How much value does a garage add to your home?

A garage can add between 5 and 10 per cent to the value of your home.

Garages have two major uses in the UK. With recent research from the bank Santander finding that there are over 9 million private garages in the UK, almost half of privately owned homes have one. Whilst many people use them to securely store their car, increasing numbers of British homeowners are converting their garages into additional living space.

Building a garage to add secure parking and storage for your car can, according to the website upmystreet.co.uk, add 5 per cent to the value of your home. Indeed, recent research from the independent estate agents Spicerhaart found that a garage or parking was the number one request from prospective house buyers in the UK.

Garages can start at under £1,000 for a self-assembly metal or wooden garage but can add several thousand pounds of value to your home. They may also make your property more appealing to prospective buyers and, of course, it will reduce the cost of your car insurance.

Whilst many people are adding a garage to their home, many others are converting their garage from car storage into additional living space for their home. The Daily Telegraph recently reported that 650,000 British households have recently converted their garage into another room (an office, gym or additional bedroom/reception room) while a further 470,000 intend to undertake this conversion.

By adding additional living space to your home it is possible to add a substantial amount to the value of your home, particularly if your garage is converted to an additional bedroom. Virgin Media reports that ‘at around £8,000, garage conversions are much cheaper than building an extension and could up the value by as much as 10 per cent’.

So, whilst a garage can add value to your home, make sure you use the space wisely. Some homes will benefit much more from off-street, secure parking whilst other homes will see a leap in value thanks to the additional living space.

This article is from the following website     http://www.homeimprovementloans.org.uk/how-much-garages-add-property-value.html