Tyler Depew and Tia Pedrett spent nearly double their budget, but by using quality products and saving money on labor, their garage renovation gave them a $10,000 boost in equity. Now they have plenty of space to start the project that will give them to most return, the basement.Tips: Adding Garage Value
Adding tasteful storage to any room is an instant equity boost, but be careful not to splurge on storage in areas where you might not get your return. Tyler, an experienced woodworker, had both the tools and space to build his own cabinets and by saving on materials and labor, he was able to get the return on his investment.
Tyler set out to make his garage into a workshop. Making your space too specific to your style or your hobbies can actually cost you when you're trying to sell. Tyler made great decisions in keeping room for a car to park, building generic cabinets and insulating the garage so future homebuyers will see an extension of the home and not a wood shop.
All the experts agree, updating a garage isn't like a bathroom or a kitchen; you might not get the return on your investment. By keeping his garage renovation versatile enough to be used by future buyers and using quality materials, Tyler actually increased his equity return (Final 03).
Final Tally:dog door = $95
framing = $322
electrical = $951
drywall =$625
paint = $360
cabinets = $989
misc. = $535
insulation = $2000
garage door = $3650
TOTAL = $9527
Realtor's Estimated Value Increase = $10,000
Total Cost Of Material = $9,527
Net Return On Investment = $473
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