August 16, 2018
How can a garage add value to your London home?
In a list of must-have property features, a garage often tends to be included. So, if you are fortunate to have one, it could provide you with a valuable boost when you sell your home.
With this in mind, it’s therefore important to know how your garage could increase your property’s value…
The most common use of a garage is for parking space. In an age of limited space, a garage offers some peace of mind to homeowners.
This, as well as being guaranteed a parking spot that is within a few steps of the home, is enough to make your property even more desirable to potential homeowners.
What’s more, according to GoCompare research, having your car stored in a safe and secure space could lower the cost of car insurance. This could prove useful for many residents as insurance prices tend to be high.
Garages can also be seen as a long-term asset. Demand for parking is likely to increase year-on-year. Thus, a garage may become a significant selling point for your buyer if they sell in the future. The value of a garage is sustainable.
At the other end of the spectrum, some homeowners who have a garage fail to utilise the space properly. While garages are commonly used to store cars, they can also act as an additional room in the home. An alternative use of your garage could make it a unique selling point, particularly if there is also a driveway or means to park the car elsewhere.
A garage conversion is becoming an increasingly popular option for homeowners. When the space isn’t occupied by a car, garages tend to fill up with old equipment and are used as another storage space, rendering them useless. However, transforming the space into a room that can serve another purpose could make the home even more appealing.
The possibilities are endless; a garage could be converted into an office, extra bedroom, home gym, workshop or playroom. A step further, and the space could even be transformed into an additional kitchen or extra living space.
In many cases, a conversion would not require planning permission. Still, it’s advisable to check with your local authority to safeguard yourself. You will also want to seek out professional advice and adhere to any building regulations before starting.
Creating your own garage
If your property doesn’t already have a garage, it could be worth installing your own. Because garages make for a good long-term investment. This may seem costly, but the return on your investment in could be far more significant considering the growing demand from prospective buyers.
Keep in mind that the cost could be anywhere between £2,000 and £3,000. This could be paid back with interest when you come to sell. After all, you will have a must-have feature that could attract even more potential buyers.
Whatever you decide to do with your garage, it’s important that the space is used wisely. Some homes will benefit much more from off-street parking, while other homes will see a boost in value from the additional living space.
For more information on selling a home in London, please get in touch with us or contact one of our many branches, from Kennington to Canary Wharf. To find out how much your home could be worth in the current market, you can request a free and instant online valuation.