What happens when you are selling and looking to purchase a home simultaneously? The answer: is a little more complicated than you think.
Before you make a major structural change to your property, it is important to consider how this will affect your resale value. While some projects may bring in a healthy ROI, others may cost a lot more than what you would recoup if you ever sell your home in WA, ID, OR, or CO. That’s why it’s so important to carefully choose the right type of improvement or addition to make, and adding a garage is considered to be one of the best ways to ensure a high return.
In This Article:
- Add Square Footage to Your Home
- Boost Appeal to Potential Buyers
- Change Your Existing Space
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 can contact a trusted real estate agent today to obtain customized information about how the addition of a detached garage may affect your property’s value.
Add 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. In most cases, a larger home is valued higher than a smaller home, depending on the exact location it is in.
While factors such as the 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 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. For example, adding a second story or expanding your kitchen will add more square footage to your actual Oregon or Colorado home. But adding a structure that’s detached from your home won’t.
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.
Boost Appeal to Potential Buyers
As a seller, the goal is to get the highest price for your Boise or Portland home is possible, so anything you can do to get that higher price should be considered. One way to do that is to make your home more attractive and desirable to buyers, and adding a garage may do just that.
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.
Buyers will appreciate the extra storage space that a detached garage will provide, which can help add some value to your Denver or Seattle property that you can recoup if you ever sell.
Change Your Existing Space
Some home additions will add a detached garage to a property because a garage was never constructed on the property. In these cases, perhaps the owners may want a place to park their car or to store their lawn equipment. 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, an apartment, 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 in Washington or Idaho. By speaking with a real estate agent, you can get a better idea about how this addition will affect your property.
Why Choose Sammamish Mortgage?
At Sammamish Mortgage, we aim to offer a personalized experience for all borrowers, which is why we have a full staff of experienced mortgage loan officers, processors, and funders.
Sammamish Mortgage has been in business since 1992 and has helped many buyers in the Pacific Northwest get the mortgage they need to buy a home. If you’re in the market for mortgage financing in Washington State, Colorado, Idaho, and Oregon, we can help. Sammamish Mortgage offers several mortgage programs to choose from.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.