Over 200 million Americans owned a car in 2019, with that number only growing as the years have gone by. With this many cars, many homeowners have pondered the prospect of adding a garage to their houses.
But how much value does a garage add to a house? And what are the benefits of adding a garage to a home when it comes to boosting home value?
That’s what we’re here to look at today. Read on to find out more about how adding a garage boosts your home value and whether you should take on this project.
How Much Value Does a Garage Add to a House?
So how much value does a garage add to a house anyway? The short answer is that it really depends.
It’s hard to provide an exact dollar figure for how much your home value rises after adding a garage. A general estimate is that a garage will give you about an 81% return on your investment, or about $21,000 on average.
Let’s explore some of the ways garages can potentially boost your home value, starting with location.
Location
Where you live and what your neighborhood looks like are key determinants when it comes to your garage boosting your home value. Is there a lot of on-street parking available? Is there a lot nearby that’s not crowded most days?
Homes that don’t have a lot of parking space around them definitely benefit more from adding a garage. As such, this would immediately boost their value.
Garage Size
There’s also the matter of how big your garage is and how many cars it can fit. In many cases, bigger garages may boost your home value if there are a lot of multi-car families on the market.
Safety
People don’t like leaving their cars out in the street at night, no matter where they live. If there have been instances of break-ins in your neighborhood, a garage can definitely contribute to your home’s value.
So Is It Worth It?
Building a garage is seen as one of the best ways to boost home value nowadays, and it’s generally seen as a smart move for most. You get the added benefit of owning a garage while potentially boosting home value.
With that said, a garage is quite a big investment. They typically cost between $10,000 and $40,000 depending on the size and how many cars you own.
It’s worth noting, however, that garages often provide hefty returns on the owner’s investment. Depending on where you live, adding a garage may net you a great return based on how much it adds to your home value.
Plus, you can enjoy the benefits of a garage for years before your house hits the market. If you maintain your garage well, you’re likely to see a great return on your investment.
Boosting Your Garage Value and Home Value
If you’re asking yourself “how much value does a garage add to a house,” understand the factors that play into how garages improve your home’s value. Use this guide to help you decide whether a garage is right for you!
Are you looking for ways to upgrade a garage in your home? Contact us today and we’ll provide an excellent solution right away!