All things being equal, converting your carport in garage can increase home value. A carport is better than no garage, a single car garage is better than a carport, and a double garage is better than the single garage. However, you really have to be familiar with homes in the area, and whether your home is comparable to other homes except for the carport.
And before you decide whether to put in a carport, you should first find out if other comparable homes in the neighborhood have a one car or a two car garage. If other comparable homes in the area have a garage, then your house should have a garage. If you are going to put in a two car garage, then make it a real two car garage, and not a garage for a scooter and an ATV.
Converting you carport into a garage can cost you anywhere from $15,000 to $50,000, so you really need to know what other comparable homes are going for so that you know how much you should invest in converting your carport. You should also have an appraisal of your home to know the difference in value between your home and other comparable homes in the area.
Since the conversion is going to be quite a large investment, you really need to be sure that you are going to be in the home long enough to recover your investment. That is the rule of thumb for any other home improvement you might make. After all, it makes absolutely no sense to invest money in your home if you are not going to recover the investment.
If you invest $50,000 in your garage, it is not likely that you will recover that much money in the short term, if at all. However, if other comparable homes in the area are selling for $20,000 more than the appraisal you receive for your home with a carport, then investing $15,000 on a garage is not such a bad idea after all.
If you decide to convert you carport into a garage, then make sure you ad shelves other types of storage space. When people look at garages, they are not only looking for a place to store and protect their car. They are also looking for a place where they can work, and store things such as tools, gardening equipment, etc.
If you add shelves, and other types of storage space, then you are going to make your garage that much more attractive. However, if you start adding insulation, heating, and cooling, you may run well over the budget that you had established. It all depends on how much you are willing to spend on your garage, and how much you are planning to recover when you sell.
If you get carried away, you will spend much more than you had planned to spend, so you need to stick to your budget. It may be that you have to wait five or ten years, or perhaps even longer, to begin to recover your investment. If you are looking to sell right away, then you should be conservative about how much money you spend in converting a carport into a garage. The important thing is to know what your home’s value would be with a garage instead of a carport.
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