A full-scale apartment or guest house will take you to the top of your budget and beyond at an average between $15,000 to $30,000. You'll need to make all the upgrades mentioned for a family room, along with a separate bath and kitchen. You'll need to run a gas line or a 220 outlet for the stove. You'll also want a private entrance for your apartment, which usually entails adding a fire door.
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The cost to finish a garage is often less than the cost of a remodel, coming in at an average of about $5,000. Finishes should factor high on your list of materials before you ever begin your garage conversion. The answers to the following questions will go far in determining your budget. Low-end finishes will save you big bucks at the time of renovation, but high-end finishes will help recoup your ROI when it comes time to sell.
A garage remodel can take many different forms. Some finished garages are transformed into guest bedrooms, game rooms, man caves or even master bathrooms. Others go the traditional route and clean it up to just keep their cars inside. The traditional route is certainly more cost-effective, but after analyzing national garage remodeling costs, the average price to renovate a garage is roughly $10,000.
Besides a brand new room, there are plenty of other benefits that come with remodeling garages. First and foremost, if you simply update your garage with new flooring, windows, insulation or garage organizers, you instantly increase the value of your home. While you may not see a 100% return on investment the day you sale, you will surely get more than you would have before the garage renovation.
The real truth about increasing your home value is that it is not a one size fits all situation. There is no one magic bullet that will make your garage into something that others want. Each home is unique and an idea that is great of one situation will be completely out of place in another. Take the time to research the ideas we have outlined above, and compare them to what is in the neighborhood. Your best choice is one you make for your home and that appeals to buyers.
Paint manufacturers have recognized these problems and have come to the rescue with new solutions. But a word of advice: If your garage floor sees heavy water leakage, if it's badly cracked or if it's damp and slimy all summer, don't apply any coating. In those cases, you're better off simply keeping it as clean as you can and then calling it quits.
And you really need your investments protected, but you just don’t have the funds to build some of these other options. Well, don’t give up hope. This video shows you how to build a pretty decent structure that will do what you need it to do for basically no money. And honestly, if you have the materials on hand it could actually be built for free.