Garage Conversions are probably not the immediate thing that comes to mind when investing your money. Usually its more likely to be taking a flutter on the stock market or buying antiques? It’s a nice idea, if you know what you’re doing and you’re in control. But it can be a hugely steep learning curve and it has it risks if you don’t know what you’re doing. So, what can you invest in that will be a somewhat safer bet? Your home!
Yes you can decorate and renovate, but that will only do so much for the physical value of your property. There is some clear evidence that shows that increasing your home’s living space with a garage conversion is one of the most effective investments you can make. Why? Well here’s five reasons we think you’ll love.
1. The cost is lower than any other home development.
If you have looked at extending your living space already, you should know this one. When you take a look at the cost of building an extension, converting your loft or converting your garage, the garage wins every time.
For an extension, there are all sorts of costs involved in architectural plans, planning applications, excavating groundworks, potential changes to services such as drainage, water, gas. It’s a fairly hefty project for that many people would dread.
For a loft conversion, whilst you may not need to excavate, you are likely to need to reinforce your roof beams, modify your roof trusses and put in a new staircase. Oh and some fire escape approved windows, along with all the planning requirements, building inspections etc.
With garage conversions, there is a higher chance you won’t need planning permission. Any extension to your home services is likely to be minor and the main bulk of the construction work is sealing up the garage door opening and dry lining the walls.
A typical extension can easily cost you 40k+, a loft conversion 20k+, whereas your garage conversion can cost you as little as 5k depending on how much you do yourself.
2. Garages are largely seen as dead space.
Most people look for a garage with the property they are buying. But, what might surprise you is that many people will over ever use it for storage and keep their car on the drive. Many people also fail to use their loft space effectively.
So, if you really want to gain advantage over other properties selling in your location, just board out your loft floor and convert your garage. Many of the things you store in the garage can usually be stored in a good sized shed, the loft or…….wait for it………..dumped!
3. You can manage and control the size of your investment.
If you are going to invest in something, there are places where your ability to control the investment are easier than others. For example, investing in shares without sufficient knowledge can end up costing you more money than you make in fees, admin and profits/losses. Antiques…….well unless you know your stuff, it’s a lot of effort for modest gains.
If you build an extension or convert your loft, you are more in control of your investment. But, it is not uncommon for builders to come across something that is an unforseen, or end up with things taking longer and swallowing up more of your funds. Particularly if you have not yet decided on things like tiles, flooring, bathroom or kitchen units etc.
With a garage conversion, the overall investment tends to be less and many builders will agree a price with you for any construction works and materials needed for the job. If you then choose furniture and white wear up front, you can control what you spend more effectively.
#Top Tip – Get your builder to work on a fixed price with a clear set of parameters regarding any delays not relating to justified unforseen issues. Also, have a look on Google at typical causes of delays and issues with Garage Conversions. These will help you have your “what if” conversation with your builder.
4. Cost vs ROI is better per square foot.
If you look at they average cost of a home extension or loft conversion and the typical space you get with these, you will see that Garage Conversions, once again win. This is largely because of the lower level of complexity, planning and invasive construction that is needed for a garage being converted. There are generally less materials needed and less time.
5. It’s quicker to realise your investment.
You might be considering increasing your living space because your family is growing and you don’t want to move house. If that’s your reason, then converting your garage can be achieved in as little as a week (depending on the extent of your needs).
If you are looking to potentially sell your property and want to get the best return, converting your garage into a playroom, bedroom or extra kitchen space can be done in as little as a week or two.
Garage Conversions offer a low-cost, simple way to convert your garage space into something which enhances your home and its value. Take the hassle free option and let us help you realise this potential investment in your home.