Understandably, some owners dawdle in constructing a garage. Aside from the money involved, it takes time and process before it becomes serviceable. On the contrary, it is a deciding factor to make a property saleable for house buyers and investors.
The price of having one
In the market, the cost of a two-car garage is typically not less than $19,500. On the other hand, a one-car garage price range is between $7,500 and $14,250, while a 3-car garage is between $28,000 and $42,500. Among these, owners and buyers prefer a double-car garage because of its practicality. It can house the usual number of vehicles to own. Plus, it is also spacious enough to offer an extra area for storage or activity.
Other than the size, the price of a garage also depends on various factors. For example, the freestanding one is costlier than its attached version. A few of the precise reasons for these are the existing walls and footing that are ready for the vehicle shelter. Another defining price element is the principal material to use. Concrete or brick garages are pricier than metal or wood ones.
ROI of a garage
According to a report of Remodeling Magazine, the return on investment of the garage is about 60%. It is remarkably valid for freestanding two-car garages.
Although expensive, a detached garage is the preferred type of homeowner and buyer. It presents an independent space, unlike the attached one that looks like an extension of the house. Moreover, a buyer saves time from building and processing permit(s) in purchasing a property with a detached garage. After all, having a new detached garage is not a walk in the park.
Other reports also suggest that even garage doors can offer 90% to 97.5% ROI. An explanation for this is the contribution of the doors to the aesthetic value of the properties. Therefore, the owner should invest in a chic and durable opener for its enclosed vehicle shelter. It is not only advisable for newly constructed garages but also existing ones that need upgrades or remodeling. Most of the recommended types are those made of steel and higher than average priced doors.
Other worth of garages
Let’s say you are not planning to sell your house. A garage, compared to other vehicle shelters, provides full security. Aside from the natural elements that can damage cars, this structure prevents car thefts or carjacking. Also, any equipment or valuables you store in it is well-protected.
Another thing about a garage is it is feasible to convert into something else, literally or not. An owner can transform it into a man cave, workshop, or another living space. If in case you contemplate doing the latter, the real estate experts advise you to do it right to make it worthy. The important note to remember is never to do it without a permit and ensure it is an admirable construction project. For one thing, the conversion can make a house bigger. However, a lousy job cuts enormous value besides that it becomes a clear-cut property with no secured parking space.
