Garages are often designated by most homeowners as the storage or clutter space. Believe it or not, a garage can influence the selling price of your home. A garage can impact everything from your appraisal to making your home appealing to more motivated buyers.
Don’t think a garage can influence your home selling process? We’ll tell you how to turn your garage into a highlighted home feature and its impact on home pricing. Read on for your guide to using your garage to take your home to the next level.
How Can Your Garage Motivate Buyers?
Many home sellers think that certain home features and areas are out of bounds or unimportant to potential buyers. However, home buyers considering buying your property can open your drawers, take a look at your shed, and even your garage.
Potential buyers focus on how they can use this space. Some home buyers will see themselves using garages as their secure parking areas, storage areas, and even living spaces.
Today, many baby boomers are turning their garage into living spaces for the offspring who are staying at home to save money. This living space can also accommodate visitors and even turn into extra income if you choose to AirBnB or rent the space.
Are you one of those homeowners who use their garage as the go-to clutter space? If you answered yes, you should consider tidying it up and improving this area when you decide to sell your home.
Believe it or not, small projects can turn your garage into one of the highlighted features on your property listing. Painting your garage, installing a new epoxy floor, and powerwashing the area are examples of simple projects that can take your garage game to the next level.
As a home seller, you might prioritize staging your home while forgetting to prepare your garage for buyers. Believe it or not, staging your garage can boost your home selling profits. Have no idea how to prepare the space?
Here are some ways to stage your garage for potential home buyers.
- Organize and Create an Efficient Storage Space: While a garage is one of the largest storage spaces in a home, is it efficient enough to meet the buyer’s storage needs? Before showing your property to potential buyers, you should consider organizing your garage and creating efficient storage space. The latter is as easy as installing bicycle or overhead racks to store boxes, tools, and other equipment.
- Turn Your Garage Into Living Space: This option may require a heftier investment but it will be worth it. Turning your garage into living space can be as simple as fixing and painting the walls to create a playroom or even a peaceful meditation spot.
- Clean and Fix Your Garage: Staging your garage doesn’t have to be expensive. You can prepare it for buyers by just cleaning and tidying the area. Home buyers won’t be motivated to place an offer on a home with a garage that doesn’t look useful or clean.
Does Your Garage Add Value to Your Home?
Some homeowners don’t consider adding a garage to their home as an investment. However, a garage can boost your potential home selling profits in the long run. Adding a garage to a home costs about $27,000 on average.
You might be asking yourself, will I recover my investment? The short answer is you may recover a percentage of your investment.
At a national level, home sellers can expect to recover close to 64.8% of their initial garage addition costs. Let’s say that you invest $27,000 in adding a garage to your home, you may recover about $17,496 when you sell your home.
While these numbers might make you think twice about adding a garage to your home, this investment will make your property more marketable and appealing to potential buyers. We recommend you partner with a local real estate agent to learn more about the potential of these home improvements. A Partner Agent can provide insight into how adding a garage can make a difference in your market and how to stage this area to boost your home selling profits.