Other things being equal, converting your carport to a garage can increase your home’s value. A carport is better than no garage, a single car garage is better than a carport, and a double garage is better than a single garage. However, you really need to be familiar with the houses in the area and whether your house is comparable to other houses, except for the carport.
And before you decide whether to put in a carport, you should first find out if other comparable homes in the neighborhood have one- or two-car garages. If other comparable houses in the area have a garage, then your house should have a garage. If you’re going to install a two-car garage, install it in a true two-car garage, not a scooter and ATV garage.
Converting your carport to a garage can cost you anywhere from $15,000 to $50,000, so you really need to know what other comparable homes are looking for to know how much to invest in converting your carport. You should also have an appraisal on your home to know the difference in value between your home and other comparable homes in the area.
Since the conversion is going to be quite a large investment, you really need to be sure that you are going to be in the house long enough to recoup your investment. That’s the general rule of thumb for any other home improvement you might do. After all, there is absolutely no point in investing money in your house if you are not going to recover the investment.
If you invest $50,000 in your garage, you’re not likely to make that amount of money back any time soon, if at all. However, if other comparable homes in the area sell for $20,000 more than the appraisal you receive for your home with a carport, then investing $15,000 in a garage isn’t such a bad idea after all.
If you decide to convert your carport to a garage, be sure to add shelves to other types of storage space. When people look at garages, they’re not just looking for a place to store and protect their car. They are also looking for a place where they can work and store things like tools, garden equipment, etc.
Adding shelves and other types of storage space will make your garage much more attractive. However, if you start adding insulation, heating, and cooling, you may well exceed the budget you had set. It all depends on how much you’re willing to spend on your garage and how much you plan to get back when you sell.
If you get carried away, you’ll spend much more than you planned to spend, so stick to your budget. You may have to wait five or ten years, or perhaps even longer, to start recouping your investment. If you’re looking to sell immediately, then you need to be conservative about how much money you spend converting a carport to a garage. The important thing is to know what your home would be worth with a garage instead of a carport.