Building a Garage: Will It Increase Your Home’s Value?

When making renovations at home, you are probably interested in a couple of different components. Chances are that you do want to make the property more aesthetically and functionally appealing and appropriate. However, you also probably want to know if the renovations will increase the value of your home. Whether you’re planning to sell in the near or distant future, this component is one for consideration.

If you don’t currently have a garage on your property or if you have one that you’d like to replace, knowing how the construction will affect your property value is important. Such a renovation is most likely to increase the value of your property, but you must actually consider a few different factors to determine if the move will truly have a positive impact on the value.

Assess What’s Currently There

In order to determine if the new garage will increase the value of your property, you must consider what is currently there. For example, in the event that you are replacing an old garage with a brand new one, you are almost certain to see the value of your property increase a bit. At the least, this move should not decrease the value. On the other hand, if you are planning to take up a large piece of the backyard with the garage, this move could negatively affect the value. Some people want to have more outside place and would prefer to store their items inside the house.

Evaluate Current Storage Options

The amount of storage your house currently has could also affect how valuable the garage is to prospective buyers. A house with a tiny amount of storage can see a serious improvement on the market when a garage is added. However, if you have a large basement, an attic and plenty of closets, you may not see that price go up as much as you would otherwise. Consider the main purpose of the garage, and determine if your house is currently providing that function.

Measure Security

You should also take into account whether or not the garage will add to the security of your house when trying to figure out if the value will increase with the addition. For example, opting to equip the garage door with an automatic opener is a good idea – and there are plenty to work with. Standing in the driveway and fiddling with keys can make someone the target of a crime, so prospective buyers will likely want to know that they are safe. If you are planning to have a garage attached to the house, you should consider whether or not such structures are perceived as safe in your community.

Check out the Market

If you are trying to determine how much your house might sell for, you should look into recent real-estate transactions in your neighborhood. By conducting research online, you can often find out how much houses in the community recently sold for. You may notice that houses with garages are generally seller for a higher price than ones without garages. Keep in mind that numerous factors go into the sale price of a house, so when you are seriously looking into selling your house, consulting with a real-estate agent is the smartest move to make.

Weigh the Costs

It isn’t enough to know if the addition will add value onto your home. You also need to get a sense of how much value it will add. Additionally, you must weigh this estimated sum against the costs to you to have the garage added to your property. In the event that the cost to get the garage is more than the amount of value that the structure will add to your property, you then need to ask yourself if this move is the right one to make or if you should consider other models in the event that you really want a garage.

In many cases, the decision to add a garage to a home or to replace an older model is going to have a positive impact on the value of the property. Still though, you must look at multiple factors to have a clearer answer in your specific situation.