Are you looking to raise the value of your home and make it better and more attractive when it comes time to sell it? Well, a modest addition may be the solution.
Home appraisals are assessed by professionals who review the property to determine the market value of your home. You can build a garage on the land around your home without huge expenses or long-term commitments. It can have an obvious impact on your property valuation later on.
Area standards
If you reside in an area or development where most homes have a garage and yours does not, the absence of one can be negative on your home appraisal. The houses in the neighborhood are taken into account when a specialist appraisal is performed, so everything that puts your home beneath the other homes as far as features are concerned can result in a devaluation.
The same measure applies to a home that has a one-car garage when all the houses around it have two- or three-car garages. Therefore, the home with fewer to offer will suffer.
Square footage
Additional square footage of any kind results in an inevitable rise in valuation. Setting up either an attached or detached garage brings the square footage of the expansion within the overall property floor plan of your property.
Since most surveys value land by the square foot, a garage is an effective extension. If you plan to add a garage to the present architecture, employ a design that matches the rest of the home so that it integrates well.
Freestanding garages can be a bit less uniform if you wish. Think about placing doors that swing open instead of the usual overhead garage door so you can use the garage as a separate entrance readily, or even modify to another room in the future.
Old and worn-out garages
A garage that is not in good condition may impact the value of a home negatively. If your household is in excellent condition and you have a freestanding garage that is not in the exact same condition, you have two primary options: leave it as is or tear it down.
If you tear it down, you lose the eyesore but you also lose the garage that you could have listed as a feature. If you keep it, the new owner may be able to bypass getting new permits to reconstruct the garage as desired, depending on local ordinances.
As per real estate professionals, a garage that is not up to standards, whether attached or detached, will generally diminish the value of the property and the price for which you can sell it.
So how much does it add to the value of my property?
It really depends on the type of garage you have, its size, and where your home is located. Normally, a garage raises the value of the property to around 12% to 15%.
All in all, a garage is well worth all the investment you will put in. Not only will you be able to use it, but you can also sell your property at a much higher price than when you bought it.
