If you know that your five or ten year plan includes selling your home in Tampa, Florida, you might be thinking through upgrades. Remodeling can be a great way to get some extra value out of your home for a few years and to add value when it comes time to list. Most experienced real estate agents will tell you that a top-notch garage gets noticed by buyers, and if you have some luxury aspirations, it’s worthwhile to really think through your plan for a major garage remodel.
Even luxury needs a budget
While it’s great if the total costs you’re up for with your garage remodel are substantial, pretty much everyone would prefer to get their beautiful new garage remodel done for a reasonable amount. That’s why the beginning of your project should start with the end in mind, thinking through each line item and any professionals you’ll need to hire. Pricing these things out will help you know whether your imagined amount to spend will realistically buy you everything you want.
Price out the top priorities in terms of materials or usage
When you envision a garage remodel that matches your level of luxury, what do you think of? Are you aiming for a top-of-the-line storage system and all-new tool benches? Do you imagine turning it into a bonus game room that will convert easily for entertaining? Do you have decor selections that are non-negotiable parts of the budget? Any of these answers should be factored in early, because every project has the major features as well as the features that matter less. If, for instance, a slightly different wall color is on sale and wall color isn’t a high priority, the savings from paint can help the project stay on target even if, say, the top-of-the-line storage system is a little pricier than expected.
Fill in your budget so that you can control costs along the way
One of the problems with remodels is that you’re likely to go over budget even if you’re quite careful – things get more expensive or unavailable, creating a need for substitutes. Budgeting from the beginning for 70% or 80% of your total number can help you find wiggle room, but that often isn’t enough. You want to stay in touch with your contractors, know how many hours they’ve put in, and do things like source items anything you can to save personnel time.
Take full advantage of your garage remodel before selling
While a basic upgrade in your garage can pay back a high percentage in ROI on home value, the more luxurious it is, the less certain that return is. After all, some buyers simply may not pay additional thousands for the particular kind of garage use – some will, others won’t see it as adding quite as much value. The key, however, is to up your ROI over time by enjoying it yourself as a family and then getting a great real estate agent to help you get additional ROI through the home’s sale.