Home improvements are a great way to add value to your home. Usually, most major home renovations include extensions and conversions, for example a kitchen extension, loft conversion or adding a conservatory.
>While all these add a great value to your property, there is a debate over a garage conversion. If you are planning for such a renovation, it is important to find out whether does a garage conversion add value to your home. Here are a few things to consider.
Consider the Needs of the Buyer
More often than not buyers look for space. While it may suit your needs to convert your single garage to a large living room, it may not solve the problem of parking for new buyers. It is particularly important if you stay in a city where there is a shortage of space. Most people would prefer a home with at least one parking spot, so converting your garage may detract from the overall value of the home.
If you have an additional garage or a driveway in which you can park, a garage conversion is more likely to add value to your property.
Choose the RIght Conversion
Garage conversions may seem great for home renovations, but only if it increases the utilization of space. Converting your garage as an extension to an existing living room may be beneficial only if you have an additional storage space to dump the junk that usually goes to a garage. Converting your garage to an extra bedroom is also a great idea but if you already have ample bedrooms in your home, the garage space will outweigh the benefits of an additional bedroom.
Instead, you may consider converting your loft to an additional room or storage space. Or you can convert your garage to something different, such as a home gym or a home cinema, which may add more value to your property.
Consider the Cost
When planning your conversion, have a look at the property values in your area to see how much an additional room is likely to add to your property. If the value of these homes is higher than the cost of the conversion, the chances are that it’ll be worthwhile. If not, then there may be other, more cost-effective ways of adding value to your property.
In a nutshell, if you have additional parking space, a garage conversion will definitely increase the value of your home. But think twice if you don’t, as the lacking of parking facilities may be offputting to some buyers.