Garage Benefits for Home Resale Value

October 15, 2014

The value of a home is important for both homeowners and homebuyers. As a homeowner, you want your home to sell for its value and chances are you have considered what, if any, improvements will add value to your home’s equity and attractiveness. As a homebuyer, you want the purchase of a new home to reflect the home’s true value and there are likely key areas and elements you are looking for. Various factors contribute to “value”. Appraisers will often compare homes sold in the same geographical area, whether the neighbourhood is well sought-after, the size, upgrades, condition, etc.

If you were in the market to purchase a new home, what are some of the items that you would consider “valuable”? Would it be the dark hardwood flooring or the brand new carpeting; perhaps the outdoor patio would be an added benefit or the marble finishing and/or granite countertops in the kitchen. These are definitely nice frill and luxurious additions.

Now let’s think security – a good quality and burglar-proof front door, reinforced glass windows, and yes, you guessed it, a good quality garage. Garages were at one point highly neglected in considering the home’s market value; however, more recently, garages are key selling points! More often than not, buyers find garages to be a practical and valuable added addition to a home – it is a place to maintain vehicle security, store household items or blatantly put, it is extra space. Appraisers will often consider this as well and will include a seller’s garage in determining the value of the home. 

It is commonly misinterpreted that it is required to invest a lot of time and money in to a brand new garage to increase the value of your home; this is not true. A functional garage is not necessarily the best quality garage. Consider the functional aspects as priorities or significances- a garage door, a finished floor, and of course, lighting and/or heating.

Consider the following:

  • Installing an improved and good quality garage door will likely not exceed $2,000 which will ultimately add similar value to the home’s resale.
  • Seal the floor – with OnWall Solutions toxic-free floor coating system, this can take two days with minimal cost. This will also increase the tidiness and safety of the space. The floor’s slip-resistant functionality and cleaning capabilities will be seen as a valued benefit to any buyer.

  • Install lighting and heating – this will aid in the beneficial use of the garage space and will also be seen as an efficient use of space.

  • Paint the garage – esthetics are inviting to the eye!

  • Storage (cabinets) – secured cabinets, drawers, shelves, storage, etc., are beneficial to any buyer. Storage and space is of the essence!

The return on investment of spending a little extra time and money on re-furnishing and/or finishing a garage is always beneficial. The effect on the home’s resale value is always advantageous.

Speak to us about renovation ideas, space improvements and quality!