Sometimes, our garages look like the part of the house that builders forgot about. They are dingy, and they don’t add any aesthetic value to our homes. We forget that when we want to sell the house, a garage is one of the things that potential homebuyers look at. They want, of course, for their cars to have their own space in the property.
But should we finish our garage like the rest of the house? Or in Brisbane, are carports better to have than garages? A carport is a covered structure that offers protection to vehicles from sun, rain, or snow. Typically, a carport doesn’t have four walls. It has only a roof and one or two walls or even none at all. It can be freestanding or connected to the main house.
On the other hand, a garage is an indoor area—complete with four walls and a door—to store your vehicle. Usually, homeowners store other accessories along with the vehicles. Like carports, garages can be freestanding or linked to the main house.
Does a Garage Add Value?
Real estate experts say that garages add about 5% value to a home. This means that you can top up your selling price with another 5%. Potential homebuyers will be okay paying extra if your property has a nice garage. But the question is: Should you have the garage finished like the rest of the house?
There is no real benefit to a finished garage. For potential homebuyers, a finished garage doesn’t add value higher than 5% of the selling price. They are okay paying an extra $11,000 for the garage, but paying higher than that is a no-no. They can fix the garage on their own sweet time. They don’t need you to do that for them and have them pay the difference.
But if you really want a finished garage, no one’s stopping you. It just makes more sense to not spend so much on it if you’re planning to sell the house. A finished garage doesn’t hurt your chances of selling the house, but it does not add value either.
Is a Garage a “Nice to Have” Feature?
No, it’s not a bonus when buying a house. Most homebuyers break off negotiations when they realize that your house does not have a garage or a carport. They want their vehicles to have their own space in the property. They want to make sure that their vehicles are, at the least, protected from rain, sun, and snow.
Converted garages—those that have been turned into bedrooms and home gyms—are actually detrimental to the salability of the house. Some homeowners needed to convert this space back to a functional garage because the potential homebuyers didn’t want the extra room. They want a garage. So if you’re planning to transform your garage into an entertainment room, think again. It might not help your cause in the end.
Finishing a garage will cost about $10,000. You need to think long before investing that much money into a well-functioning garage. You cannot recuperate that money when you sell the house. You can put that into other things that will truly add value to your home, such as a renovated kitchen and an extra bathroom.