Does Adding a Two-Car Garage Add Value to Your Home?
Not all of us are granted a two-car garage (let alone a garage at all), but when the time rolls around to consider building one, the actual return of the investment is weighed against the sheer convenience of being able to park two cars inside. The question that many homeowners in this position are quick to ask is: Does building a two-car garage actually add value to my home?
It’s All About Resale Value and ROI
Homeowners who are not in their “forever” home are constantly pondering the resale value of expensive projects. Aiming to get a decent, if not excellent, return on investment (ROI) can be the very thing that drives them to spend money on the upgrade in the first place. A new roof? A new kitchen? A new bathroom? All of these parts of a home are either an absolute necessity, such as a roof (which carries an average ROI of 60%). Alternately, you may be considering a new kitchen or bath (which carry average ROIs of 81.1% and 70%, respectively).
There are essentially three categories of renovation: a basic remodel, a mid-range remodel, and an upscale remodel. Basic and mid-range remodels are affordable ways to transform a home and homeowners can expect a good ROI. Upscale remodels, especially with kitchens, aren’t as attractive to potential buyers. They tend to put extra cost in areas that buyers see as unnecessary, and they tend to be customized to the current homeowner’s style. The moral of the remodeling story here is that if it’s not your forever home, stick to basic or mid-range remodeling projects to obtain the best ROI.
The Value of a Two-Car Garage
According to TheBalance.com, in 2018 only 1 in 10 homeowners said they didn’t need a garage. If your home has no garage, building a two-car garage can be tremendously helpful—not just to you, but also to your home’s resale value. Most people have cars; in fact, most people have more than one car. Families with teenagers have cars, couples often each have their own car, and car enthusiasts have cars to drive for different seasons. So going from no garage to a two-car garage is a huge boost, no matter where you live.
As mentioned before, there are a three types of new garage/remodeling categories. The more upscale you make your garage addition, the less you can expect to get back on your ROI. An upscale garage addition tends to include things like storage cabinets, epoxy flooring, and other accessories like trim and advanced lighting.
The ROI Isn’t Just in the Resale Value
The price tag attached to a brand new two-car garage with extras might make your heart stop and the ROI of 63.7% might be too much of a gamble to seal the deal. Here’s the bright spot of no-garage homeowners looking at this pricey addition: there are hidden savings.
It’s hard to see it when you write the check, but there are other elements you’ll be saving on that help to make up that ROI percentage gap. You’ll prevent damage to your car from parking outside and you’ll add extra storage, ditching the need for any storage units you’ve had to pay for.
Garage Trends & Styles That Sell
You don’t have to go full-out with a garage renovation or addition. If you’re looking to keep the cost within the lower end of the spectrum, consider these features:
- A new garage overhead door: if you already have a two-car garage, you don’t need to demolish it and start over to help boost your resale value. A new garage door has a high ROI, so you’ll see your money once again when you go to sell. Not only that, but you’ll be able to enjoy the perks of having a new garage door before that time comes.
- Extra space: cars are getting bigger and so is the need for extra space in a garage. If you aren’t resurrecting a new two-car garage from the ground up, consider expanding it. You’ll tack on some much needed space for cars and storage for yourself and catch the eye of potential buyers looking for the same.
- New floors: in a new two-car garage addition, durable floors are a must-have. Painted and sealed floors will protect the integrity of the garage, make for easy clean-up, and they also provide a long-lasting surface.
- Storage: buyers look for garages that have plenty of storage. You don’t need to go wild with customized cabinets and built-ins to boost the appeal of your garage, either. Adding a few hooks and basic storage units can be enough to make your garage feel useful again and increase its appeal.
Worth the Investment for Homes With No Existing Garage
Is building a two-car garage worth it? If you don’t have a garage at all, yes. It will make your life easier and your home won’t linger on the market or sell for less because it lacks One. If you already have a garage and are thinking of building a new, bigger one, contact Danley’s Garages. Danley’s is the #1 Garage Builder in Chicagoland and has been around since 1959. With over 100,000 garages built in the Chicagoland area, homeowners trust us with their new garages. Your new garage will be built to your specifications and you can choose from one of our custom garage packages. We offer many designs including different types of windows, siding colors and styles, rooflines, and more! Learn why homeowners love Danley’s and get a free quote.
Deciding to add a new garage to your home can be tough decision why not make it easy and contact us today! We have been building garages for homeowners all over the Chicagoland area since 1959. So what are you waiting for start your next garage building project with us.