With home prices up and housing inventory down, more homeowners are considering renovating their current homes over moving. A recent survey by Discover Home Loans astoundingly found that 79% of homeowners would rather renovate their current home than move to a different one. “Today, converting a garage is a popular option for adding extra living space. But, like any home renovation project, there are things a homeowner should consider before diving into the project,” explains St. Louis Park full-service general contractor and remodeling expert, Executive Remodeling.
“Converting a garage has advantages and drawbacks,” says the home renovation company. “It is vital that you ask the right questions to determine if this, or another home addition or renovation option is right for you.”
What Are Alternative Parking and Storage Options if You Convert a Garage?
One of the first and most basic things to consider before converting a garage is how the conversion would impact parking and storage. If cars, tools, or other belongings need secured shelter, converting the garage may not be the best option. Another consideration is whether other restrictions could impact parking, such as no street parking or the necessity of having a certain number of parking spaces per dwelling of that size. If there is adequate parking and alternative storage, such as a shed, then a garage conversion may be an excellent and cost-effective solution.
How Much Does a Garage Conversion Cost?
The cost to convert a garage depends on many factors, such as the project's scope. Plumbing and electrical needs are two of the most significant variables, but there are others, such as HVAC requirements. Transforming a garage into a livable space requires meeting additional local building codes, which can involve many elements since it was created for a different purpose.
Does a Garage Conversion Add Value
Whether or not a garage conversion adds value and how much can be tricky. While adding livable square footage to the home can add value, not having a garage can decrease its desirability, especially if future homeowners want to keep their cars out of the elements. It helps to speak to a real estate expert to determine how it could add or detract from a home’s value.
Are There Other Options?
While converting a garage is a popular option for adding extra livable space, it is not necessarily the best or even the most economical choice for everyone. It is important to talk to a home renovation company about options, such as converting only part of a garage, or adding space elsewhere, such as above the garage, onto the back of the house, or even as a separate ADU unit, and compare how these options add value.
Talking to a home renovation company can help compare options and uncover options that may not have been considered. “Garage renovations are an excellent choice for a lot of homeowners, but it is always important to look at all of the options. Sometimes, something as simple as moving a few walls can transform underutilized spaces such as a loft will add space and value,” concludes Executive Remodeling.
Minneapolis-St. Paul Home Renovation Company
Have you been searching “home renovation company near me” online? Leading St. Louis Park home renovation company Executive Remodeling has over 20 years of dedicated industry experience. The full-service general contracting company specializes in design, remodeling, and insurance restoration. Contact the team by calling (612) 230-1561 to schedule a free consultation.
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