Will A Garage Get You an ROI?

In short, yes. How much return on your investment will it get you? There isn’t any way to give that a precise dollar amount. However, it has been proven that NOT having a garage affects a home’s value, so the opposite would have to hold true, right? A useful two-car garage is on the top ten desired features that homebuyers want when shopping for a house. Historically, in some areas of Canada, that useful garage has increased equity when added on, even a single-car garage has added as much as $20,000 or more in value. Imagine what a two or three-car garage can do? 

Who and Why Wants a Garage?

Some homeowners simply want to keep their car safe from the weather. The outdoor enthusiast needs a place to store their equipment, while some homeowners have hobbies or do their own repairs. A functioning and usable garage creates a tangible value for any house. 

The Direct Value of a Garage

The Cost to Build

The average cost to build a garage in Calgary is a little over $25,000 with about 80% return of investment. You can lower these costs with detailed planning and hiring the right contractor. Overall, the value add to your home will be noticed when your house attracts more potential buyers.

What if your house already has a garage? Then making upgrades is the next step. One of the most discernible upgrade to the curb appeal and the entire house is a new garage door. 

What Buyers Desire

Your realtor should be able to provide you an insight on what buyers’ desire in a house. Are they looking for extra storage or a place to work on their crafts and hobbies? There are several factors at play when selling a house and you need to be equipped in order to navigate this road to selling your house.

Why Is the Garage the Place to 

Invest?

Extra Living Space

Homebuyers want versatility with houses on today’s market, which is the only reason you should need to know. Garages sell houses. Period. When a garage is closed in and made into a spare room, it can be a game room, playroom, or a guest bedroom. The well-finished garage is priceless.

According to Calgary Garage Builders this additional space to a home has to potential to be used for many purposes. Depending on where you live, the indoor space is perhaps more valuable in some area than others.

The Storage

It is a great stress reliever to have plenty of storage space, and using the garage space appropriately, the value-add can do so much. Like installing cabinetry and work benches can make a garage, and so can open shelving for those awkward and odd shaped objects. 

Be creative with storage ideas in the garage. Like hanging the bikes and outdoor gear. Organize the tools in a specific space and have a beverage fridge in place can make this an extra den. Having an area for a deep freeze could be the bonus spot for a potential buyer. 

The Hobbies

Have you ever heard anyone complain they had TOO much storage? No! If you’re an outdoor, camping, hiking kind of person, you need a place to store your gear. The car or motorcycle fanatic needs a place to work on their stuff and keep them secured. A garage is where this all happens. 

The artist can convert their garage into a studio, the gardener and landscaping lover can store their equipment, supplies, and tools. A garage is versatile with endless options and true value-add when selling your home.

The Security

If a garage keeps a hobby car safe, it can keep your daily driver safe too. When your car is secured inside a garage, it isn’t going to be broken into or stolen as easily as it would be if you have to park outside. When it comes to auto insurance and weather damage, a garage can lower those insurance premiums. 

A garage will keep other valuables safe too, like expensive bikes, extra appliances, musical instruments, or that expensive stroller. The extra space and the peace of mind a garage provides is incredible, not to mention the additional space you have inside the house.

 

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