Garage Remodeling Projects
Maybe you’re considering putting your home on the market or maybe you’re just needing to improve the area. Either way, there are many reasons to perform garage remodels! Before you dive into the project or commit a budget, most likely, you have concerns and questions, like does remodeling your garage add value to your home?
If you’re looking at garage remodels for a resale feature, most real estate experts will tell you that while a prospective buyer may be impressed the garage is clean and organized, don’t expect a high ROI. Unless a prospective buyer is a gearhead or has a hobby like woodworking, the value of garage remodels isn’t worth going into major debt. However, there are benefits of garage remodels:
- Property Value: Okay, yes, we just said most real estate experts say that garage remodels will not give you much ROI, but that doesn’t mean any value at all. If you have a small 2 or 3-bedroom home and no den, office, or playroom, then garage remodels can add some value for resale. After a year of quarantine that had families together under the same roof 24/7, that spare room or an extra bedroom has the value-add that maybe it didn’t 5 years ago. Whether it is a game room for the whole family, another bedroom to give kids space, or an office for work-from-home aspect, garage remodels were being done, and still are today.
- Access and Enjoyment: Remodeling garages has been done simply to give homeowners a better space to enjoy or utilize. Maybe you didn’t realize you needed some space until 12 months of mandated quarantine. Then you realized just how crowded the house was inside, so yes, by adding more storage space and updating with sealed flooring, you can make your garage more useful and enjoyable.
- Income Booster: Again, a year of mandated quarantine caused businesses to downsize or close. Perhaps you lost an income during this time, and you could use an extra avenue of money coming into your home. Garage remodels can give you that extra income by converting yours into a garage apartment. There are others that experienced a job loss or reduced employment too. They’re looking to get back on their feet that could use cheaper rent for a while. Garage remodels have proven to be a win-win for homeowners and those looking to get back out on their own again.
- Mother-n-Law Suite: Maybe you have a parent that doesn’t need to be living alone in a full house, and they aren’t ready for a ‘home’ either. Garage remodels are popular for creating a small apartment as a mother-in-law suite too. Mom is close by for mutual helping, but she has her own space too. Garage remodels have been excellent for that young adult child that lost their own place and needs temporary living arrangements.
Do houses with garages sell better?
What if your home doesn’t have a garage, never did, is it worth building one? Absolutely! Nationwide, a house with a garage will sell for as much as $25,000 more than a house without one. That is over 10% ROI for a basic property upgrade. Maybe garage remodels aren’t always a high ROI, but having a garage is something home buyers are looking for, and preferably a 2-car garage.
Does enclosing a garage add value?
Garage remodels that include closing in a one-car garage of a small home can boost the home value by at least $5,000. However, you want to make sure that any type of garage conversion you consider that includes enclosing the garage for that den or extra bedroom doesn’t take away from having off-the-street parking. Make sure there is still room for at least one vehicle to be parked off the streets.
What is the average cost of garage remodels?
Well, this is going to be based on the size of the garage and how detailed and fancy you plan to remodel and upgrade the space. Here we provide three different levels of garage remodels or updates and what each can provide:
Partial Garage Remodels
Partial garage remodels can start at around $500 and reach upwards of $5,000. There are different forms for partial garage remodels, like updating with a new garage door, or resurfacing the floors. If you have an older home and garage, a partial remodel will improve your chance of selling the house at a higher dollar.
Full Garage Remodels
Full garage remodels can start at $7,000 and reach upward of $15,000 on average. Full garage remodels are most common among homeowners that need to store an antique, classic car. They want the best for their car and will have high-quality floor coating installed and finish the walls. They have custom cabinets built and add storage units and install new garage doors. Full garage remodels can take on many looks in many styles to meet a wide range of needs.
Garage Conversion Costs
A garage conversion is a financial commitment that can start at $20,000 and go up to $75,000 or more. A garage conversion is usually done to convert a car storage area into a living space, perhaps a bedroom, playroom, office, or a full but small apartment. Word of caution with a full garage conversion: If you’re planning on selling the house in the future, you need to add a garage after you’ve completed the conversion, or you could lose the resale value of a home with the remodeled garage because most homebuyers want to off-the-street parking, especially in an area where the weather can cause a lot of damage to the car, such as hailstorms.
In Closing – A Few Ways to Upgrade Garages
Here are a few suggestions that experts say will give you the most bang for the buck no matter if you stay or if you sell:
- An easy-to-open/close garage door
- Insulation and ventilation
- Smart storage
- Adequate, well placed, lighting
- Easy-to-clean flooring
- Ample electrical outlets
- An exterior and interior walk-through door that locks
- Space for the car
Remember that if you’re going to spend the money and time for garage remodels, you want to make sure you’re getting the most valuable garage upgrades.