Record-low housing inventory throughout the country has some homeowners rethinking their plans to move to a larger space. Instead, you could be thinking about methods to renovate or expand your current home.
What about converting the garage into extra living space? Here are a couple of Positives and negatives.
The Positives and negatives of Converting a Garage into a Living Area
Positive: Take full advantage of what you have In the era of ride sharing services, many young professionals are opting for to downsizing by opting for public transit over car ownership. Therefore, the unused garage is easier to convert to a functional living space than managing the cost and hassle of an expansion.
Negative: Decrease in Storage Space Many homeowners use their garage for extra storage, so prior to making the decision to modify the space, ensure you have a plan for your storage needs.
Even better, downsize your belongings for a a bit more breathing room throughout your home. Positive: Assist In Paying Down Mortgage Interested in renting a room out in your home to assist in paying down your mortgage?
In line with a survey completed by HomeAdvisor, millennial homeowners are 39% more prone to renovate a garage in comparison to all other homeowners that can enable them to create a usable living space while building equity.
Negative: Future Buyers Needs and wants Prior to deciding to convert a garage, you’ll want to do your homework on your neighborhood. Exactly what is selling? Are garages preferred by home buyers? If you are seeking for answers to these questions, or are worried regarding the resale value of your home, you’ll want to consult a full-time, experienced real estate agent for advice.
With extra training and expertise – like knowing if the square footage of a garage count in the total square footage of the property – your real estate agent is there to aid you.
Ready to find out the current market value of your home?
Nick & Cindy Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch shortly.
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