Garage Alterations & Home Resale Value
Converting a garage into a functional space for something other than storage can be a great way to re-envision the garage and add something unique to the space. From a mechanic shop to a gym, there are a limitless number of things you can do to alter the garage and turn it into something more. […]
Converting a garage into a functional space for something other than storage can be a great way to re-envision the garage and add something unique to the space. From a mechanic shop to a gym, there are a limitless number of things you can do to alter the garage and turn it into something more. The question, however, of how this affects your home’s resale value is important to ask. Often, the garage is not a critical element affecting the value of the home. Depending on whether the garage is stand alone, attached, or below the living quarters will also be a determinant in value and how an alteration could affect resale.
Getting More from Garages
Typically, a garage is a storage space for cars, yard equipment, and other possessions. Often, even with all of these items stored and organized within a garage, there is still a huge amount of unused space. This makes garages ideal spaces for projects and leaves a lot of potential for alterations. If you’ve always wanted a music studio or climbing gym in your home, the garage is often the perfect place to realize this dream.
Depending on the exact nature of the alteration, you may not even have to concern yourself with resale value upon moving since you will be packing up and leaving the garage more or less in its pre-alteration condition. If you don’t need to make any major renovations or construction to the interior of the space, there is no concern about a garage alteration affecting value. The issue often arises when you alter the garage to the point where it is no longer suitable for storage and ordinary garage uses.
The Space Dilemma
The biggest question you will likely confront after ability and budget is that of losing storage space. If you rely on the garage for a significant amount of home storage and are considering an alteration like an office, studio, gym, shop, etc, you will need to consider alternative ways to ensure the home retains an adequate amount of extra space. Sometimes, it may be better to build an addition later rather than sacrifice valuable storage space in the short term. This may be especially true if you must sacrifice car parking. The garage is often a huge selling factor for people who haven’t previously had one and were forced to park in uncovered driveways or on the street. If you eliminate the option for car parking in the garage, you may lose potential buyers during a sale.
While space can be problematic, depending on the size of the garage and the nature of the alteration, you may be able to have it both ways. Many people dedicate a portion of the garage to an alteration while leaving the rest for parking and storage. This can be ideal since you preserve the primary function of the garage and add something new and unique.
What’s more, your alteration may be attractive and act as a selling point for interested buyers down the road. Maybe they’ve always wanted a home gym area or a lounge space and the existence of such a space is compelling enough for the asking price to increase slightly. Who knows? When considering an alteration such as this, weigh these factors and make a decision in line with your personal desires and the long term potential for sustained value.
You don’t want to invest a lot of work and money into a project that eliminates usable storage space and compromise some of the home’s selling potential. When people are looking to buy a house, they weigh practically everything and strongly factor in any renovations that may need to be done. For garage alterations, consider striking a balance to preserve ordinary garage space.