Converting your Garage to Living Space: What’s the ROI?

That’s a question with an answer that begins with “That depends…”. Here’s the short list of things to consider.

  1. Will your home get more value with an extra bedroom, for example, while the loss of a garage won’t impact the value? That’s a good question for your realtor. In RVA, there are certainly areas where you will feel the impact at resale if you don’t have a garage and some neighborhoods where it’s not that important.
  2. Will the cost of the conversion outweigh the cost of moving to a larger home? Of course, this “cost” may not just be measured in $$. For some home owners, resale value isn’t as important as loving the space you are in right now.
  3. Can you sacrifice the storage space?
  4. Do you have off street parking options?
  5. What are the tax and insurance implications? Garages are not considered finished square footage, so you will see an increase with a finished room.
  6. Can you deal with ongoing construction for 4-6 weeks?

Two more points to consider:

  1. You’ll want to make sure the style of the new room is in keeping with the rest of your home. Meaning, if the rest of your home is vintage 1980, then your new room shouldn’t like it could be on a home show.
  2. As well, you will want to make sure that your home stays in line with the other homes in the neighborhood (square footage, #bedrooms) to ensure you don’t price yourself out of getting a good return on your investment.

What do YOU think? Some of you may have already received my email asking for your opinion. Take this one question survey and add comments you may have. I would love to know what everyone thinks!

https://www.surveymonkey.com/r/RJND22X

 

 

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