Do you know one of the easiest ways to add value to your property? If you answered a home makeover or a pool, guess again. The answer is adding a garage! Whether you’re a homeowner or an investor Investing In Toronto Real Estate, adding a garage to your property is a great way to stand out in the competitive housing market and add significant value to your real estate.
Unlocking Property Potential
Installing a garage is more than just providing a shelter for vehicles. It can serve various purposes, and whether or not you decide to utilize it to its maximum potential, the added square footage alone can increase your property value.
Why Should I Invest in a Garage?
When deciding what improvements to make to your property, it can be challenging to determine which will provide the best return on investment. One of the less commonly mentioned but highly effective options is installing a garage.
One significant reason garages are a worthy investment is their multi-purpose functionality. A garage can serve as storage space, a workshop, a home gym, and, of course, a space to store vehicles. This versatility makes a garage a highly desirable addition to any property.
Boost in Property Value
The value a garage adds to the property isn’t just theoretical. A study by the US National Association of Realtors found that adding a garage could increase a property’s sales price by up to 4%, depending on the garage’s size and functionality.
What does this mean for you? If you own property in Toronto, these figures present a compelling case for exploring a garage addition. Considering the hefty price tag of homes in the city, a 4% rise in property value could equate to a tidy profit if you decide to sell.
Given these facts, it would not be inappropriate to think of your garage project as part of your comprehensive real estate investment trust strategy.
New Garage Construction: The Way Forward
Building a new garage can seem like a daunting task, given the choices available today. However, a steel garage kit like the 24×30 garage kit can be a fantastic option. These kits come with everything needed to construct a durable, versatile garage in much less time than traditional construction methods.
Maximizing the Garage’s Potential
Whatever the intended purpose, maximizing the garage’s potential is crucial to ensure you gain the full increase in property value. This value is determined by several factors, including garage size, design, and additional functionalities.
Garage Size
The size of the garage is a critical consideration as it influences both the utility and potential value of the garage. Selecting a garage format should be based on purpose and space availability. A standard two-car garage, like the 24×30 garage kit, can comfortably accommodate two standard-sized vehicles with additional space for storage or a small work area.
Garages as Workspaces
If appropriately outfitted, a spacious garage can serve as a fully-functional workspace with amble room for tools and materials.
Custom Design
The design and finish of a garage greatly affect its appeal. The garage should complement the main house, maintaining the aesthetic continuity of your property.
In conclusion, a well-constructed, thoughtfully-designed garage is an excellent way to add value to your property. If you’re seeking to enhance your property value, consider investing in a garage. Not only will it provide the functionality you need today, but it will pay dividends when it comes time to sell in Toronto’s competitive housing market. And even if you’re not looking to sell anytime soon, a garage can contribute to a more comprehensive real estate investment strategy. In the world of real estate, every added benefit counts.
