November 6, 2020
Do garages really bring additional value to homes? Traditionally, garages have been used as storage spaces for vehicles and other household items. But more and more families are converting their garages into living spaces, such as an extra bedroom. While garages definitely provide value for homebuyers, converting a garage into an extra living space is costly and may not prove worth it if you are looking to sell.
These days, a number of houses don’t have garages, especially in urban and suburban areas. But what is the value of a garage, and does it really change how people look at your property? Garages are typically used as storage space. Obviously, they store vehicles, but they are also storage for clothes, appliances, children’s toys, and other miscellaneous items. Some property owners even “finish” or “convert” their garages into more traditional rooms in their house to have another living space. Here is what you can expect from your home’s garage and how it will impact your property’s value.
Homes Without Garages Have A Lower Value
Traditionally, homes without garages have a lower sale value. That is because families who purchase homes tend to want to have that extra storage space for their cars and for their young children’s toys and other household items. Real estate analysts have shown that garages really do have value, especially for homebuyers with families. However, if you don’t have a garage, it doesn’t mean it is the end of the world. You can still sell your property, you just need to highlight what your property does well.
Is It Worth It To “Finish” Your Garage?
There has been a recent trend of “finishing” a garage, or adding drywall and making sure that all the walls have texture and paint. Some people even go as far as to “convert” their garage, which means making it a livable space such as an extra bedroom or bathroom. In most cases, finishing or converting a garage isn’t worth the hassle. The process can be costly, and oftentimes potential homebuyers value the traditional garage more than the new converted space.
Think About What You Need To Do To Sell
How you approach your garage situation all depends on if you want to sell and what buyers are looking for. If you don’t have a garage, building one from scratch probably isn’t going to make much sense. But if you do have a garage that you’ve converted into a living space, you may have to change it back into a garage-storage space in order to get the value for your property that you are looking for on traditional markets. Before you make any major changes, make sure that you speak with a real estate professional who can guide you down the right path.
Whether you have a garage or not, you don’t have to worry about how it impacts the value of your property. If you want to sell, you have options. 4 Brothers Buy Houses will purchase your property for cash without you having to make any repairs, additions, or changes to your garage situation. Give 4 Brothers Buy Houses a call. We offer a free, no obligation quote. You can consider our offer and sell at a time that works for you, for the value that you deserve. Contact our team today.