Are you thinking about building a garage for your home? As it turns out, it is often highly recommended you should do just that! Read on to find out why adding a garage to your property is probably the way to go.
Why build a garage?
There are many good reasons for homeowners to consider building a garage as an addition to their homes. Property managers know that building a garage next to a house automatically increases property resale value and adds a significant touch of style to the property. Of course, the nicer and more finished the garage, the higher the impact on the resale value.
Building a garage also significantly boosts the chances of the property being resold for a profit, as many potential homebuyers include a garage on their list of must-haves when searching for a home, so having a garage ensures that your home is more appealing to potential buyers.
The added garage can also reduce the cost of car ownership by protecting your vehicles from the elements, theft, vandalism, and accidental damage. Moreover, there’s the added space to store tools, holiday decorations, and other household items.
How much will it cost me to build a garage?
That’s a tough question to answer, as there are many variables in this equation.
The cost of your new garage depends on the space, your budget, and many other factors such as your local zoning laws, whether you want an attached or detached building, whether you want space for one or two cars, your choices for lighting, ventilation, windows, materials, security systems, etc.
You also need to factor in the driveway. For example, for a single car garage, you’ll need to plan on a 10 feet wide driveway from the garage door to the street, but for a two-car garage, you’ll need a 20 to 24 feet wide driveway.
So, depending on all these different factors, building a new garage can cost you anywhere from $10,000 to $200,000.
What is my ROI?
The main question asked by homeowners considering adding a garage to their home is: how much is my return on investment (ROI)?
As with all building projects, no addition recoups 100% of its construction cost, as all constructions deteriorate over time and sometimes lack proper maintenance.
However, a garage addition has one of the highest ROIs around when it comes to home additions. Although there is no concrete industry standard, the ROI is somewhere between 68 and 95 percent of the building cost, depending on the area, the neighborhood, the age of the structure, etc.
On another note, adding a garage can add up to $10,000 to the value of your home, and that’s a conservative estimate. Of course, the nicer and more finished the garage, the higher the impact on the resale value.
Additionally, a garage can often be the extra amenity that highlights your home for a certain buyer or makes them choose your home over another without one.
Hopefully, this guide has helped you decide whether building a garage is the right decision for you, and has informed you about what it will cost and what to expect in resale value.
If you need any help making that decision, or if you’re ready to take the plunge, our team is ready to help!
