What Does It Cost To Add A Garage?

            by Greg Cryns

          When you’re thinking about adding a garage to your home, you’re probably dreaming of having a great place to store your vehicle and even a place to use as a workshop or storage for tools and other items.  However, the cost of that dream may be something that concerns you a great deal. Any kind of home addition is usually a costly purchase.  There are many good reasons, however, for going 

ahead with this project.  First of all, a garage will add value to your home.  When it’s time to sell your home, you’ll most likely recover the cost of this type of addition.

            A garage will also add a lot of space to your home.  The things that are stored in closets and stashed away all over your home can finally have a permanent place of order.  You can store things like tools, lawnmowers, trimmers, and seasonal items.

            Your new garage can also house your vehicle.  This will help to protect your car from the elements.  It also protects your car from vandalism and burglary.  In order to break into your car, someone would have to break into the garage first.

            When it comes to determining the cost for your addition, it’s important to get more than one estimate.  You should get at least three bids from different contractors.  Look carefully at each bid and make sure that quality materials are being used and that the bid is very specific.  The lowest bid isn’t always the best bid, but the highest bid doesn’t necessarily mean more quality.

            It’s up to you to go over the bids thoroughly to make sure that you’re getting what your really need at a price you can afford.  Once you have a good bid and have made a decision about a contractor, you need to secure financing.

            If you’re planning to pay cash, you don’t have to worry about finding a lender and the specific kinds of loans available.  However, if you’re planning to finance your garage you need to know all of your options.

            You may want to consider taking out a home equity loan or a home equity line of credit to finance your garage.  In addition, you can also try to get a home improvement loan that’s not tied to your equity.

            However, you should know that it’s more difficult to get loans for home additions than it’s been in the past due to the current loan restrictions.  When it comes down to it, you’ll still need to have good credit in order to finance a home addition.

            Whatever route you go to finance your garage addition, make sure you shop around to find the lowest interest rates possible.  Remember that adjustable rate loans are likely to increase in the near future, so look for loans that have fixed interest.

 

Greg Cryns is the owner of Flat Fee Real Estate Guide - http://www.flatfeerealestateguide.com