Nowadays most homeowners see having a garage as an absolute necessity. For some it’s actually used as they are intended – for parking your vehicles, others turn it in to a make shift storage room and there’s some guys who turn it in to a work shop, or better yet a “man cave”. What many people don’t realize is how much not having a garage can effect the value of your home. Having a standard garage is one of the best returns on investment you can make on your home.
Here are 2 main reasons why you should consider having a garage if you currently do not have one.
Potential Return on Investment
If you are just concerned about parking your car, having a parking spot will be sufficient for having somewhere to leave your car. But if at some point in your future you are considering selling your home and hoping for a return on your home, a garage is a near must. Living in a suburban location it is almost a given that you should have a garage. There are many prospective buyers that won’t even consider your home if it does not have an attached or detached garage. The days of a garage being considered an additional feature are long gone. For many buyers it is a required feature. The silver living for anyone who doesn’t have a garage is that in terms of return on investment it is a fairly inexpensive renovation. The standard cost to build a basic garage in Calgary can cost you somewhere in the range of $10,000 – $15,000 depending on if you do some of the work yourself or contract the entire project out. Adding a garage to your home can typically increase your property value by double of that, depending on the type and condition of the garage.
Whether you live in a urban location or not, having a garage will always be an addition that can earn you money. In locations like inner-city Calgary where parking is a premium, having a garage can make you even bigger profits. It gives the prospective buyers a covered parking spot, an opportunity for extra storage space, and for those interested even a workshop. Even if you are looking to rent your property, this will increase the demand of your home and increase the amount you can expect to charge.
To summarize, having a garage will always increase the value of your home. Even if you aren’t currently looking to sell, it’s a great investment for the future.
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