Is a garage simply a nice-to-have area in your house? Or does it really add value to your property?
These are age-old questions in the minds of homeowners. Building another structure for a garage no doubt costs some money, which is why some people are reluctant to add one to their existing structure. Some people think of it as just a luxury, something that would be nice to have on their property but totally unnecessary.
Buying a real estate property is no doubt one of the most, if not the most, important investments you could ever make. As they say, buy land because they do not make them anymore. For this reason, you would only want to make improvements so that you can get the best price possible when the time comes when you would want to sell it.
So, does a garage add value to your property? Let us find out.
What can a garage do for your property?
A garage can add value to your real estate property. Research indicates that on average, a garage can add up to 5 percent to its value.
The fact is, using what parking you have or even creating more is one of the most reliable ways for boosting the desirability of your home.
For buyers, one of the most important things they look for is parking. That is why it comes as no surprise that sellers often ask themselves if it is worth building a garage.
These days, there is an increasing number of parking restrictions and hefty fines to pay. Real estate investors are searching for homes with garages not only to avoid the large fines but also to ensure the home offers a better value on resale.
Why build a garage?
Other reasons to build a garage include:
- It gives you additional living space
Garages are not just for cars. You can use it as a space to entertain guests during parties, as a workshop, or an office space. It is indeed a versatile space.
- As a storage
You can store your equipment in your garage. Be creative. You can add shelves to store tools, or park your bikes, store your lawnmower, or place an extra fridge.
- Security for your car
Building a garage gives you more protection for your cars from thieves. You can also keep other valuables here, like your luxury bikes, expensive strollers, and other similar items.
Weather can also be a threat, so a garage will come in handy.
- Office space
More and more people are working from now due to lockdowns. If you are one of them, then you can utilize your garage as an office space. Here, you can have your peace with no kids or pets to disturb you.
- You can turn it into a gym
You can just buy gym equipment and viola, you have your gym! You can work out anytime you want to without having to go to the neighborhood gym.
So there you go. Whether you are a homeowner who simply wants space for your vehicles, a work-from-home employee needing office space, or a health buff who wants to work out at home, a garage is a great investment that will boost your property’s value.
