Homeowners look at garage conversions as way of increasing house value

Findings from Santander Mortgages reveal that more than one in ten British garage owners have converted or plan to convert their garage space as they look to increase the value of their property.

The findings also reveal that only 34% of homeowners actually use their garage for its designated purpose, with 12% not utilising the space at all, 27% filling them with rubbish, and 21% looking to convert because they feel that their garage is too small to park their car in.

Popular reasons for converting garages include turning them into offices and studios (24%), bedrooms (29%) and using them for storage (20%).

The average garage conversion costs around £6,300 but garage owners believe it adds an average £7,250 to the value of the property, which if accurate, would mean that garage conversions will boost the value of British homes by a staggering £8 billion in total.

At the higher end of the market, more than 167,000 homeowners estimate that their garage conversion has or will add more than £10,000 to the value of their property. One in seven homeowners also estimates the cost of their conversion to be more than £10,000.

Phil Cliff, Director of Mortgages, Santander, said:

“For many people garages have lost their original purpose. Cars are far more reliable and robust these days and most homeowners are happy to keep them outside on the driveway. But for a relatively modest investment garages can be transformed into a space that far better matches our current needs. For many homeowners maximising their current space is a far more affordable and convenient option than moving home.”