Adding value?

theGrinch

as soon as you take the loan you will be in debt.

you can distinguish between good and bad debt, bad a garage isnt in good debt in my book.

jellie

I can't see the logic in spending £9k on building a garage you don't need, just on the off chance you might improve the value of your home particularly as you're not thinking of selling.

If you want to make improvements and are comfortable servicing the debt, then make improvements that will make your living environment better for you.

I've just converted my garage into a kitchen. My car didn't fit in the garage and I only had stuff in there I didn't need or use. I wouldn't get the money back I spent on it if I sold up but having a bigger kitchen has made me very happy, so for me, it was money well spent.

Leif

I have seen a few articles in newspapers which suggest that most improvements add significantly less value than they cost. So they are not worth it unless you want the improvement. Here is an example:

http://www.thisismoney.co.uk/money/mortgageshome/article-1721592/Which-home-improvements-add-value.html

I think the problem is that value depends on the area, the house value, and the house condition before. A colleague added a loft conversion to get a 3 bedroom house in Brighton in an area where they could not afford a 3 bedroom house. So that conversion might have added more value than its cost. Adding a nice kitchen in a house with a 40 year old kitchen may add a lot of value, adding a nice kitchen in a house with a 10 year old kitchen might add less value. Modernising a run down house may increase the value significantly and be profitable.

I cannot speak for others, but I use my garage as a work space. I store tools there, and I renovate furniture in it during the warmer months. I must admit that the garage was low down on my priorities, but now I feel it is essential. But, a shed could serve almost as well for much less cost, so I would not pay ~£10,000 more for a house with one.

I'd go with jellie. Only spend money on something you want and will use, but avoid extravagances, and keep the decor such that it will appeal to most people if you have an eye on future sale value.