Angela MacKinnon

American Mortgage Source

  • Home
  • About
  • Blog
  • Resources
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • Reviews
    • Leave a Review
    • My Reviews
  • Apply
  • Contact
You are here: Home / Home Seller Tips / Why a Detached Garage Can Drastically Improve Your Resale Price

Why a Detached Garage Can Drastically Improve Your Resale Price

August 6, 2014 by Angela MacKinnon

Considering a Major Home Addition? Why a Detached Garage Can Drastically Improve Your Resale PriceBefore you make a major structural change to your property, it is important to consider how this will affect your resale value. While there are many steps that you can take to improve your property, the addition of a detached garage may be beneficial to you and may drastically improve your resale price when you are ready to sell.

You should always first obtain customized information about how the addition of a detached garage may affect your property’s value.

Adding Square Footage to Your Home

As a property owner, you may be well aware that one of the most common ways the value of your property is determined is by the market rate for price per square foot of homes in the area.

While factors such as age of the property, condition of the property and amenities in the neighborhood may affect whether your property’s price per square foot is above or below market average, the kind of the improvements has a direct impact on property value.

While adding a detached garage adds overall square footage to the property, it generally won’t be considered at the same rate as finished square footage within the home. However, outbuilding improvements do add value to your property and a real estate agent can help you to determine the true financial gain you may experience through this addition.

Increasing Appeal to Potential Buyers

Properties that are more appealing to potential buyers may sell for a higher price. When you add a detached garage to your property, you may be adding style and function to the property by adding a place to park vehicles and to store items like seasonal items and lawn equipment. You can also create a detached garage with a workshop or another functional area for added appeal.

Transforming Existing Space

Some home additions will add a detached garage to a property because a garage was never constructed on the property, but others will be added because the homeowner wants to transform the existing garage attached to the home into a more functional area. For example, a new home addition, may turn the existing garage into a living room, a bedroom or another functional area. With the addition of a detached garage, the property owner can retain the benefits of having a garage while also improving the functional use of the main area of the home.

The addition of a detached garage can benefit you and your family in a number of ways, and it can also improve the resale value of your home.

Filed Under: Home Seller Tips Tagged With: Home Sales, Home Valuation, Selling a Home

Photo

Contact Angela


MORTGAGE BROKER
NMLS #210518
Office: 405-340-7044
Mobile: 405-570-7276


Apply Now →
American Mortgage Bank

Connect with Angela

Archives

Categories

August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Jul    

Links

  • Patriot Act Notice
  • Privacy Statement
  • Terms of Use

Office Location

Angela MacKinnon
American Mortgage Source

2932 NW 122nd Suite 18
Oklahoma City, OK 73120
Equal Housing Lender

Copyright © 2022 · Powered by MySMARTblog