The Garage: A Top Five Home Investment
September 26, 2017
Happy Birthday, Garage! In celebration of the 105th anniversary of the invention of the garage, we’re thinking about the only place in the house where oil and water mix perfectly well.
Americans have garage sales, garage bands and garage workshops. Great American companies like Apple, Google and Disney have been launched in garages. For the homeowner it’s an opportunity to up the value of their property and express personal style. With more material options, smart technology and the reimaging of this space, it’s a $422 million market that is expanding.
Replacing the garage door consistently ranks as one of the top five home improvement projects that generates the highest return on investment at resale, according to the latest Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com.) Homeowners can expect to recoup 79.6% (down from 91.5% in 2016) of their investment in a midscale garage door replacement and 90.1% for an upscale garage door replacement.
IBISWorld’s industry research report on the Garage Door says over the next five years, industry operators are anticipated to benefit from increases in private spending on home improvement. Additionally, a rise in housing starts will also benefit industry revenue over the period. The report cites that Industry operators are expected to expand the geographical reach of their services and the bulk of demand will come from new residential homes.
In terms of top returns by market, they also rank consistently across the country in the top five home investments. When a new garage or upgrade matches the home’s exterior materials and roofline, the ever-critical “curb appeal” increases right along with the feng-shui of the outside. Paint plays a key role for consumers with a smaller budget who want big impact. Given the color trends of 2017 are so bold, garage doors can make a strong statement. Leading paint manufacturers’ colors of the year include deep hues of blue, purple and gold.
Innovation in garage doors has allowed for new trends in smart home technology to reach the garage as well as using the garage door to create a more functional and livable space. Consumers are treating the garage with more respect than ever. New technologies and innovations have made it easier to get in and out of the garage. With the wide array of styles, materials, mechanics and smart tech options, consumers are increasingly thinking of the garage as more than a place for their cars. Long the most multi-purposed area of a home, the trend of renting out space to travelers has increased interest in repurposing the detached garage. According to design experts at The Spruce, living space over a garage can be the most economical to create a new home office, media room or rental space (AirBnB anyone?)
Consumer preference for a detached versus an attached garage depends on where they live and the age of the home. The convinience in colder climates makes an integral garage more appealing. Concerns like security have arisen, so manufacturers who incorporate burglary-proof features can differentiate in the market. Electricity, ventilation and space all play a role in the garage.
The National Association of Home Builders says about 9 out of 10 new homes have a garage of one size or another. In 1971, 39% of homes had a two-car garage. Today that number has doubled. Though the basic dimensions (9 to 10 feet wide and 18 to 20 feet long) of the average single car garage haven’t changed much since evolving from horse carriage houses to the first one built in 1912, a lot has changed around their use, design and functionality. First devised as a practical solution to protect cars, today the options for garages are about as varied as what you put inside them.
“© 2017 Hanley Wood, LLC. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”