Are you considering adding a detached garage to your property and curious if it will improve the value of your home?
The addition or replacement of a detached garage can provide several benefits to homebuyers. Adding additional square footage to the home, this space can be used as a home office, hobby space, workshop, additional living space, or simply a place to protect your cars.
While garages are multifunctional and very attractive to homebuyers, it is important to become familiar with your neighborhood and whether the cost is worth the investment. From there, it is a matter of determining how much to invest to make your home more marketable in your area.
Whether you have a driveway with close access to the home, or an alley driveway, most buyers are attracted to the convenience and additional storage detached structures provide. Not having one might deter buys from considering your home.
How To Determine If It Is Necessary
Often homeowners make the decision to remodel or update their home prior to putting it on the market to better appeal to buyers. When determining your best ROI option, it is important to think outside of the home and consider the garage.
As you are pricing your property, compare homes with and without garages alongside local home prices and comps. Comps are used to compare different real estate areas based on where you desire to purchase, location of the home, size, style, and value of the property will all affect that price point.
As the homeowner, keep in mind that every home is unique and appraised as such. The square footage of the structure, the amenities it and the neighborhood provide help determine the value it will bring to the home. Therefore, research is key to deciding whether the addition is necessary.
The most common way your home property is calculated is according to the market rate for price per square foot of the area the home is located in. Adding a detached garage ultimately adds to that final number.
What To Consider When Comparing Comps
Turnkey homes are very appealing to homebuyers today. Many are turned off at the idea of having to remodel or add additions to the property to better meet their needs.
While the investment may be overwhelming, consulting professionals can be helpful in guiding your final decision. For a FREE consultation and estimate, contact Heartland Garage Builders at HeartlandGarageBuilders.com or 224-326-2698.