It’s no secret that home buyers are looking for homes with garages. In fact, a recent study reports that 80% of home buyers want garage storage space.
If you’re looking to sell your home anytime soon, and you don’t have a finished garage- then you may be at a disadvantage.
A finished garage can add value to your home, but it depends on your specific situation and goals. Keep reading to find out more!
Is a finished garage a renovation?
When it comes to home renovations, it’s hard to decide which project to prioritize. What will most impact your home value?
If your only goal is to increase the appraisal value of the home, then a finished garage may not offer the best bang for your buck compared to other renovations.
While that may sound ominous, it only tells part of the story. If you’re looking to sell your home in the near future, then a finished garage can be the key to standing out from the competition.
In today’s market, buyers are looking for homes with all the bells and whistles- and a garage is often one of them.
If you’re considering finishing your home’s garage, or any other home renovation project, it’s important to consult with a real estate professional and a real estate appraiser to get their expert opinion. They will be able to give you the most accurate advice based on your specific situation and goals.
What is a finished garage?
The term “finished garage” can mean different things to different people. For some, it may simply mean painting the walls and floors and adding some basic storage shelves. For others, it may mean turning the space into a home gym, workshop, or man cave.
No matter what your definition of a finished garage is, there are a few things you should keep in mind if you’re planning on finishing a garage with the intention of selling your home.
First, it’s important to consider the climate. If you live in an area with cold winters, then a finished garage can be a major selling point for potential buyers. They’ll appreciate not having to scrape their car windows in the morning, and they’ll also have extra storage space for winter gear.
Second, you should think about the style of your home. If your home is a traditional style, then a finished garage that’s been turned into a man cave or home gym might not be the best idea.
However, if your home is more modern, then a finished garage that’s been turned into a workshop or home office could be a great selling point.
No matter what your situation is, it’s important to consult with experts before making any decisions. They will be able to give you the best advice based on your specific goals and situation.
What does a finished garage do to your home appraisal?
If your only goal is to increase the appraisal value of your home, then a finished garage might not be the best investment. While it can certainly benefit you, there are other renovations that will have a bigger impact on the appraisal value of your home.
However, if you’re looking to sell your home in the near future, then a finished garage can be a great point. Buyers are looking for homes with all the bells and whistles, and a garage is often one of them.
Many homeowners want a traditional garage, not one that has been converted to a bedroom for example.
Does converting a garage into a room add value?
The answer to this question is a bit more complicated. If you’re planning on selling your home in the near future, then it’s probably not a good idea to convert your garage into a bedroom.
While it might add some value, buyers are looking for homes with all the bells and whistles, and a garage is often one of them.
However, if you’re not planning on selling your home anytime soon, then changing a garage into a bedroom could be a great way to add some extra living space to your home.
Just keep in mind that if you do decide to convert your garage into a room, it’s important to get the proper permits and follow all building code requirements.
Finished vs. converted garage: How does each impact your home’s value?
Having a garage converted into a bedroom is not the best idea unless you plan on buying. If a house lacks functional garages it is less desirable, less attractive, and could impact your resale value.
A garage that is finished, on the other hand, generally does not negatively impact your home’s value as long as it is done in a way that compliments your home’s style.
Top local realtors can tell you for certain if a finished garage would enhance a home in your neighborhood, depending on their knowledge of buyer trends and popular house renovations for your location and price point.
Does an unfinished garage hurt the value of your home?
The answer to this question is a bit complicated. While an unfinished garage certainly won’t increase your home’s value, it also won’t necessarily decrease it.
It really depends on the overall condition of your home and the surrounding homes in your neighborhood.
If you live in an area where most of the homes have finished garages and yours is the only one that doesn’t, then it could definitely hurt the resale value.
However, if you live in an area where most of the homes don’t have finished garages, then an unfinished garage probably won’t have much of an impact.
How much does it cost to finish the garage?
The cost of finishing your garage will vary depending on a number of factors, including the size of your garage, the type of finishes you choose, and whether or not you hire a professional to help with the project. Here are a few examples of popular garage conversion:
Best garage conversion ideas
Garage conversion idea #1 – The Office Space
If you work from home or are looking for a quiet place to get away from the hustle and bustle of everyday life, then changing your garage into an office space could be the perfect solution.
You can add a desk, some shelving, and some comfortable chairs to create the perfect workspace. The cost of this project will vary depending on the materials you choose, but you can expect to spend around $500-$1000.
Garage conversion idea #2 – The Home Gym
If you’re looking to add a usable space without breaking the bank, then converting your garage into a gym may be the perfect solution. You can add a few pieces of equipment, some flooring, and some storage shelves to create the perfect space for working out.
The cost of this project will vary depending on the equipment you choose, but you can expect to spend around $1000-$3000.
Garage conversion idea #3 – The Man Cave
If you’re looking for a living space to watch the game or play some poker with the guys, then a man cave can be the perfect solution.
You can add a TV, a bar, some comfortable chairs, and some decor to create the perfect space for entertaining. The cost of this project will vary depending on the materials you choose, but you can expect to spend around $2000-$5000.
Garage conversion idea #4 – The Utility Room
Changing your garage into a utility room to store your holiday decorations or extra belongings, might be a perfect fit for you.
You can add some shelves and storage containers to create the perfect space for organizing. The cost of this project will vary depending on the materials you choose, but you can expect to spend around $500-$1000.
Garage conversion idea #5- Hobby room
If you’re looking for a place to pursue your hobbies, then creating a hobby room may be the perfect solution.
You can add a workbench, some shelves, and some storage containers to create the perfect space for working on your projects.
Garage conversion idea #5- An Extra Bedroom
Garage conversion into a bedroom could be the perfect solution.
You can add a bed, some furniture, and some decor to create the perfect space for sleeping. The cost of this project will vary depending on the materials you choose, but you can expect to spend around $2000-$5000.
Why finishing is better than converting?
While converting a garage may increase your home’s value, it is important to note that finishing your garage will generally add more.
This is because a finished garage looks like any other room in the house, while a converted garage often looks like an afterthought.
If a home has a completed garage that isn’t expected or valued, it can remain a good asset. But, if the home doesn’t have a garage that is up to snuff, it drags down the appraisal value.
A finished garage also offers more flexibility in terms of use. A converted garage is often designed for a specific purpose, such as a home gym or office space.
While this can be great if you’re looking to use the space for that purpose, it limits the usefulness of the space if your needs change.
A finished garage, on the other hand, can be used for any number of purposes.
It can be used as a playroom for the kids, a home office, a man cave, or even an extra bedroom.
The bottom line is that finishing your garage is generally a better investment than converting it because it adds more value and offers more flexibility in terms of use.
Conclusion
If you’re thinking about renovating your home, a finished garage is a great place to start. Not only will it add value to your home, but it will also offer more flexibility in terms of use.
Start by taking some time to think about what you want to use the space for and then make a plan. Once you have a plan, you can start to gather the materials you need and get started on your project.
If you’re not sure where to start, there are plenty of resources available online and in-home improvement stores that can help you get started. With a little bit of planning and effort, you can have a finished garage that looks great!!!