Although a garage conversion enables home-owners and developers the chance to free up valuable space in the home, it may not appeal to everyone. Indeed, those who value their wheels more than their living space will probably want to keep their motorised pride and joy safely tucked away in the garage.
Of course, this assumes that the garage provides enough space for the car, as many new-build properties would have difficulty accommodating an OAP’s electric buggy let alone a large family estate car. In short, the decision to convert a garage will rest largely on preference or necessity.
However, does converting a garage actually increase the value of the home? The more conservative of estimates, which puts the average cost of a garage conversion at around £10,000, suggests that a typical three bedroom family home worth £200K would increase in value by around 10%. Thus, the net profit that might be expected from a typical garage conversion would be in the region of £10,000.
Naturally, such a figure can only be accurately ascertained on a case by case basis. Nevertheless, in broad terms, it is important to consider a number of factors that may affect a garage conversion in terms of overall financial value. First, the size of the garage is crucial in determining both the conversion cost and potential for new living space. Indeed, a double garage may convert to an attractive reception room or gymnasium. However, that figure of £10,000 is very much a ballpark sum, so it is important to obtain a reliable quote before contemplating a conversion. It is also necessary to check building regulations and planning permissions before getting started, whilst it is essential that the property deeds are examined for restrictive covenants.