Are you considering adding a garage to your home? This is a beneficial way to keep your vehicle out of the weather and many other useful scenarios. One of the biggest reasons to do a project like this is that it adds value to your home. Whether you are considering moving or not, it is always advised to consider the value of your home.
How Much Value Does A Garage Add To Your Home?
You need to think about before you begin any project at your home is the overall value of your existing home. Then what the garage will add to that value. This will help you decide whether the cost of the service will benefit you or not.
To build a garage, you can expect to pay around $20,000O. On average, a garage will add 70-80% ROI, return on investment, to your home of the cost to build it. Each scenario is different, and it will depend on the market when you sell. But, in the end, the more square footage you have to your home, the more it will add to its value.
You Have Options With A Garage
A garage is known to be a space that you choose to put your car in to protect it from the weather elements. While this is a great choice, you often have more space than is needed. You can use it for storage for holiday decor, or you can make a workshop space.
Here are some of the other options that you have for a garage space.
With a garage apartment, you can earn an extra bit of income by renting it out. If you do not use your garage or have the extra space to add a small apartment, it can be a cost that benefits your finances. You have to consider the need for electricity and plumbing, which is not always available in the garage.
Not only does building the garage add value to your home, but having a tenant in your garage apartment is bringing in extra money for you. This also is an added feature for when you sell your home.
If you have a full house and still want a place that you can designate to work out, consider your garage. If you have just built a garage or already have one, you can make an area to call your home gym. It is also beneficial because it separates it from the rest of the home.