There are a lot of ways to add value to your home, especially when it comes time to selling but should you go through the entire process of adding on an entire new room or addition to the house such as the garage? A garage or an extra shed can add value and increase your value long-term. However, how much of the initial investment can you expect to recover when you go to sell?
Garages and storage sheds can increase the amount of space available on the property. This can be extremely beneficial to buyers and can be one of the most important features attracting potential home buyers to your property.
Garages and other outbuildings can house vehicles, storage equipment, landscaping equipment and additional storage preserving the value of these possessions. A grudge can add significant value for house if you plan to live in your home for some time before selling it. Not only will you benefit but potential buyers in the future can benefit as well. You can always park your car in a garage to prevent damage or losses to the vehicle including vandalism, accidents or storm damage.
But when it comes to the actual potential return on the investment, according to Hanley Media, a grudge addition could expect to receive an estimated average of $34,000 in resale value for the property owner. For the West Coast alone, the estimated resale value is upwards of $47,000 and it does vary from region to region. On average, property owners can expect to receive anywhere from 50% to 65% of their initial upfront investment on a garage addition and on the West Coast this figure is even higher in nearly 80%.
For many property owners this is considered a great return on their investment and they can recover a significant amount of the cost of the building project.
But what about sheds? Sheds can add value but you'll want to talk to various shed builders in order to visualize how your shed will look as well is the additional cost. These might not be as great of return because they might not show the value and the need as much as a garage. A garage will definitely be the better investment but a shed, especially if you're planning on living in the home, might add great value while you're there.
If you'd like more information on other tips to increase the value of your Portland real estate or home before selling please contact us at any time. We have secrets and strategies that work to increase the value and put more profits in your pocket at closing.