Just what exactly defines a "finished" garage?
A finished garage doesn't have open and exposed beams, it's drywalled, and in some cases the walls are textured and painted. Some people think 'finished' means it's finished to a livable condition, which would be good enough to be used as a spare bedroom or bonus room. However, that is more commonly referred to as a converted garage.
So does a finished or converted garages affect the value of your home?
Converting your garage (meaning, you are taking out the garage door) to add additional space may seem like a good idea, but removing your garage could make it harder to sell. In some cases, some owners have had to convert it back to a functional garage in order to sell their home, or else withstand longer times on the market. Finishing a garage certainly won't hurt a home's value, but it likely won't increase the value. It's subjective, meaning that a finished garage could be exactly what the buyer is looking for, causing your home to stand out among the others for sale, or it could be just a 'nice to have' with the buyer focusing on other aspects of the home as a a main selling point.
What is the cost of finishing my garage?
Finishing your garage could include some cool bells and whistles like resurfacing the floor, and adding built-in storage. A nice finished garage could cost up to $10.000 or more, depending on how much you add. Just a clean, organized garage could do the trick. You could add hangers on the wall for rakes/shovels/brooms/bikes, metal shelves, overhead storage ...you know, things like that. If you are a garage-organization-loving freak, check out this link to the ultimate in garage organization in San Antonio. Or, you can take a trip to Lowe's and get some cool shelving/storage ideas.
You can also consider these additional enhancements for value and/or desirability:
- A New Garage Door - Insulated garage doors practically pay for themselves.
- Pivoting Doors - I have to admit, these are cool. They add something modern to your home, and could cause a buyer to choose your home over another - just so they can have this door.
- New fixtures and knobs - new drawer pulls, upgraded faucets and modern lighting fixtures can be inexpensive and can have a big impact on buyers.
- Reface your cabinets - DIY or spend a little more to get an entirely new look.
- Paint a neutral palette - Click here to view a video on the 10 best neutral paint colors. Accent with bright pillows and rugs instead of a bright wall
If you are looking to improve your home while increasing value, consult an area REALTOR® who can help you determine your home's true value by providing a market analysis. If you are looking to get dollar for dollar what you invest in upgrades, chances are you won't get that. But an experienced REALTOR® can tell you about the upgrades that truly add to your home's value. At Phillips & Associates Realty, we have experienced agents who can help you, and they don't mind it if you call just to ask some questions. :)