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Will a Garage Conversion Add Value to My Home?

Housing-Market / UK Housing May 28, 2014 - 11:12 AM GMT

By: Nadeem_Walayat

Housing-Market

It can be very tempting for home owners in need of living space to contemplate the conversion of their integral or attached garages. However this can turn out to be a huge mistake in terms of it being highly unlikely that you would ever recoup the costs in terms of an increase in your homes value, not unless you live in places such as central London where space carry's a heavy premium.


Instead, it is more likely that a garage conversion will result in a loss of value as it would put off potential buyers, especially if virtually every other house in the street has a garage, but now yours does not.

Therefore you should consider the £5k to £15k of costs as being incurred for your sole benefit, as it won't benefit you at time of resale and instead will likely even result in a loss of value of a few percent, which would especially be true if it were an obvious DIY job done on the cheap.

Instead, If you are in need of extra living space for instance for a home office or a home theatre then look at alternative options available such as having a wooden garden office erected which would usually not need any planning permission and would cost roughly the same as a garage conversion (starting from £10k), which would add some value to your home, possible 2/3rds of the amount spent.

Another option is to look at utilising your garage space other than for storage that does not require any building works such as using part of the garage as a money saving home gym, an investment of £1000 would not only retain most of its value but within a year pay for itself in terms of money saved on expensive monthly gym memberships.

But if you really need the space than look at a temporary option, i.e. use screws to erect a stud wall with so that it can be dismantled, and leave the garage door in place remembering to hang rolls of insulation between the garage door and the new wall. However you will still face a problem when it comes to heating the space.

Off course you could go ahead and fully convert your integral garage if you have the space to build replacement garage, in which case it would probably be cheaper to retain the garage and extend the back of your property.

For 15 home improvements that will add value to your home see the New UK Housing Market Ebook available for FREE DOWNLOAD (Only requirement is a valid email address).
      
   Top 15 Value Increasing Home Improvements
Page
     1. Home Extensions
191
         Permitted Developments
191
         Planning Applications
193
     2. Kitchens Sell Houses
196
     3. Renovate Bathrooms, Add En suites and Toilets
197
     4. Loft Conversions
198
     5. Convert Front Lawns into Driveways
200
     6. Extend Leases and / or Buy Freeholds
202
     7. Conservatories
203
         Who should avoid Conservatories?
204
         Cooling Conservatories in Summer
204
         Warming Conservatories in Winter
205
     8. Front and Back Garden Landscaping
205
         Front Landscaping, Cladding or Render
205
         Front Dwarf Walls and Metal Railings
209
         Back Gardens
213
     9. Replace Tired Old Garden Fences
214
     10. Tree's Danger, Inspection, Pruning and Removal
216
         Are Your Trees Too Close to Property?
217
         Solar Panels
217
         Tree Dangers
218
         Tree Preservation Orders
218
         Tree Inspection
218
         Hedges, Trees and Neighbours
220
         Cutting Your Neighbours Overhanging Branches
221
         Trees to Avoid Planting
222
         Dealing with Medium Height Trees (Under 10 metres)
222
         Dealing with Tall Trees (Over 10 Metres)
224
         Container Trees
226
     11. Going Green - Insulation, Green houses and Water Butts
228
         INSULATION
228
         WATER BUTTS
229
         GREEN HOUSE
229
     12. Storage Space Ideas
232
         Staircase
232
         Converted Lofts
232
         Garages
234
         Sheds
234
         Under House Storage
234
     13. Replace Flat Roofs with Pitched Roofs
235
     14. Quick Cheap DIY Ideas to Help Sell Your Home
237
         Replace Bland Old White Switches and Sockets
237
         Light Fittings
238
         Add or Renovate Neglected Flower Baskets
239
         Solar Lights
240
         House Signs and Numbers
242
         Air Fresheners
243
     15. Painting, Decorating, Cleaning and Maintenance
244
         Ceiling and Wall Plaster Cracks
244
         Painting & Decorating
244
         Carpet Stains
246
         Water Leaks and Maintenance
247
         Exterior Brick Walls Holes and Mortar Repair
248
         Exterior Painting
250
         Decking, Fencing, Garden Furniture and Railings
251
         Lawns
254
         Driveway Pressure Washing and Sharp Sanding
255
         Roofs
256
      
  Home Improvements to Avoid
258
     1. Swimming Pools & Garden Ponds
258
     2. Solar Panel Installations
260
     3. Garage Conversions
262
     4. Children's Play Equipment and Areas
264
     5. Basement Conversions
267
 

New Housing Market Ebook - FREE DOWNLOAD

The housing market ebook of over 300 pages comprises four main parts :

1. U.S. Housing Market Analysis and Trend Forecast 2013-2016 - 27 pages

The US housing market analysis and concluding trend forecast at the start of 2013 acted as a good lead exercise for the subsequent more in-depth analysis of the UK housing market.

2. U.K. Housing Market Analysis and House Prices Forecast 2014-2018 - 107 pages

The second part comprises the bulk of analysis that concludes in several detailed trend forecasts including that for UK house prices from 2014 to 2018 and their implications for the outcome of the next General Election (May 2015) as well as the Scottish Referendum.

3. Housing Market Guides - 138 Pages

Over 1/3rd of the ebook comprises of extensive guides that cover virtually every aspect of the process of buying, selling and owning properties, including many value increasing home improvements continuing on in how to save on running and repair costs with timely maintenance tasks and even guides on which value losing home improvements should be avoided.

  • What Can You Afford to Buy?
  • Home Buyers Guide
  • Home Sellers Guide
  • Top 15 Value Increasing Home Improvements
  • Home Improvements to Avoid
  • Home Winter Weather Proofing 22 Point Survey

These guides will further be supplemented from Mid 2014 onwards by a series of online videos and regularly updated calculators such as the Home Buying Profit and Loss Calculator, which will seek to give calculations on whether to buy or rent based on personal individual circumstances, that will be updated to include the latest expected trend trajectories for future house price inflation i.e. you will have your own personal house price forecast.

4. Historic Analysis 2007 to 2012 - 40 pages

A selection of 10 historic articles of analysis to illustrate the process of analysis during key stages of the housing markets trend from the euphoric bubble high, to a state of denial as house prices entered a literal free fall, to the depths of depression and then emergence of the embryonic bull market during 2012 that gave birth to the bull market proper of 2013.

FREE DOWNLOAD (Only requirement is a valid email address)

Source and comments: http://www.marketoracle.co.uk/Article45788.html

By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2014 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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