If there’s one area of your home that you probably don’t think about when considering the value, it’s the garage. Contrary to popular belief, though, this room may add significant value to your home. Obviously, the condition of the garage and the location of your home will play a role, but in general, your garage should offer some type of value.
Increasing the Home’s Square Footage
Even though you might not live in your garage, it still adds square footage to the home. You can view it as a storage area or even a ‘man cave.’ Regardless of its use, it makes your home bigger. The size of your home then directly correlates with its value. The more space you have, the more the house may be worth.
Attached vs Detached Garages
In general, you can expect to get a higher return on your investment with an attached garage. Detached garages are still a valuable addition, but their inconvenience tends to knock their value down a bit. If there’s one thing a seller looks for first, it’s often an attached garage, especially if you live in the Midwest where the cold and snow can become unbearable.
Keep the Garage Within the Same Design
Buyers also like a uniform look to a home. If you build a garage that looks nothing like the rest of your home, it may look out of place. The poor aesthetics of the home could make it look less than desirable. This could take away from the potential value that the garage could add to your home. If you are unsure how to make the garage look, take a look around the area to see what others did. A uniform look not only with your own home but throughout the neighborhood can be the most valuable
The Market is the Key
The real estate market holds the key to the value that a garage adds to your home. If you had a choice between having a garage and not having a garage, it’s safe to assume that you’d get more for a home that has a garage.
Just like any other home improvement, you won’t get back what you put into it dollar for dollar, but you will see some type of return. If you are interested in selling your home fast or have a lot of other homes to compete with, it’s a good idea to add that garage and watch the value of your home appreciate.Click to See the Latest Mortgage Rates»