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All things being equal, converting your carport to a garage can increase home 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 should be familiar with the houses in the area and if your house is comparable to other houses, except for the carport.
And before deciding 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 homes in the area have a garage, then your home should have a garage. If you are going to install a two-car garage, do it in a true two-car garage, and not in a garage for a scooter and an ATV.
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 at to know how much you should invest in converting your carport. You should also have your home appraised to find out the difference in value between your home and other comparable homes in the area.
Since the conversion is going to be a pretty big 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 get a return on your investment.
If you invest $50,000 in your garage, you’re not likely to get that kind of money back anytime soon, if at all. However, if other comparable homes in the area are selling 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 turn your carport into a garage, be sure to add shelving 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 will spend much more than you planned to spend, so stick to your budget. You may have to wait five or ten years, or maybe even longer, to start to recoup 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.