Do all home renovations pay off? While some home improvement projects can be a blessing at the time, they can become a curse in the long run when you decide to sell your property. A home renovation, if not thought out and executed well, can decrease your property’s value.

When purchasing a home, most buyers factor in the availability of a garage when making their decision. In fact, according to a recent survey by the National Association of Home Builders, a garage appears in the most wanted list of American home buyers’ features.

Since most people put a premium on a garage, converting yours into something else may not be the best idea under certain circumstances. Perhaps you need to explore other options, for example, “sell house as-is” and find another home that fits your current needs.

Why a garage conversion?

The US is facing a record housing shortage, with fewer units on the market for sale today than decades ago. Thus, for some people looking for additional space, purchasing a larger home may not be an available option. Here are good reasons why you might consider garage conversion:

Construction experts agree that the budget for a professional garage conversion can range between $10,000-$25000, or even more. The three main variables are electrical work, plumbing, and HVAC systems.

Depending on how you design your living space, plumbing budgets can quickly become huge. If you’re converting your garage into an area where you can cook or have a bathroom, be ready to spend $2,500 or more on the plumbing installation.

While your garage will have basic electrical wiring, you’ll likely need an upgrade. Most garages have a single light and electrical receptacle. You will probably have to add at least one more 20 amp electrical circuit, including receptacles and additional lighting. Hiring an electrician to add proper electrical receptacles and lighting can be expensive.

To make the space liveable, you will need ventilation, cooling, and heating systems. The cost will vary greatly depending on the ability to extend your home’s existing systems to the garage.  If extending the system is not possible or practical, a new system to just service the garage will be expensive. You will also have the additional cost for the electrician to bring power to the new equipment.

Moreover, the garage door is poor at keeping heat out during the summer and keeping the heat in during the winter. You will need to build a solid wall with an appropriate exterior finish to match the existing house.