A garage addition makes especially good economic sense in the Pacific region of the country, where home owners can expect to get back almost 78% of the cost of a midrange project, although garage construction costs are about 20% more than the national average. Returns tend to be lowest in the country’s midsection. In Omaha, for example, the same garage recoups less than half its cost.
As a general rule, you’re likely to recover a higher percentage of your investment if you build a relatively basic garage — one with open walls, an unfinished concrete floor, and shelves for storage — rather than one with interior drywall and trim, an epoxy floor coating, and designer storage solutions. Such an upscale project runs a national average of $80,511 and returns around $44,034, or about 54.7%, of its cost at resale.
But there are financial considerations to adding a garage that go beyond resale value. Protected from the elements, your vehicles will stay in top shape, which could make them more valuable when you sell them. If you include workshop space, you’ll be able to do many home repairs yourself, saving on the cost of pros. And if you outfit the garage so that it’s easy to access stored items, you can save leftover materials, reducing the cost of future projects.
National average cost, 26 x 26 ft. midrange garage addition:
Job cost: $48,806
Resale value: $31,091
Cost recoup: 63.7%
National average cost, 26 x 26 ft. upscale garage addition:
Job cost: $80,511
Resale value: $44,034
Cost recoup: 54.7%