While it's true that a garage can add utility and long-term value to a property, homeowners are keen to find out the actual number on the value they add, as well as its potential return of investment, according to Realty Times.
There are plenty of reasons to add a garage on a property. One is that it adds additional significant amount of storage space. Potential home buyers are particular about this feature when they look for a property and you increase your chance of finding a buyer by building one.
If you are planning to stay in your house for some time before putting it on the market, you will enjoy the benefits of a garage by providing your household a safe place to store important possession such as your car. By having a garage, you avoid potential losses to your vehicle such as storm damage, vandalism, break-ins, hit-and-run accidents, and theft.
So how does the cost of adding a garage measure to its potential return on investment?
According to Hanley Media's recent 2015 remodeling cost vs. value report, the average job cost of a garage addition in the USA is at $52,328. The amount varies in every region with the west coast being more like $59,348, and the average cost in the middle Atlantic region being more like $55,846.
The property owner can expect an estimated average of $33,938 in resale value; $47,279 in the west coast, and $30,932 in the Atlantic region.
How do these values translate?
The numbers show that the average resale value for an investment in garage addition for property owners in the US is 64.8 percent, a higher 79.7 percent for the west coast region, and a substantially lower 55.4 for the atlantic region.
These values depict garage addition's great potential for an excellent return on investment for property owners. They could easily recover a significant amount of the upfront costs of the building project.
In conclusion, property owners who would invest on a garage addition could expect an increase in the value of their property as well as significantly boost their house's appeal come resale period.
