Will the Status of the Garage Affect a Home’s Selling Price?
If you were a home buyer, consider how you would perceive your home—particularly the garage—when touring. Does the garage stand out like a sore thumb? Is it a feature that requires extensive improvements, or is it move-in ready?
Perhaps it seems like upgrading the garage is the least of your worries. However, the garage’s status can affect the home’s selling price. Read on to learn the value of a renovated garage and how it can deliver a large return on your investment.
Factors That Affect a Garage’s Value
Size and Capacity
Prospective buyers often have a clear idea of their space requirements; a spacious garage that meets these needs can be a decisive factor. Homes with a single-car garage can see an increase in value by up to 5 percent compared to similar homes without garages.
In real estate markets where space is at a premium, a larger garage can substantially elevate a property’s appeal. Double garage doors and three-car garages can boost a home’s value anywhere from 10–20 percent.
Recent Upgrades
Buyers love to see improvements that strengthen the convenience and appearance of a garage. Elements like upgraded flooring, a functional workspace, a security system, and practical lighting will increase the value and visual appeal of your home.
The Financial Effect of Upgrading Your Garage
According to Architectural Digest, the ROI of a garage renovation is anywhere between 64–81 percent. When you can earn anywhere from $20,000–$30,000 with a few simple garage upgrades, putting in the effort to revamp the space will make your house stand out in the market. This will result in a negotiation that potentially raises the cost of the house, a faster sale, and more funds that you can put toward the purchase of a house or another investment.
Worthwhile Garage Improvements To Conduct Before Selling
Garage Door
A contemporary, premium garage door elevates the property’s curb appeal. It makes a powerful initial impression on prospective buyers.
Financially, upgrading to a new garage door ranks among the top home improvement projects in terms of return on investment. Many homeowners will recover a considerable portion of the expenditure through the enhanced selling price attributed to the door’s added allure.
Storage Solutions
Garages are commonly used as storage spaces. One of the most effective add-ons for storage is incorporating slatwalls in garages. Slatwalls are panels that offer versatile storage opportunities for tools, gardening supplies, sports equipment, and more.
This change will make the space look more visually engaging. As a result, potential buyers will envision themselves utilizing this practical improvement and increase the likelihood of an offer.
Refinished Floors
Let buyers see that you’ve taken great care of the garage by upgrading the flooring. A few options include polishing the concrete, applying epoxy coatings, or installing durable tiles that can withstand the substantial weight of cars and storage cabinets.
The status of your home’s garage will greatly affect your home’s selling price. If you’re ready to increase the value of your property and obtain an incredible ROI, begin by implementing some of these valuable garage improvements.
