Getting a custom or finished garage can actually increase the value of your home but the question is, is it really worth it?
Finishing your garage and turning it into a more comfortable and cleaner looking place. This conversion will cost you a lot of money and if you’re just planning on selling it then you need to know first if making this investment will actually be worth all the effort.
Here we’re going to show you the cost of finishing your garage and see the increase of value is actually worth the amount that you’ve spent it on.
- 1 What is Finished Garage?
- 2 Value on Finished Vs Converted Garage
- 3 Average Cost to Finish a Garage
- 4 Does a Finished Garage increase Home Value?
- 5 Seeking for a Professional
- 6 Small Ways of Making Your Garage Look Good
- 7 Conclusion
What is Finished Garage?
A finished garage means that it has the same looks and profile as everything in your house which makes it look great and presentable to the homeowner. Every part of the garage has been cleaned up where no ductwork, electrical components, or studs are shown.
Every part of the garage has been finished properly with an attached drywall, proper insulation, and attached storage units. Lighting and the aesthetics of the garage has also been properly designed.
Everything has been designed to make the homeowner feel more comfortable whenever they’re going into the garage.
Value on Finished Vs Converted Garage
It’s been said by most real estate workers that selling a finished garage is much easier compared to selling a converted garage. Buyers are looking for a more practical storage space for their car which makes it difficult to sell if that area has been converted into a living space.
Most one-car garages can increase the value of a home for more than $5,000 and will also become a top pick for most buyers.
If you’ve converted your garage into a living space then it’s best to turn it back into a basic garage before selling it to make it more profitable.
Average Cost to Finish a Garage
If you’re planning to finish your garage before selling it then it might not actually be worth it. You’re going to have a lot of things to add and renovate in your garage if you’re planning on finishing it. You have to paint the drywall, add proper storage space, and even resurface the floor in order to make it look good.
All of this will usually cost around $10 thousand dollars and can go more depending on the extras you’re going to add to it. The effort that you’ve made to give your garage a new look is better off being invested in somewhere else if you’re just planning on selling your home.
Does a Finished Garage increase Home Value?
Here’s the important part, a finished garage can look great and also make the homeowner feel more comfortable but when it comes to selling it, there’s not much of a difference.
Home appraisers can tell you the exact value of having a finished garage compared to a regular one. The price that they’ll give you isn’t worth all the hard work and money that you’ve used to make that area look good.
Your home will probably increase on less than half the price that you’ve spent on finishing that specific portion of your home.
Seeking for a Professional
If you already have a finished garage with you and no way to get back the money you’ve spent on it, you can also try seeking a professional.
Getting a real estate agent can give you a method of selling your garage to your expected value. They’re able to find a specific niche of people who are looking for a home with a garage such as yours and give them a higher price compared to what it’s usually worth.
Most homeowners like this will want your garage as they can use it for a workshop for their hobbies. Although this is a really specific group of people, they’re willing to pay more compared to other homeowners who don;t need that kind of garage.
Small Ways of Making Your Garage Look Good
If you’ve decided that finishing your garage isn’t actually worthy of an investment then there are other methods to make this part of your home look presentable. Here are a few small scale projects you can do which can cost you less than a full-on finish.
1. A New Garage Door
Getting a new garage door will usually cost you less than $1,500. This already includes that cost of the door and also the installation, though you can also opt to install it yourself to save more.
2. Getting an Epoxy Floor
An epoxy floor allows you to have a cleaner looking garage and you can also get a specific niche of buyers who are looking for a garage with this. Some buyers will usually pay more than $10,000 for a garage floor with this finish and you won’t even need to spend half of that to achieve that look.
3. Storage Areas
Turning a cluttered garage into a presentable storage space will only need you to spend about $500. Some homeowners would like to find a garage with a proper storage area to make the room cleaner if they’re planning to put some of their stuff over there.
This also allows them to create a proper workstation due to all of the extra storage space.
4. Proper Insulation
Insulation is necessary for every garage to make it more comfortable and prevent the place from becoming an oven.
Buyers would welcome a garage with added insulation, especially for some who’ll turn the place into a workstation. It provides them with the necessary environment to work properly for longer periods of time.
Insulation will usually cost you around $2,000. This is an expensive upgrade but you can still find a lot of buyers who are willing to spend more on this.
If you’re willing to invest in finishing your garage in order to increase your home value then make sure that you aren’t spending more than what it’s worth.
Always make sure that you won’t over budget yourself in order to gain a few thousand dollars from creating a bonus feature in one part of your house.