The Home Buyer's Korner

Information presented should be used for educational purposes only.

August 11th, 2014

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Improve Your Resale Value

Home Additons

Before you make a major structural change with a renovation loan, it is important to consider how this will affects your home’s resale value. While there are many home modifications you can and should take to improve your home a detached garage may be a wise decision and can drastically improve your resale price when the time comes..

The first step is to consult with a real estate agent to get information about how the addition of a garage or any other improvement affects your home’s value.

As a home buyer, you should be well aware that one of the most common ways value is determined is a market analysis based on price per square foot.  While factors such as age, condition and neighborhood amenities affect a home’s value per square foot, the size of the improvements has a direct impact on property value. For example, adding a garage adds square footage to the property, and a real estate agent can help you to determine the true financial gain, you may experience through this addition with a cost market analysis.

Properties that are more appealing to future home buyers will sell for a higher price. When you add a garage to your property, you may be adding style and functionality to your home. Creating a detached garage with a workshop or other functional areas adds appeal, so think hard about what types of improvements will not only give you a great place to live; but add additional selling power when the time comes to upgrade or downsize.

Some home buyers using renovation loans add a garage to the home because one was never constructed in the original design, but others will add because they wants to transform the existing garage into a more functional area. An example might be turning the existing garage into a living room; a bedroom or expanding the home’s living area. With the addition of a new garage home buyer’s that plan to buy and renovate can retain the benefits of having a garage while improving the overall functional use of the home..

The addition of a detached garage can benefit you and your family in a number of ways, and it can also improve the resale value of your home. Work with your real estate agent and a general contractor to find out what works best for the home you’re thinking about purchasing.


FHA 203K

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The Conventional Alternative to FHA 203K

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Organizing your home shopping experience affords a wise decision making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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