Converting your carport to a garage can increase your home’s value
All things being equal, converting your carport to a garage can increase your home’s value. A carport is better than no garage, a single car garage is better than a carport, and a double garage is better than a single garage. However, you really must be familiar with the houses in the area and whether your house is comparable to other houses except for the carport.
And before deciding whether to install a garage, you must first find out whether other comparable homes in the neighborhood have a one-car or two-car garage. If other comparable homes in the area have a garage, then your home should have a garage. If you are installing a two-car garage, make it a real two-car garage, and not a garage for a scooter and an ATV.
Converting your carport into a garage can cost you anywhere from $ 15,000 to $ 50,000, so you really need to know what other comparable homes go for in order to know how much to spend on your carport conversion. You should also have your home appraised to find out the difference in value between your home and other comparable homes in the area.
Since the conversion will be a fairly large investment, you really need to be sure that you will be in the house long enough to recoup your investment. That’s the general rule of thumb for any other home improvement you can do. After all, there is no point in investing money in your home if you are not going to recoup the investment.
If you invest $ 50,000 in your garage, you are not likely to get that much money back in the short term, if at all. However, if other comparable homes in the area sell for $ 20,000 more than the appraisal you receive for your home with covered parking, then investing $ 15,000 in a garage is not such a bad idea after all.
If you decide to turn your carport into a garage, be sure to advertise other types of storage space on your shelves. When people look at garages, they aren’t just looking for a place to store and protect their car. They are also looking for a place where they can work and store things like tools, garden equipment, etc.
Adding shelves and other types of storage space will make your garage that much more attractive. However, if you start adding insulation, heating, and cooling, it may well exceed your budget. It all depends on how much you are willing to spend on your garage and how much you are planning to get back when you sell.
If you get carried away, you will be spending much more than you had planned to spend, so you must stick to your budget. You may have to wait five or ten years, or maybe even longer, to start recovering your investment. If you are looking to sell right away, then you need to be conservative about how much money you spend converting a carport into a garage. The important thing is to know what your home would be worth with a garage instead of a carport.