A Garage Remodel Can Pay Back Big Time
Monday Jun 20th, 2016Share
The garage is a catchall, right? Right. But should it be? According to recent statistics, a clean, bright, updated garage may be a big selling point with today’s buyers.
Currently, remodeling the kitchen will return 70 cents for every dollar spent and a renovated bathroom will give you a return of 60 cents on the dollar. But updating the lowly garage, including a good storage system, will net you 65 cents per dollar spent…more than a bathroom!
Take the homeowner who added to the value of his property by building a garage. This homeowner spent $10,000 on construction, but when the home was reappraised, the garage had added $30,000 to its value.
Even purchasing an upscale garage door will generate a return on investment of more than 70 percent by improving your home’s curb appeal, according to a recent article in RISMedia.
Why the popularity of garages? Quite simply, buyers want the extra space. Downsizing baby boomers, in particular, want a place to store possessions they can’t fit inside.
Or lack of inside space could turn the garage into a dual-purpose man cave/storage area with a big-screen TV and comfy couch.
We’re talking clean, well-finished spaces, however, not the usual dusty, dark, and dingy garage.
Some buyers, particularly those with dreams of a workshop, are bringing in heat and light with their workbenches, and using cement paint in current colours to brighten it up.
Tips for renovating your garage: Get everything up off the floor and into a well-designed storage system, hang bikes on the walls, add lighting and flooring, and paint inside and out.
According to contractor Scott McGillivray, you can do a basic renovation for $10,000, although with add-ons you can spend a great deal more. However, it’s the best of all worlds: a well-appointed garage that can be a joy while you own the home and a moneymaker when you sell.