People choose to build steel buildings for various reasons.
Steel buildings offer an unprecedented amount of design freedom while providing a lower-cost solution that is environmentally sustainable.
Compared to traditional wood buildings, steel buildings are cheaper, more durable, better for the environment, more energy-efficient, and will stand up to natural disasters much better.
And if you read our article Maintenance Tips For Your Metal Building it can help your steel building last even longer.
And those are just a few of the reasons people build with steel.
But there is one benefit of building with steel that most people overlook: it adds to your property value.
When many people build with steel, they think of building a brand new property.
But, it's easy and affordable to add to an existing property with a steel building, and it will add to its value as well.
A recent study by Florida State University found that the presence of a regular-sized garage increased a home's value by 13% when compared to similar homes with no garage.
In the article below, we will take a look at exactly how a metal building can raise your property value.
Table of Contents
- The Statistics
- Detached Or Attached
- Why Steel Garages Add Value
- Metal Instead of Wood
- Add a Metal Garage and Add Value
Most realtors believe that a metal garage can add significant value to a home's value, up to $30,000 for a two-car detached or attached garage, and $15,000 to $20,000 for a one-car attached or detached garage, depending on your market.
In today's real estate market, having a garage is crucial.
Most real estate investors will only buy a house if it already has a garage or if there is room to add one.
Real estate investor or not, adding a metal garage is worth the investment because the average two-car garage will return the investment two to two and a half times.
And it doesn't have to be a spectacular piece of architecture with polished floors and a luxurious trim. It just has to be clean and roomy.
If you're worried about if steel buildings can stand up to natural disasters, we discuss that here.
Detached or Attached
An attached garage can be a significantly more difficult project to accomplish, although not impossible.
When designing an attached garage, you have to consider the current architecture, including how the new space will blend in with the rest of the home.
A detached garage can take on a look of its own and still complement the existing structure.
And, don't waste time trying to figure out which would raise your property value the most, attached or detached.
According to the FSU study, there was the same increase in home price whether the garage was attached or detached.
Why Steel Garages Add Value
Adding a garage appeals to buyers because it adds functionality to the property by providing a place to park vehicles and store belongings.
As a property owner, you're probably aware that the most common way to increase your home value is to add square footage.
This is because the value of your property is determined by the market rate per square foot of the other homes in your area.
Other factors like the age and condition of the property still exist, but the square footage has the highest impact on price.
Adding a metal garage gives your house a quick and easy bump in square footage, adding to its value.
If you already have an attached garage, you might be wondering if a detached garage would be worth your time.
It would be because if you ever outgrow your current home, your attached garage can be turned into a functional bedroom by finishing it with insulation, drywall, and flooring.
You can also add an additional bathroom, increasing the value of your home even more.
Metal Instead of Wood
While a brand new wooden pole barn could achieve the same results and have good curb appeal, it will become challenging to maintain as the years go by.
Steel, on the other hand, doesn't warp, rot, twist, or bend like wood does.
Since wood is an organic material, it will decay over time when it is exposed to the elements.
It is also prone to insect problems like termites.
An old wooden building that hasn't been appropriately maintained could actually make your property worth less than having nothing at all.
You should also consider that in many cases banks, lenders, and appraisers don't consider pole barns to be permanent structures because of the lack of a foundation and because the walls aren't always secured to the ground.
Pole barns also aren't typically engineered to meet structural requirements since they are very similar to agricultural sheds.
All pre-engineered metal buildings require a proper foundation, automatically making them a permanent structure. You also won't have to worry about maintaining a steel building like you would a wooden pole barn.
Add A Metal Garage and Add Value
Steel buildings are engineered to stay safe, functional, and aesthetically pleasing for decades.
The garage you decided to build today will look very similar and provide as much value when you pass it down to your great-grandkids as it does today.
And it all happens with little to no work from you.
So if your goal is to sell your home and make a profit, or you just need to justify adding that detached two-car garage, you're setting yourself up for the future no matter what.
To see how CDMG can help you with your metal building project, click on the link below.
To learn more about steel buildings, click the links below:
- What Are The Benefits Of A Metal Building
- What Are The Tax Benefits Of A Steel Building
- Use Solar Energy To Power Your Metal Building