It turns out that Americans who have a well-kept garage may be sitting on a goldmine. Around one in four Americans say their garages are cluttered with junk, yet many are acutely unaware of the value a garage could be adding to their property resale value. Recent research by RedFin showed that garages add 12 percent to a home’s value — a $23,000 premium for home sellers. In some states such as Illinois, this can rise to as much as 38 percent or $46,745 of the sale price. From keeping up with garage renovations to keeping it organized and insulated, here's how you can maximize the value added by your garage if you are reselling your home.
Start Simple: Declutter Your Garage
A well organized and decluttered garage allows homeowners to showcase the space to potential buyers. For buyers, it allows them to visualize their plans. When decluttering, be prepared to toss or donate. One of the most important aims of clearing out and organizing your garage is to get rid of items you no longer need. This involves asking yourself some tough questions like whether you can afford to store the item elsewhere long term, and whether it will truly be used. Once you have separated the contents into piles of keep, toss or donate it is time to think about effective storage for your garage.
Storage is a great selling point in garages, particularly since a majority of homeowners use their garages for storage. Also, 80 percent of buyers factor in garages when choosing a home and with the help of great storage solutions, you can showcase the selling points of your garage such as its square footage. A great tip is to utilize vertical wall space by adding overhead or wall storage to your garage. It also helps if you create a storage map and designated spaces for items you do choose to keep such as sports equipment or sentimental memories.
It May Be Time To Replace Your Garage Door
There are many reasons you may need a new garage door — for example, the current one may be insecure, inoperable, or simply does not match your style. For those looking to sell their homes, curb appeal is key, and creating a unified home design style is a part of that. If the entry to your parking space is broken, buyers may worry about the safety of their car or belongings. Therefore, getting a garage door service technician to repair or fit a new door can reassure them. It is also a great opportunity to upgrade your home or its design by opting for a remote-controlled garage door.
Consider Small Improvements Or An Extension If You Have The Square Footage
Minor improvements such as oil spill removals, garage door spring repair, or light replacements can drastically enhance the appearance of your garage and the impression you make on buyers. You could use a pressure washer or degreaser to remove floor stains. Alternatively, if you have the finance available you and the additional space why not invest in extending your garage to a two-car one. Not only does this create more storage space, but it also provides a great return on your investment.
Past research has shown that a double garage can add as much as 20 percent to the home's resale value — twice that of a single car garage. According to Home Guide, building a garage average $49 per square foot and many homeowners see an 80 percent return on their investment. With a garage extension, you can expect the price to be lower than if you were building from scratch.
Whether you are just thinking of selling your home or your home is actively on the market, a well-kept garage could attract buyers and help you command a higher market price. All it takes are a few improvements to your garage and you could shorten the time your home spends on the market and maximize its resale value.