It can get confusing in today’s current property market. I’ve noticed how misguided people are investing more in renovating their house rather than buying a new one. If you think about it, renovating your home seems like a bad decision if you plan on selling it after some time.
With that in mind, I have come up with a list of all the questions that a homeowner might have in dealing with storage options and home value-increasing sheds.
What are the ways to add value to your home?
The truth is that a homeowner is presented with a vast number of options when it comes to adding value to their home. You can check out Lamacchia Realty’s post on the things that increase – or decrease – the value of your home.
Nonetheless, I am here to share a little secret. This secret is one of the most important yet neglected tips when trying to add value to your home – storage is considered as one of the easiest, cheapest, and most effective way to increase your home’s monetary value.
The question now would be “Why and how does it add value to your home?”
What are the things a buyer considers when looking into real estate?
To adequately answer the question of why and how storage options can add value to your home, we have to first understand the factors considered by buyers when looking into property or real estate.
Most house selling strategists claim that women generally inspect the bathroom and kitchen for storage options before saying “yes” to a particular house. As for the men, they are typically drawn towards storage options that will serve as a home for their boy toys.
What makes storage a vital component in your home?
Now that we have established how buyers look into a house’s value, it is part of the job to understand what makes storage a vital component in anyone’s home. In reality, people would start craving for a place for everything soon enough. When that happens, you would be happy to have additional storage in your house.
Of course, it is essential to consider the aesthetic value of the house, so whatever storage option it may have, it should keep up with its overall design. In addition, it should be secure enough, located in a convenient location, and should be weatherproof.
If sheds add monetary value to your home, is it necessary to spend too much on it?
If you feel like hiring a professional to build a shed for your house is too expensive, you would be happy to know that there are other ways to achieve this. In fact, you can build your own shed at a much lower cost. There are tons of online shed plans on how to build a shed. Just don't forget your building permits!
Does a shed increase property tax?
Another question that I feel is essential to discuss is whether or not a shed can actually increase property tax. Yes, it can increase the overall monetary value of the house because it presents an additional storage option; however, does it increase property tax?
You’re in luck because any change done to the property – like building a shed in your backyard – can increase property tax. If these changes have been proven to improve your property’s value, there is a high chance that it will lead to a higher tax bill. As a result, be prepared to have your property reassessed for its value.
Can a shed decrease your home’s value?
Let us not get carried away! If a shed can increase your home’s value, is there any chance that it may also decrease it? The answer may or may not surprise you but a shed can take away value as well. If your shed looks run down and unattractive, it can lower the value of your property to the eyes of the buyer.
With that in mind, it is essential that homeowners should maintain their sheds regularly and adequately. An ugly shed can decrease your property’s value more than a shed-less property can. Again, we go back to the importance of aesthetic in a buyer’s decision to buy a house.
What are the things to remember when investing in an outdoor structure?
Sheds are not the only outdoor structure that can add value to your home. You can opt to build a pergola, garage, different types of garden sheds, and so much more. Nonetheless, in investing in an outdoor structure, you have to be familiarized with the current trends as well as high-end materials used in construction; all of these have been adequately discussed by HGTV.
In today’s current property market, sheds are growing to accommodate more things inside the house. Be wary of the materials used in construction as this can either increase or decrease your home value. With that in mind, always opt for quality over quantity.
What are the mistakes to avoid when investing in an outdoor structure?
According to Appraisal Institute President Leslie Sellers, the biggest mistake that a homeowner can commit is forgetting to check for their building permits. Be sure to check with your local building department and homeowner’s association before purchasing any of the materials.
This is a vital component in building a shed. Failure to file for these building permits can lead to wasted time, money, and effort. Here’s a post by Plasticine House on how to properly acquire building permits.
What is the potential return on your investment in outdoor structures?
I always say these to those who are looking for ways to increase their house’s value: a shed can increase your property value; however, there is a low chance that you will get the full cost of the shed back when you sell your house.
The beauty of having a shed is that it increases the value of your house a little bit more than when the shed didn’t exist. Keep in mind though that this can be subjected to several exceptions. Remember, depending on the quality of your shed, the materials used in its construction, its size, its aesthetic value, and its location, a shed can be more than just a few extra dollars.
Nonetheless, Hanley Media’s 2015 report shows a job cost for garage addition to be $ 52,832.00 in the USA alone. The West Coast’s report showed $59,348.00 and the middle Atlantic region showed a little more than $ 55,846.00.
Upon resale of the property, the additional garage received an estimated average of $ 33,938.00 in resale value. The West Coast’s report showed $47,279.00 and the middle Atlantic region showed a little more than $ 30,932.00.
To break it down for you, property owners in the USA received a 64.8% ROI, 79.7% ROI for the West Coast, and 55.4% for the middle Atlantic region. I don’t know about you, but this is an excellent ROI outcome.
Final thoughts on adding a shed or garage to your home
Keep in mind that you should have all of the proper building permits before proceeding to create an outdoor structure such as that of a shed or garage. Nonetheless, any effort you put into having an outdoor structure can significantly increase your property’s value.
Goodbye to the tiresome and stressful process of renovating your house for the sake that when you sell it, you will get a good return on investment or ROI. If you want a high rate in ROI, invest in storage options. Building a shed is an excellent cost-effective way to increase your property’s value.