There are many advantages to having more space in your home by converting the garage. A few disadvantages should be considered to. Let’s start with the downside.
Disadvantages of a Garage Conversion
Garage conversions are expensive. Consider spending a minimum of $5,000 for adding drywall, leveling the floor, installing flooring and finishing the project with basic lighting and furniture. If you intend to add a bathroom, cabinets and countertops or a dedicated HVAC system, you’ll spend a minimum of $12,000 to $15,000. Cutting up concrete to run plumbing is just part of the additional expense.
Then, depending on how you plan to use the space, you’ll need to consider the cost of the specific equipment for a home theater, master bath spa, wet bar, etc.
Having to park your cars and store your equipment elsewhere is the next drawback. Carports and covers are options for the vehicles. For your equipment, you may have to build a shed or rent a storage unit. Planning storage space above the converted garage is an option for some of your gear.
Finally, your property taxes will go up when your home is assessed with more living space.
Take all these factors into account, and if they aren’t daunting, then consider going ahead with your garage conversion project.
Advantages of a Garage Conversion
The most obvious reason to consider a garage conversion is that you have more living space. It might be general living space such as a big family room with a bathroom, or it could be space used for a specific purpose.
Specific garage conversions include a guest room, in-law suite, art or music studio, kids’ playroom, master bedroom suite, gourmet kitchen, home office, home gym, home theater or a guy’s or gal’s getaway. You’ll love having space to fit your needs and desires.
Remodeling your garage often allows you to stay put rather than moving. If you love your neighborhood, the local schools, nearby shopping and your existing home, but you really need or want more space, a garage conversion solves the problem. Have your cake, and eat it too!
While your property taxes will go up, so will your home’s resale value. By most estimates, you’ll get 75 to 100 percent of the cost back when selling. Talk to a few local realtors about specific garage conversion return on investment in your neighborhood.
What’s right for you? Take these garage conversion pros and cons into consideration, and you’ll have a good basis for making your choice.