Whether it’s a home office or in-law suite, a garage remodel is a great way to add usable space to your investment property. A converted garage can increase the value of your property by 10 percent or more, with a return on investment (ROI) up to 80 percent. Read on to learn why you should consider remodeling your garage.
Is a Garage Remodel Right for Your Property?
Before you get started, make sure a garage remodel is right for your property. Consider the following factors:
- Do homeowners in your area prefer garage space to outdoor parking?
- Can you compensate elsewhere in the home for lost storage space?
- How much will permits cost?
- Will you need to elevate the ceiling so that is rises 8 feet or more above the floor?
- How will you address drainage if the garage is lower than the house?
If you decide to move forward, a garage remodel can be a worthwhile investment.
With so many people working at home these days, a home office can be an attractive feature. Requirements for this type of remodel usually include
- Painted walls
- High-speed Internet access
You may need to add electrical outlets, but you probably won’t have to install drywall or plumbing. The average cost to convert a garage into office space starts at about $5,000.
With a few brightly colored rugs, furniture and lighting, you can transform your garage into a cozy living area or family room. You may need to add a window or door as an emergency exit. The majority of the cost includes
The average cost to convert a garage to a living area ranges from $5,000 to $22,000.
One of the most popular garage conversions is an extra bedroom or master bedroom suite. A simple bedroom costs about $15,000. The price for a master bedroom and bathroom suite can run as high as $25,000, due to specialized installation work:
- Shower or tub
The extra cost may be worth it, however. Turning your garage into a bedroom can increase your home value up to 20 percent.
Also known as a granny flat or in-law suite, an accessory apartment is the most extensive and costly garage remodel. The project can cost an average of $32,700 to $63,000 and involves extensive work. In addition to the work required for a master bedroom suite, conversion to an accessory apartment includes
- Full bath
- Soundproofing for privacy
- Separate entrance door
An accessory apartment is an attractive feature for many homebuyers, with 20 percent of people in the United States living in multigenerational dwellings. Research shows that more people would pay extra for a home with an accessory apartment than for any other feature.
When you’re ready to convert that garage, don’t leave anything to chance. At RH Blanchard, we have the general contracting experience you need for your Boston-area garage remodel. Contact us today and get a free quote.