If you are looking for an increase in home value, you might do so by converting your carport into a garage. However, before you go spending $50,000 on an insulated garage, with air conditioning, heating, paneling on the walls, and whatever other things you can think of, you should first find out how you are going to recover all of the money that you will have to spend.
In real estate, it really pays to know what other comparable homes in the area are selling for, and whether the only difference between your house and other comparable homes is just the carport. If that is the case, and if your appraisal is considerably lower because you have a carport instead of a garage, then how much you invest would depend on what the increase in home value would be.
After all, if all other things are equal, and if other comparable homes in your area are selling for $25,000 more, then investing in a garage is not such a bad idea as long as you do not overspend. Think about how long it would take for your home to increase in value by $50,000 or more, if were to spend that much for a garage.
On the other hand, if you spend $15,000 or $20,000 doing the conversion, you will not have to wait to recover the investment because your home will be comparable to other homes in the neighborhood. All you will be doing is changing the difference between your home and other comparable homes.
The idea is to be able to recover the money, and if you overspend, you may never recover all of your investment. This is something that you should keep in mind whether you are going to put in the garage, a new bathroom, renovate the kitchen, or do any other type of home improvement.
You should always think about how long you were planning to live in the home, so that you do not end up losing money. Before you decide on any improvement or renovation for your home, you should already have decided how long you will live there.
If you believe that you will be there for quite awhile, then you may be there long enough to recover any money you invest, without going overboard. However, if you are doing a renovation, if you are converting your carport into a garage because you want to sell your home, there are better ways to spend your money.
When you finally make the conversion, make the space interesting without spending too much money. You can add racks and other forms of storage space, and you can make the garage really attractive to other people. If you make the space interesting, other people will be attracted to your garage, and it may sell your home faster.
However, nothing in real estate is a certainty, and everything depends on the market and what any particular buyer is willing to spend on a home. You have to keep in mind that this is still a buyers' market, and it is likely to remain so for the rest of this year and maybe even into 2011.
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