Finishing detached garage add value?

[1RaZoR1]

Just wanted some realtors take on this. I have a 23 x 23 detached garage inner city community glenbrook if I were to invest say 15k - 20k and finish off the garage would I likely get my money back when selling the home?... that would be new double garage door, new windows, insulated, dry walled, painted, lots of led lights, 14pc garage metal storage cabinets with work top, epoxy floor, heated, electrical panel.

[thinmyster]

I would say you probably wouldn't. If you were planning on selling soon I wouldn't put that much $$ into it (but rather insulate and board it myself) If you were planning on staying for ~5 years then I probably would.

I rarely see any garage pictures on MLS. I assume most people don't care. Even the obvious flips of MLS no attention is paid to the garage leading me to believe the ROI is very low otherwise everyone would be doing it.

[ExtraSlow]

You'd get less than half back, that's my uneducated opinion.

[BerserkerCatSplat]

I can't imagine you'd see anything substantial, compared to finishing a basement. Obviously if the garage is a total wreck you'll see some value by fixing it up, but if it's already in decent shape I feel it's highly unlikely you'd see much return on your $20K. I'd say your best ROI would be to insulate and throw on some drywall - cheap and easy to DIY.

[Xtrema]

If you sell it right after you are done? You won't get all but may be 1/2 to 3/4 of it back.

If you you use it for a few years? You get nothing back.


The only reno that will add value is basement, kitchen and bath, if done right. But only if don't use them afterward, any wear and tear would diminish the return.

[killramos]

I would personally pay more for a finished garage, meaning heated, epoxy floor, painted, floor drain etc. Could be a diffeeentiating factor especially on a place that is turnkey. If your place has any chance of being dumped for a new build I would say all bets are off though.

Imo however no one is going to want your old work bench so you might as well plan on taking that with you.

I am thinking of doing some of this myself this summer if I can find the time. Mostly just for me not for the next owners though.

[Kloubek]

There are actually very few renos you can do to increase the value of a home enough that you'd get your money back out of it. Oddly, doing something like finishing a basement or a garage are not those things. Generally it's more like an old, antique kitchen or bathroom where you recoup the costs, and having a really dreadful one can kill a potential sale.