How To Add Space To Your Home With A Garage Makeover

Homeowners who want extra space in their property can often feel stuck where they are, due to the steep expense of moving costs. That is why it is often worth considering home renovations like garage refurbishment before putting your house on the market. 

The cost of moving 

While the difficulty for first-time-buyers to purchase a property gets a lot of publicity, less is mentioned about the challenge homeowners wanting to climb the housing ladder face. 

People moving to a more expensive property would need to finance a bigger mortgage, as well as estate agent fees, conveyancing charges, legal expenses, and moving costs. 

However, the most significant expense movers need to consider is Stamp Duty Land Tax (SDLT), which research by the HomeOwners Alliance revealed was the barrier for relocating for 24 per cent of property owners.

SDLT rates vary depending on the price of the property, but can be up to 12 per cent for a property worth over £1.5 million. For a home that is £500,000, home movers would have to pay £15,000, which is a huge extra expense to add to their mortgage.

Lack of properties available

Even those wanting to downsize could end up paying thousands in SDLT, which is why many people stay in their current residence. This means there is often a shortage of available properties for growing families, which pushes the prices of those on the market up due to the low supply. 

How a garage makeover can solve the problem

If homeowners are not able to find a bigger property or cannot afford the moving costs, they have to make do with what they have. 

This doesn’t mean they have to keep tripping over each other though, as they can add space to their abode by updating their garage, by transforming it into:

• An office

• A gym 

• An extra bedroom

• A playroom for the children 

• A utility room 

• A room for your hobbies 

This extra space can buy them time in their current home, so they don’t have to worry about moving for a while yet.