We can all relate to the benefits a garage provides. It keeps our car out of the elements. Just jump in the car and drive away. No need to clear ice or snow from the windshield. Plus in the summer, it keeps the car cooler and prevents UV rays from damaging the finish. A garage reduces the potential for dings, scratches and even vandalism. And because it’s in a more secure location, it even reduces insurance rates! But is a garage a good investment?
Let’s start with what does a good investment actually mean?
Influenced by HGTV shows such as Flip or Flop and House Hunters, many homeowners and homebuyers have unrealistic expectations. Unlike improvements featured on these shows, you won’t get an immediate 100%+ return spending $20,000 - $40,000 on a new garage.
But Is A Garage A Good Investment?
Many real estate professionals believe that it is.
Real estate investor and author Grant Cardone said “The average two-car garage will return the investment. It doesn’t mean you have to have one with polished or painted floors and other fancy amenities, but it does have to be clean and roomy. Adding some extra square footage doesn’t cost that much more with this type of construction,” he says.