Wednesday, October 4, 2023

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Is it a good investment to build a garage suite?

When homeowners look out for reasons for adding space to their homes, increasing property value is their top priority. At the same time, many overlook the return on investment of an attached garage. Those aware of it can be unsure how to plan it accordingly to make the most of it.

For homeowners interested in building a garage suite, here’s a guide to help them know if a garage suite is a good investment for them or not:

Recouped value of a garage suite addition

As per data collected by Remodeling magazine, building a new garage has a return on investment of 64.8%. This ROI is one of the best when you learn about new home additions. A master garage suite is the best room addition return on investment, with an estimated 55% recoup value in comparison.

However, these estimates are for a detached garage. Building an attached garage will also enhance your property value but not help you get an ROI as great as a detached garage.

Specifics of including a garage:

With research and speaking with a contractor, you will know the details of adding a new garage to your home. However, there are some construction options that you can consider.

Two-car garage: A more prominent space will appeal more to your property than a small garage. Also, you can use the additional space for other things.

Lighting: these structures don’t get direct sunlight. Hence it is essential to add artificial light to your space. Fluorescent light will help add a good amount of brightness.

Windows: When you have lighting or not, your window design will enhance the appeal of the garage. Going for five double-hung windows is good to enhance the value of your garage.

Situations where you shouldn’t add a garage

Though a garage is one of the best home addition offering great ROI, there are some situations where you may not get as high ROI as you thought.

Firstly, a garage will bring a significant ROI to those who plan to move out soon. Just like a car, these additions may lose value with years. Individuals planning to stay in their homes for years should consider such renovations only if they need it for a real purpose.

Other options for how a garage can enhance your investments

A new attached or detached garage can help you financially in several ways. With all the space to store a car, people can have less of a monthly storage unit bill. The garage will also lower car ownership costs by safeguarding your asset from the elements. With your car inside, it is secure against theft, accidental damage, and vandalism.

Building a garage may be the best option for those who prefer home renovations

A new garage is a significant beneficial option when adding a new look to your home. Developing a garage takes time, effort, and money, like any other renovation project. Brave Homes is your one-stop solution to help make the process simple and cost-effective for you. Hire them to get the best guidance for your garage construction.

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