The saying goes, you don’t know what you’ve got ‘til it’s gone. Whoever said those infamous words was talking about having a garage. If you’ve never owned a home with a garage or a detached garage, it might not keep you up at night. But once you’ve had that extra space, a mecca for organization and productivity in your home, you can never go back. If you plan on selling your current home one day and it doesn’t have a garage, put yourself in a garage homeowners’ shoes. It’s a deal-breaker, and the proof is in the resale value.
In practically any case, building a garage can and will increase the resale value of your home. According to Pocket Sense, the average attached garage will cost around $27,000 to build. Most homeowners see about an 81% return on their investment or an increase in the resale value of $21,000. That puts garages near the top of the list for home renovations that consistently return on their investment, just under major kitchen updates. But upgrading kitchen appliances, countertops, and storage can have an ROI closer to 100%. If you’re looking to close the gap on your investment vs. your return, there are ways to keep your costs low without sacrificing value.
How much value does a detached garage add to your property value?
If an attached garage wasn’t originally part of your home blueprint, building one will come with a lot of architectural difficulties. For new garage projects on an existing home, most homeowners opt for a detached garage option. Today, it’s easy to use prefabricated metal building kits to create a new space that still blends seamlessly with the rest of your home.
Building a garage, whether attached or detached, should always add value to your home. But it’s essential to consider the ways that it could decrease your resale value. Just like any other home project, your garage addition should be thoughtfully designed and customized to fit both your needs and space itself.
That means taking into consideration all the mistakes that could cost you money down the line.
- Mistake #1: Building too large for the lot. Using a prefabricated metal building kit can save money on construction, energy consumption, and long-term maintenance. But detached garages can make the space feel cramped on a small, crowded lot. It may make more sense to build an attached garage, or at the very least, customize a shared roofline.
- Mistake #2: Ruining the aesthetic. Prefabricated metal buildings can be easily customized with various colors of metal siding or a facade to match the design of your home. Creating a matching or complementary layout is essential to ensuring a return on your investment.
- Mistake #3: Creating more maintenance for the future homeowner. When the time comes to sell your home, the next owners in line will be looking for high quality, low maintenance infrastructure. Choosing steel for your building materials is a great way to create cost savings during the life of your homeownership, passing that durability and reliability down to the next homeowner.
Which garage customizations will potentially increase my return on investment?
Any space in your home that is climate-controlled stands to have a more substantial return – It may not be essential for your garage to have heating and air conditioning like the rest of your home. Still, the right insulation can make the interior more comfortable in a variety of weather conditions. One of the most popular upgrades for prefabricated metal building kits is insulated metal panels. If you live in an area with dramatic seasons, this is a great way to stabilize the internal temperature of your garage by reducing heat transfer. It works by creating a blanket between the cold steel on the outside of the garage and the warm steel on the inside. Without it, extreme temperature differences could create condensation in your building, a problem that could translate into more dollars spent on maintenance down the line. Families looking for their next home will notice the difference and see quality insulation as a worthy investment.
With this additional investment comes added bonuses, like noise control. A detached metal garage is an excellent place for a garage band, power tools, and other loud projects to take place. Insulated metal walls gently absorb sound to maintain the peace in your home and around the neighborhood.
If your home already has an attached garage, that doesn’t mean that building a detached garage can’t be a worthy investment. Any home renovation project that increases your overall square footage stands to boost your property value, but creating a detached garage option can free up the attached garage space for a home renovation with an even more significant impact. That attached square footage can be redesigned to function as a master suite, a gourmet kitchen, a theater room, or family room.
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