Whether you’re selling your home soon or you’re looking to add value long-term, the garage may not be the first room you think of when upgrading your home. For many homeowners, the garage is a place to store things and work on projects, so aesthetics take a back seat. If you’re looking for a unique way to wow potential buyers, however, a finished garage is one potential tool in your arsenal. But does a finished garage truly add value when selling your home? The answer depends on what you’re trying to accomplish, and what sort of buyer you intend to attract.
- What Is a Finished Garage?
In many homes, the garage simply doesn’t get the same attention as other rooms. An unfinished garage is basically your average garage–stuff stored all around, unfinished walls and ceilings, and very few creature comforts. A finished garage looks more like any other room in the home, with a clean, put-together look and plenty of open space. Finishing the garage creates a new usable space in the home, especially for homeowners who love working on cars or home improvement projects. - How a Finished Garage Impacts Appraisal Value
If your only goal is to increase the appraisal value of the home, then a finished garage may not offer the best bang for your buck compared to other renovations. While that may sound ominous, it only tells part of the story. A finished garage may not add much to the appraisal value outright, but it can still be an important factor in convincing a buyer that your home is the right choice for their needs. - The “Wow Factor” of a Finished Garage
While a finished garage may not add to the home’s appraisal value, it can certainly be a factor in convincing a buyer that the home is right for them. It can make your home stand out from the pack and holds major appeal for potential buyers who love home improvement projects. This is ultimately where the value comes in finishing your garage, but since it’s subjective it only adds value for the right buyer. - Considering the Cost of a Finished Garage
Finishing the garage definitely isn’t cheap, but it won’t set you back as much as renovation projects in some other rooms. The typical cost for finishing a garage checks in around $10,000, so the upfront cost is significant. Whether the investment is worth it is in the eye of the beholder – and the buyer. - Why Finishing Is Better Than Converting
If you do plan to update your garage, it’s better to finish it than to convert it completely by removing the garage door. A converted garage is ultimately just another room, while a finished garage still retains the character and utility of the typical garage. - A Middle Ground for Your Garage
If you want to make your garage more impressive without finishing it completely when selling your home, there’s a middle ground. By cleaning your garage thoroughly, organizing it neatly, and fixing any glaring maintenance issues, you can give your garage a fresh, appealing look without the investment that would be required to fully finish the room.
While finishing your garage may not add resale value in a concrete way, it can be an important subjective factor in attracting the right buyer. Not every buyer will be interested in a finished garage, but the right buyer may love it. Your real estate agent can help you decide whether to finish the garage, or whether you’re better off investing those funds in another room.
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