories to save money. To avoid unnecessary expenses when building a detached garage, explore prefabricated garage kits without additional architectural features to save on time and materials.
Structural Damage
Then, there are deeper structural issues like roof damage, damp seeping through the walls, or weakened floor joists that have sunk. However, if your house is in poor condition, there are lots of things you can do to spruce it up without breaking the bank.
This is one building that is often overlooked and seen as a convenience to park your car. It is a convenience but there is a lot more to a garage attached to your home or a detached garage on your property. They do tend to add value to your home making it worth more than you may have realized.
Does Converting a Garage Add Value to Your Home? As long as you complete your garage conversion properly, it will add value to your home. The value itself depends on how seamless the conversion is and the type of room you build. Typically, you can expect to recoup about 80% of the project cost.
Having a garage will nearly always help you sell more quickly and likely at a higher value than a home without one. The bottom line, buying a home with a garage won't hurt your investment plans (unless it's a mess and falling down!) and will likely help you sell with a higher future value.
According to the data, the best situation is in the Pacific region (Alaska, California, Hawaii, Oregon, Washington), where the share is 80%.
On average, homeowners spend $18,000 on a typical garage remodel. However, you can tackle a basic upgrade anywhere from $5,000 to $15,000. Alternatively, if you have big dreams, a high-end conversion will cost upwards of $30,000 to $50,000.
A prefab is the cheapest and easiest method of installing a garage onto your property. Starting prices for the kits are around £1,000 and go up as far as £5,000. For a simple single concrete prefab garage for the kit alone, it costs around £1,200, and a double concrete garage will start at around £3,000.
A garage can increase the value of your property by between 5% and 10%, according to recent research. However, this only holds true for single garages; a double garage might increase the value by up to 20%!