5 Amazing Facts That a Garage Conversion Increases Property Value
Most garage remodeling projects increase property value, but can we say the same about garage conversions? Is it possible to increase the value of your home by transforming your garage into a room? The answer is trickier than you would expect.
Turning your garage into a room can be an appealing alternative when you need more living space in your home. A garage remodels will typically cost half of what you’d expect to pay when building a house addition from the ground up, depending on your region and unique ideas. There are, however, other considerations to make before embarking on a job of this magnitude.
Raising the floor, insulating the walls, adding heating, cooling, and ventilation, and replacing doors and windows–are all part of converting a garage into a living space. Take the time to think about all aspects of a garage remodel before you start. Converting your garage into more living space may seem like a decent idea when you’re wanting to extend your living area. Even though you’ll lose storage, you’ll gain square footage and maybe raise the value of your house. On the other hand, local building codes may make your conversion job more complicated than you anticipated. The advantages and disadvantages of converting a garage into additional living space will be discussed in this article.
Thinking of increasing Your Property Value? Convert Your Garage Into Living Space
A garage conversion isn’t the only way to increase the size of your living space. You might also consider adding on to your home, which may provide you with more space than your garage allows. However, adding an extension means losing yard space, which might be an issue if you have a tiny yard and spend much time outside.
- Increases the property value
A high-quality garage conversion that is well-planned and performed can increase the value of a house by as much as 10%. A homeowner will obtain a fair return on their investment if they decide to sell their home later.
- Additional space
A garage conversion adds value to your home while also providing more living space, which can be used for various purposes based on the homeowner’s preferences. Unless you reside in a big mansion or a stately home, there’s a reasonable probability that extra living space would be helpful.
When compared to other options such as loft conversions, single or two-story expansions, or even conservatories and orangeries, the expense of a garage conversion is relatively inexpensive. As previously said, a good garage conversion can increase the value of a home by up to 10%. It is a high return on investment when contrasted to the relatively minimal costs involved.
- Natural light
One of the drawbacks of a new construction single or two-story extension is that it can block a lot of natural light from entering the remainder of the house. A garage conversion will not cut off any natural light to your home because it is an existing structure that does not require any external work.
- There will be no need for a planning permit.
Most garage conversions do not require planning clearance because all of the work is done inside the garage. If your home is in a conservation area or your garage is separate from your home, you may still need planning clearance. If necessary, we can assist you with the planning permit process.
How Can Garage Conversion Decrease Your Property Value?
The most significant downside of converting your garage is the loss of valuable storage space. Not only will you need to find a new parking spot, but you’ll also need to find a place to put items like your lawnmower, yard tools, bikes, and other items that aren’t generally kept inside the house.
Make sure you do your study on your community before converting a garage. What’s hot right now? Are your garages in high demand among homebuyers? If you have any of these questions or are concerned about the resale value of your house, you should get counsel from a full-time, experienced real estate agent. Your real estate agent can help you with further training and information, such as determining if the square footage counts toward the total square footage of the house.
5 Things to Ask Yourself Before Investing in a Garage Conversion
1. When is it a Good Idea to Convert a Garage into a Room?
Turning a garage into a room is an option to explore if you want to increase living space in your home without starting from scratch.
If you live in the following situations, a garage redesign is the best solution for you:
-Is there enough room in your new living area for patio doors or an additional entrance where the overhead door used to be? If not, make sure the new wall blends in with the rest of your home’s exterior and doesn’t look like it used to be a garage.
-If heating and cooling are in your budget, see if your current HVAC system can accommodate an additional room to save money. If this is the case, you can increase the ventilation to encompass the entire garage. If not, you may either update the system or acquire a separate system to provide garage heating, but you’ll need to be sure you can afford one of these options.
-Start by contacting a plumber if you want to add a bathroom or kitchenette to your garage conversion project so you may turn it into an in-law suite or apartment. Adding plumbing lines, particularly drainage, is frequently the most expensive aspect of a garage renovation and may be out of your price range.
-There is plenty of parking and storage elsewhere: Converting your garage entails permanently removing parking and storage. If you no longer have a location for your lawnmower or toolbox or have limited or unreliable parking, converting the garage into extra space will not be worth the expense.
2. Is a Garage Conversion Permit Required?
Permits will verify that your plans for living spaces comply with local building laws and legislation. Building codes may dictate the minimum number of windows in a place, the number of exits and entrances, the height of the ceiling, the number of outlets, and other factors. If you cannot achieve any of these requirements, you may be eligible to request a variance, depending on the nature of the problem.
Be aware that some city ordinances or homeowner associations may impose a minimum amount of covered parking, preventing you from converting your garage.
If your project requires a permit, it will also require an inspection after the project to ensure that all building code and zoning requirements have been met.
3. What Kind of Room Can You Make Out of a Garage?
Your project can be made just how you want it. With a garage makeover, you may create any living area as long as you follow the building code standards. Depending on your home’s zoning, attempting to develop a separate living area, such as an apartment, may provide more challenges than turning your garage into a single room.
The following are some garage conversion ideas:
-In-law Suite or Studio Apartment
When it comes to converting your garage into living space, the only limitations you have are those imposed by municipal regulations and monetary constraints.
4. Is it True That Converting a Garage Increases the Value of Your Home?
A garage conversion will increase the value of your property if done appropriately, with permits and following building rules. The room’s worth is determined by how smooth the conversion is and the sort of room you construct.
In most cases, you may anticipate repaying roughly 80% of the renovation cost in increased property value.
A garage makeover might depreciate the value of your home if:
-In your neighborhood, covered parking is required, or street parking is restricted. If not having a garage makes parking difficult, it will reduce your sale price.
-The project was conducted without permission or in violation of the law. While permits may appear to be a burden at first, they will ultimately raise the project’s value.
-The project reduces the need for additional storage. If your property currently has insufficient storage, removing the garage may compound the situation and lower the sale price.
5. How Much Does a Garage Conversion Cost If You Do It Yourself?
According to HomeAdvisor, the typical cost of a garage conversion is between N 2466840.00 and N 7811660.00.
The final cost will be determined by the size of your garage, the style of space you’re building, and the amount of expert contracting help you’ll require. A garage can be converted into a modest bedroom or living space for as little as $5,000, but adding plumbing for a bathroom or kitchen can cost upwards of $25,000.
There are times when your home isn’t large enough. Perhaps you require an additional bedroom for one of your children, or your husband requires a room to function as his office. Building an extra room in your garage can be an attractive idea for a variety of reasons. However, before you begin the improvements, think about how they will affect the value of your home. You may not be able to stay in your existing home indefinitely as your family expands and you require more space.
Before making a final decision, consult with contractors and other professionals to determine if a garage conversion is the most efficient, safe, and cost-effective way to fulfill your space-enhancing goals while maintaining the value of your home.
Then, start working on your remodeling by giving us a call.