Impulse Research stated that “80% of buyers consider the garage to be a factor when purchasing a home”. Armed with this information and the fact that property prices are on the rise, it is important to answer, “how much value does remodeling a garage add to the home?”
A finished garage does not have beams showing or an exposed wall. It has been ‘finished’ with drywall and a ceiling. If you are looking to sell your house, is it worth finishing the garage beforehand? The answer depends on the state of your current garage and your area.
If you add up drywall, painting, insulation, and flooring for an average 2 car garage, you are looking at a starting cost of $5,000. That is a lot of money to spend if you won’t be enjoying your garage at all and are selling right away. And unfortunately, you won’t be likely to recoup all of that $5,000 when you sell.
However, if you are listing a luxury property with an asking price of $1 million or above, a finished garage is the minimum. Also, if you live somewhere where all your neighbors have finished garages – you need to make this investment or you will struggle to sell with the competition. In this situation, a finished garage goes from a nice to have, to the standard that buyers are looking for.
The true value of your garage remodel, whether it is finishing the garage or some of the topics below can be maximized if you are looking to enjoy your new garage for some time before selling. You can look to optimize your garage space while living in your home by finishing, upgrading the flooring or storage options, or even converting your garage to another room.
What about going 1 step further and converting your garage completely, will it add value to your home? Converting your garage to an office, gym or extra living place will hurt the value of your home. This is only false if you happen to find a buyer who doesn’t want a garage and prefers the converted space. The majority of people are expecting a garage for their cars, tools, and extra storage space so this could be like finding a needle in a haystack. Better off sticking to the garage finishing and other options below to add value to your home.
So we know that conversions are out, and a finished garage is a must in a higher value area, but what about other remodelings like cabinets, floors, and storage space – will that add value to your home?
The answer will be different for every house type and you will need to consider what buyers are expecting in your area/price-point and what will make your home stand out.
An example is Epoxy flooring in the garage. Epoxy flooring can be a great affordable garage upgrade to improve the look and value of your garage. It can turn your garage from the messy, dark room that you don’t want to show home buyers, to a stand out piece that separates your house from the other sellers.
Epoxy flooring coats the tired-looking existing concrete floor and gives your garage a fresh look. Because it is only a coating (or more accurately, a few layers of coating) it can be completed in a few days without severely damaging the wallet. The results are fantastic when done correctly and buyers will definitely be impressed when they walk through your home.
Another option to add value is garage storage options like cabinets and slat walls. Garage Cabinets and Slat Walls can make for a very attractive property and set your house over the edge when it is time to sell.
To better maximize the value of installing garage organization systems like cabinets and slatwalls, it is not best to install them immediately prior to selling, unless you are in the luxury market, as mentioned above.