There are plenty of homes in Los Angeles, California, that were built without garages. Whether you have a carport or you’re just looking to add a bigger garage, creating a proper garage space sounds like a great project to add value to your home. But before you start planning out the space and even calling contractors, you need to make sure adding that new garage is worth it, both in time and money.
Cost versus value matters
The cost versus value analyzes how much you will spend on your garage addition compared to how much value you will add to your home. Basically, it tells you how much of a return on the investment you will get. Smart homeowners will consider both the current value of having this home improvement project as well as the future value for when it’s time to list the home for sale.
What is the cost versus value of a garage addition in Los Angeles?
In Los Angeles, you’ll find that the average cost to add a two-car garage is about $56,262 (according to Remodeling Magazine). Remodeling Magazine defines this mid-range garage addition as adding a 26-by-26-foot freestanding garage, complete with electrical and an automatic garage door, and left with unfinished floors, walls and ceiling. Adding this same size garage but finishing the ceiling and walls, adding epoxy flooring as well as a bank of built-in cabinets for a workshop, would cost the average Los Angeles homeowner $92,958. If you have an existing structure that needs to be torn down first, this will cost extra.
The mid-range garage has an average cost versus value of 91% while the upscale garage addition has an average cost versus value of 71%. Both add value to the home however it’s clear that prospective homebuyers may not perceive the upscale project as valuable as it actually cost to install.
Comparing to the national and regional areas
Where you live can significantly influence the cost of materials and labor, as well as influence the perceived value of a project at time of sale. For a mid-range garage addition, the national average cost is $49,911 (69.3% cost vs. value), and the national average cost for an upscale garage addition is $82,311 (58.4% cost vs. value). Compared with the national numbers, the Los Angeles projects may cost more but also gain more value in the long run.
Your reasons matter
Just like the cost versus value matters, so does your reasoning behind the addition. Are you adding a garage because you need storage or a place to park your car? Or, are you adding a garage because you think it will help you sell your home faster in a year from now?
If you are only adding a garage to sell your home, you may want to skip that and focus on other projects inside the home. But, if you plan on living in your home for a while, that garage addition will make living there more convenient. Also, as home values continue to rise, you may get more value back from this project.
Top image credit: PatriArch Architects