Chances are your home will be the biggest single investment that you will ever have in your life. Whether you currently live in what you think is your forever home, or it is simply your very first house and you will likely be selling at some point in the coming years, you are likely always concerned with its value.
A good question might be, is adding a new garage to your home going to add value to it?
This is definitely not an unusual question, to say the least, with the chances of you being that happy with the house is probably low. So, when it comes to the home (property) value there are many things that can, directly and indirectly, affect the appraised value of your home.
According to real estate experts, there is a definite benefit for adding a new garage if one does not already exist.
For most prospective home-buyers finding a new home that already has a garage (attached or detached) would be a deal-breaker. However, if a spot was available but the garage does not already exist might be acceptable to some people.
If the latter applies to you and you are now considering adding that new garage, you might want to know if in fact adding it will increase your home’s value. Here is a list of things that you can expect to see when you add the new garage to your home.
Immediate ROI – According to the experts, the ROI for adding a new detached garage to your property that does not already have a garage is on an average of 63% or more. That is considerably higher than most any other kind of improvement that you can make the property or home. Depending on the size of the new garage you can easily see an increase of more than $25,000 to $30,000.
Reduced cost of potential vehicle damage – While the home is likely that largest personal investment that you will make, chances are you will also have a large amount of money tied up in the household vehicles. Having a garage to store them and keep them safe from the natural elements should be seen as a value to you.
Immediately increased storage space – For most homeowner storage space is very hard to come by, with just about all nooks and crannies filled to capacity.
A huge benefit to adding a new garage would immediately increase the amount of storage space. Since most garages are designed with some amount of rafter built into the joists and trusses.
Keeps annoying smells and fumes away – Most people store a wide range of stuff in the garage including yard tools, gasoline, and other chemicals. The fumes from all of those things along with the exhaust from the vehicles in the garage will be shielded from the home with the addition of a new detached garage.