They can be great for storage, help you to keep your car safe and even lower your car insurance premiums. But depending on your setup, removing your garage could also help you to gain other benefits – whether that's to do with increasing the size of your garden or gaining more living space.
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.
Attached garages existing on a home have coverage already. They typically are not more expensive to insure, then. If you have a detached garage on your property, again, let your insurance agent know. These structures might not come automatically on your policy.
Adding a garage to your house can be a great investment. According to Forbes, homeowners can see up to a 65% return on investment (ROI) when they add a garage. It not only increases your home's value but also improves its appeal and functionality.
A garage extension costs $60 to $120 per square foot, or $9,600 to $24,000 on average to add another vehicle bay to the existing structure.
A converted garage can help to make your property more appealing to potential buyers. Whilst storage is often a feature people look for in their home, an extra room will often make your property stand out on the market.
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.
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.
The size of the garage greatly affects its appraisal value. Larger garages typically add more value to a home due to the additional space for vehicles or storage. For instance, a two-car garage will generally be appraised higher than a single-car garage because it offers more space and functionality.
If you're looking to maximize your home's value, consider converting your garage into a livable space. Adding a bedroom, home office, or even a rental unit can significantly boost your home's market value. While this is a more substantial investment, the payoff can be substantial.
On average, building an unfinished garage can cost anywhere from $15,000 to $20,000, depending on the aforementioned factors. Remodeling a garage, on the other hand, can range from $5,000 to $10,000. These prices may seem daunting, but fear not!
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.
Without a doubt, a garage is a feature that many prospective home buyers want, but not having one doesn't mean your sale will fail.
There's one part of building a garage that costs a lot more than the rest: labor. Construction and labor are the bulk (50-75%!) of your garage budget.
A 20×20 garage is one of the most sought-after sizes for both attached and detached garages. Offering ample space for two vehicles at a budget-friendly price, this size stands out as one of the most cost-efficient AND practical options for everyday homeowners.
Attached garages typically share common walls with adjacent living spaces, possibly causing those areas to feel a tad chiller than the rest of your home. Upgrading to an energy efficient garage door can help. Insulated garage doors can help keep an unheated garage 10-20 degrees warmer on a chilling winter day.
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.
Any structure, including garages, needs foundation.
As long as you obey building code requirements, you can create any type of living space with your garage remodel. Depending on the zoning of your home, you might have to jump more hurdles when building an independent living space, such as an apartment, than converting your garage into a bedroom.
Increased Property Value: One of the best benefits of adding a garage is the increase in property value. According to various real estate research, homes with garages generally command higher prices than similar homes without them.
The smallest size you would want to go for a two car garage is 20×20. Depending what size and style your vehicles are, you may be in for a very tight squeeze. However, with very careful parking, you can park smaller to regular sized cars inside..